Automotive Leaf Spring Aftermarket Demand to Reach US$ 2.0 Billion in 2024, Says Stratview Research
This market report, from Stratview Research, studies leaf spring aftermarket in the global automotive industry over the trend and forecast period of 2013 to 2018 and 2019 to 2024, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive Leaf Spring Aftermarket: Research Highlights
Leaf spring is one of the oldest suspension components and is still being preferred in most of the LCVs and MHCVs. Over the eons, the automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. Leaf spring has to be replaced frequently, generally in 9-12 months, due to the damages like sag, break, and crack, caused by several factors including uneven road and excess load in vehicles.
As per Stratview Research, the global automotive leaf spring aftermarket is likely to witness a healthy growth rate over the next five years to reach an estimated value of US$ 1,998.8 million in 2024. Increasing automotive fleet size is the key driver of the leaf spring aftermarket in the automotive industry. Organic growth in automobile production, owing to increasing disposable income and growing urbanization, is also imprinting a positive impact on the future demand for leaf springs in the aftermarket segment.
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The author of the report cited that M&HCV is expected to remain the growth engine of the market during the forecast period, owing to a higher penetration of leaf springs in the MHCV segment. Also, there is a more frequent replacement of leaf springs in the vehicle type due to carrying higher loads.
Based on the spring type, the aftermarket is segmented as parabolic leaf spring and multi-leaf spring. Multi-leaf spring is expected to remain the dominant spring type in the aftermarket during the forecast period, whereas parabolic leaf spring is expected to experience higher growth during the same period.
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As per the study, rear suspension is expected to remain the most dominant segment during the forecast period. High penetration of leaf spring in the rear suspension of LCV, M&HCV, and trailers drives a higher replacement demand for leaf springs. Both front and rear leaf suspension are expected to experience similar growth rates with a marginal difference over the next five years.
In terms of regions, Asia-Pacific is expected to remain the largest leaf spring aftermarket during the forecast period, owing to an increased vehicle production and growing fleet size, which, in turn, is driving the demand for leaf springs in the region over the next five years. The region is likely to experience an impressive growth during the same period. China and India are the growth engines of the Asia-Pacific's aftermarket for leaf springs.
The global automotive leaf spring aftermarket is highly fragmented with the presence of many global as well as regional players as against the OE market for leaf springs which is relatively consolidated. The key automotive leaf spring suppliers for the aftermarket are Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd. These companies are also present in the OE segment. Development of low-cost leaf springs and formation of strategic alliances with OEMs are the key strategies adopted by the major players to gain a competitive edge in the market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies leaf spring aftermarket in the global automotive industry and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
Automotive Leaf Spring Aftermarket, By Vehicle Type
Automotive Leaf Spring Aftermarket, By Spring Type
Automotive Leaf Spring Aftermarket, By Location Type
Automotive Leaf Spring Aftermarket, By Region
Stratview Research has several high value market reports in the global automotive industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Automotive Industry
Some of our other related premium reports in the automotive industry:
Automotive Leaf Spring Marketby Vehicle Type (Passenger Car, Light-Duty Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), by Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), by Material Type (Metal Leaf Springs and Composite Leaf Springs), by Location Type (Front Suspension and Rear Suspension), by Manufacturing Process Type (Shot Peening, HP-RTM, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024
Automotive Composite Leaf Springs Marketby Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), by Installation Type (Transversal and Longitudinal), by Location Type (Front and Rear), by Manufacturing Process Type (Compression Molding, High-Pressure Resin Transfer Molding, and Prepreg Layup), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
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