About Leaf Spring
With tremendous R&D activities taking place in the automotive industry for the development of lightweight alternatives of heavier steel leaf springs. Leaf spring is a spring comprising leaves and is commonly used for suspension in the wheeled vehicles. It is a semi-elliptical arm which consists of one or more leaves, which are strips of steel or other materials that are meant to flex under pressure yet maintain their original shape when not under pressure. Leaf spring is one of the oldest suspension components and is still being used in most of the LCVs and MHCVs. The assembly of Leaf Spring has its advantages compared to the coil spring. Leaf Spring assembly has a stronger bearing capacity but a weaker comfort.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is highly fragmented by more than 100 Domestic and International players. The Domestic players mainly hail from China as these companies have less technologies and financial ability and they are facing competition from foreign companies. So the domestic companies will have to expand the technology and capital investment and brand influence to remain in the market. Moreover, due to stable automotive OEMS, it is projected that Leaf Spring will be present with few companies in the future. Analyst at AMA Research estimates that China Vendors will contribute the maximum growth to Global Leaf Spring market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Fangda Partners (China), Hendrickson (United States), Donfegn Motor Corp. (China), Jamna Auto Industries (India), Fawer RSA (China), Shuaichao (China), Eaton Detroit Spring (United States), Chongqing Hongqi (China), Hubei Shenfeng (China), NHK Spring Company (Japan), Mitsubishi Steel Ltd. (Japan), Shuangli Banhuang (China), OLGUN CELIK (Turkey), Standens Ltd. (Canada), Owen Springs (Australia), Hayward (United States), Hunan Yitong (China) and Benteler SGL (Austria) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Shandong Fangcheng (China), Zhengzhou Xinjiaotong (China), Jiangxi Automobile Leaf Spring (China) and Eagle Suspensions (United States).
Segmentation Overview
AMA Research has segmented the market of Global Leaf Spring market by Type (Multi-leaf Spring and Mono-leaf Spring), Application (Bus, Truck and Others) and Region.
On the basis of geography, the market of Leaf Spring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Blacksmiths will boost the Leaf Spring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Shape, the sub-segment i.e. Arc Shaped will boost the Leaf Spring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The composite leaf springs are being developed as a replacement for conventional steel leaf spring which is more lightweight and durable in nature.
Market Growth Drivers:
Increasing demand for Large Scale Vehicles (LSVs) and MHCVs (Medium heavy commercial vehicles), Technological advancement and R & D investment for lightweight alternatives of heavier steel leaf springs and automotive fleet and Development in commercial vehicles.
Challenges:
Manufacturing more good quality, lightweight Leaf Spring product that are efficient, secure and environment-friendly.
Restraints:
Factors like the economic turmoil, political uncertainty and civil wars in MEA countries may hamper the Leaf spring market.
Opportunities:
The increasing disposable income, economic growth, and growing industrial activity and commercial business resulting in demand for Leaf Spring Market for light, medium and heavy commercial vehicles.
Market Leaders and their expansionary development strategies
In March 2017, Henkel partnerships with Benteler SGL pays off with composite Leaf springs on more Volvo using high-speed resin transfer molding technology.
In July 2020, Sonico, one of the leading manufacturers of leaf Springs in India’s Automobile Industry, launched of its newly redesigned website. The new site features a streamlined modern design, improved functionality, and easy access to product portfolio to help customers make well-informed decisions about their leaf spring needs.
Key Target Audience
Leaf Spring Manufacturers, Automobile Industry, Traders, Distributors and Suppliers and Potential Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.