New York, United States , Aug. 20, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Coil Spring Market Size is to Grow from USD 3.52 Billion in 2023 to USD 5.62 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.79% during the projected period.
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An automotive coil spring is a mechanically optimized element that can be either opened or closed coiled. It is an essential component of the manufacturing of motor vehicles. Coils such as these aid in the conservation of mechanical energy and are usually made from elastic components or stainless steel. The convenience of passengers and the driver's ability to control the car can both be greatly impacted by this spring, which is a vital component of auto suspension systems. Steel and other cheap metals make up most of the spring's composition. These metals are cheap to purchase and are readily accessible. Additionally, for the amount of power they provide, such springs are rather lightweight. Compared to the metal's natural linear form, the coiled shape of steel enhances the spring's durability by considering these factors that will propel the auto vehicle coil spring vehicle market. However, the market faces challenges such as the high risk of these metal coils to corrosion and their limited use in heavy-duty vehicles will limit the use of coil springs in the market.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the " Global Automotive Coil Spring Market Size, Share, and COVID-19 Impact Analysis, By Material (Composite Spring, Steel Spring, and Plastic Spring), By Vehicle Type (Commercial Vehicles, Passenger Vehicles, and Heavy-Duty Vehicles), By Application (OEM (Original Equipment Manufacturer), and Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The steel spring segment is anticipated to hold the greatest share of the global automotive coil spring market during the projected timeframe.
Based on the type, the global automotive coil spring market is divided into composite springs, steel springs, and plastic springs. Among these, the steel spring segment is anticipated to hold the greatest share of the global automotive coil spring market during the projected timeframe. This is due to the exceptional mechanical attributes and affordable price these springs possess along with the capacity to handle heavy loads are the few factors that will boost the segment’s growth in the upcoming time frame.
The passenger cars segment is anticipated to grow at the fastest pace in the global automotive coil spring market during the projected timeframe.
Based on the shape, the global automotive coil spring market is divided into commercial vehicles, passenger vehicles, and heavy-duty vehicles. Among these, the passenger vehicles segment is anticipated to grow at the fastest pace in the global automotive coil spring market during the projected timeframe. The importance of reducing vehicle weight while improving control, comfort, and weight distribution attributes are some of the reasons that will enhance the segment’s growth.
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Asia Pacific is expected to hold the largest share of the global automotive coil spring market over the forecast period.
Asia Pacific is expected to hold the largest share of the global automotive coil spring market over the forecast period. Because of the significant sums of money allocated to the industrial and production sectors. In addition, the leading industrial player in the region has boosted its investment capacity, which has improved the financial standing and encouraged development in the manufacturing of both passenger and commercial vehicles will help the automotive coil market to grow in the region.
North America is predicted to grow at the fastest pace in the global automotive coil spring market during the projected timeframe. The region’s resilient automotive industries, technological advances in automobile suspension systems, and an established market for SUVs and light trucks will further strengthen the market of coil springs in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global automotive coil spring market include Hendrickson USA L.L.C, Betts Spring Manufacturing, Jamna Auto Industries Ltd., M W Components, UNI AUTO-PARTS CO., LTD, Hyperco, Sogefi Group, NHK Spring Co.Ltd, Lesjöfors AB, Draco Spring Manufacturing Company, Rassini S.A.B.De C.V., Mubea Fahrwerksfedern GmbH, Tata AutoComp Systems Ltd, Stanley Spring & Stamping Corporation, Mack Springs., and Others.
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Recent Developments
- In September 2023, Toyota Motor Corporation launched its new model Toyota Tundra with rear height control air suspension which enhances its load-bearing capabilities.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global automotive coil spring market based on the below-mentioned segments:
Global Automotive Coil Spring Market, By Material
- Composite spring
- Steel spring
- Plastic spring
Global Automotive Coil Spring Market, By Vehicle Type
- Commercial vehicles
- Passenger vehicles
- Heavy-duty vehicles
Global Automotive Coil Spring Market, By Application
- OEM (Original Equipment Manufacturer)
- Aftermarket
Global Automotive Coil Spring Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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