The development of autonomous vehicles and improved suspension and ride quality are expected to drive demand for the automotive coil spring market.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , July 19, 2024 (GLOBE NEWSWIRE) — The automotive coil spring market (자동차 코일 스프링 시장) was valued at US$ 12.2 billion in 2022. A CAGR of 4.5% is expected from 2023 to 2031, reaching US$ 18.1 billion by 2031. Research and development will likely lead to the adoption of composites made of carbon fibers and lightweight alloys for coil spring manufacturing. The lightweight nature of these materials makes coil springs stronger and lighter, improving vehicle efficiency and performance.
The demand for coil springs will increase as electric and autonomous vehicles become more prevalent. A coil spring may be required to support the heavier batteries of electric vehicles, while the suspension of autonomous vehicles will likely need to be adjusted according to their weight distribution and driving dynamics.
A smart suspension system, including coil springs, could eventually be incorporated into suspension systems, making them more common. Sensors and actuators can dynamically adjust smart coil springs’ stiffness and damping characteristics, improving ride comfort, stability, and handling.
The development of 3D printing and advanced manufacturing techniques could revolutionize the production of coil springs. This technology allows complex coil spring designs to be rapidly prototyped, customized, and manufactured on demand, increasing production efficiency and flexibility.
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Key Findings of the Market Report
- With high production levels, automotive coil spring demand for passenger cars will continue growing.
- As automotive technology advances, manufacturers are developing coil springs that are more efficient, lighter, and durable.
- Vehicles with enhanced suspension systems report a boom in demand
- In 2022, around 60% of electric car sales worldwide came from China.
- By 2022, Asia Pacific was the most lucrative region of the world.
Global Automotive Coil Spring Market: Competitive Landscape
Several potential business opportunities exist in the automotive coil spring industry for manufacturers in the industry. New products are being introduced by leading automotive coil spring companies. Various strategies, including partnerships, are also being used to expand their brand presence.
Key Market Players
- Ace Wire Spring & Form Company
- Betts Company
- Clifford Springs
- Draco Spring Mfg. Co.
- Hendrickson USA, L.L.C.
- Jamna Auto Industries Limited
- Kilen Springs
- Emco Electronics
- Lesjöfors Automotive
- Sogefi SpA
- Aniceto Gomez SA
- Olgun Celik
- Rassini
- Soni Auto & Allied Industries Ltd.
- Suspension Spring Specialists
Key Developments
- Clifford Springs– a British manufacturer of suspension springs, manufactures products for several industries, including automobiles, rails, and industrial applications. To meet the specific needs of their customers, they produce a wide range of coil springs.
- Draco Spring Mfg. Co.- With its headquarters in Texas, USA, it specializes in spring design and manufacturing for the automotive, aerospace, racing, and defense industries. They are dedicated to meeting their clients’ performance and durability needs and offer custom coil spring solutions.
- Hendrickson USA, L.L.C.: is a global leader in designing and supplying suspension systems and components to the commercial vehicle industry. As a heavy-duty truck coil springs manufacturer, the company manufactures solutions for OEMs and aftermarkets alike.
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Global Automotive Coil Spring Market: Growth Drivers
- Production and sales of vehicles are closely related to the overall demand for automotive coil springs. With the growth and expansion of the automotive industry, coil spring demand has increased. Fuel efficiency and environmental impact are being improved by reducing the weight of vehicles.
- Material science advances and manufacturing processes have led to innovative coil spring designs. Using advanced materials can make coils lighter, more durable, and have enhanced performance, like carbon fiber reinforced polymers (CFRP).
- Emissions standards and safety standards for cars are continually changing globally. Manufacturers often use coil springs that meet highly accurate performance and longevity standards to comply with these laws.
- Automakers continue to prioritize improving vehicle dynamics and ride quality. Premium coil springs are essential for suspension systems to provide better handling, comfort, and stability.
- In the development of autonomous vehicles, automotive parts, like coil springs, will encounter new obstacles and specifications. Autonomous vehicles’ shifting dynamics and weight distribution require adjusting coil spring systems for maximum performance and safety.
Global Automotive Coil Spring Market: Regional Landscape
- Asia Pacific is expected to be a driving force in the automotive coil spring market. China, India, Japan, and South Korea are some of the largest automotive markets in Asia-Pacific. As the middle class expands, incomes rise, and cities grow, sales and production of vehicles are on the rise. As a result of this growth, automotive components, such as coil springs, will naturally increase in demand.
- Governments across Asia-Pacific are promoting electric vehicle adoption to reduce carbon emissions and dependence on fossil fuels. Electric vehicle suspensions must be developed to handle heavier battery packs as the market expands, so coil spring manufacturers need to develop smart solutions.
- Aftermarket automotive parts, including coil springs, will grow along with the growing vehicle fleet in Asia-Pacific. Replacement coil springs and suspension components will become more popular as vehicles age and need maintenance. The regulations governing vehicle safety, emissions, and fuel economy are becoming increasingly strict in the Asia Pacific.
Global Automotive Coil Spring Market: Segmentation
OEM
- Commercial Vehicle
- Passenger Vehicle
- Mini-compact
- Super-mini
- Compact
- Mid-size
- Executive
- Luxury
- Multi-purpose Vehicle (MPV)
- SUVs
- Sport Cars
Aftermarket
- Commercial Vehicle
- Passenger Vehicle
- Mini-compact
- Super-mini
- Compact
- Mid-size
- Executive
- Luxury
- Multi-purpose Vehicle (MPV)
- SUVs
- Sport Cars
Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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