Key priorities of automotive manufacturers include increasing operational performance, improving drivability, and ensuring the safe transport of cargo and passengers. Increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies have prompted manufacturers to focus on improving the power and drivetrain systems such as clutch, transmission, propeller shaft, axle, and leaf springs. Leaf springs are located between the wheels and the body of the vehicle.
When the wheel passes over a bump, it rises and deflects the spring; thereby, storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. Increase in demand for automobiles globally, is driving the leaf spring market. The leaf springs are primarily used in light, medium, and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on use of leaf spring technology for better suspension. Leaf spring is experiencing demand from both, the automotive manufacturer market and the after-sales replacement market as they often require replacement.
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The global automotive leaf springs market can be segmented based on material, process, position, vehicle, installation, type, and region. In terms of material, the automotive leaf springs market can be divided into metal and composite material. The composite material segment is the latest trend and is projected to boost the automotive leaf springs market during the forecast period. Utilization of composite material in new applications in various industries, as a replacement for metal, has increased due to its advantages such as higher strength-to-weight ratio, corrosion resistance, and workability.
The automotive industry has witnessed adoption of composite material for applications where weight reduction plays a crucial role. Based on process, the automotive leaf springs market is classified into compression molding, injection molding, and prepreg layup. Compression molding segment is expected to remain the most dominant manufacturing process in the automotive leaf springs market during the forecast period. Based on position, the automotive leaf springs market is segregated into front axle and rear axle. Rear axle segment drives the wheel connected to it and supports the weight of the vehicle.
Increase in preference of consumers toward SUVs and MUVs as well as consistent rise in vehicle production are anticipated to propel the rear axle segment during the forecast period. In terms of vehicle, the market can be split into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The light commercial vehicle segment is expected to continue propelling the automotive leaf springs market during the forecast period. Pick-up, van, and SUV are the major light commercial vehicle types that employ automotive leaf springs.
All major automotive manufacturers are evaluating the use of automotive leaf springs in their pick-ups, vans, and SUVs. Based on installation, the automotive leaf springs markets is divided into transversal and longitudinal. In terms of type, the market is classified into mono leaf spring and multi leaf spring. The multi leaf spring segment is expanding rapidly in emerging markets due to the usage of light and heavy commercial vehicles. This in turn is anticipated to increase the demand for automotive leaf spring during the forecast period.
Based on geography, the global automotive leaf springs market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is expected to account for the largest market share in terms of value, owing the presence of many key manufacturers in the region. Technological development in Europe is expected to create significant opportunities in the automotive leaf springs market during the forecast period. Asia Pacific expected to expand significantly during the forecast period. The availability of labor and other necessary resources at a low price, in the region, is expected to drive the automotive leaf springs market during the forecast period. Japan has a large number of automotive manufacturers, which is projected to create demand for automotive leaf springs during the forecast period.
Key players operating in the global automotive leaf springs market are Rassini, Hendrickson USA, L.L.C, Jamna Auto Industries Limited, Dongfeng Motor Corporation, NHK Spring Co. Ltd, Pontiac Ventura, and IFC Composite GmbH
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