What is Automobile Spring Market?
Automobile springs are being used in automobiles since a very long time because of service in terms of safety, convenience and comfort that they provide. These springs can store potential energy because of their elasticity. These springs are used in different parts of the vehicle, seat belts, suspension, fuel injection, clutch and others. It comes in different size and shapes including, cylindrical, hourglass, conical and barrel. The expansion of automobile manufacturing industries has boosted the demand for automobile spring in the market.
Highlights from Automobile Spring Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | NHK Automotive Components India Pvt. Ltd. (India), Delphi (Ireland), Jamna Auto Industries (India), Liteflex LLC (United States), NHK Springs Co. Ltd. (Japan), Sogefi SpA (India), Mack Springs (India), Protopower Springs Pvt. Ltd. (India), Vikrant Auto Suspensions (India) and Akar Tools Limited India.(India) |
Research Analyst at AMA predicts that India Vendors will contribute to the maximum growth of Global Automobile Spring market throughout the forecasted period.
NHK Automotive Components India Pvt. Ltd. (India), Delphi (Ireland), Jamna Auto Industries (India), Liteflex LLC (United States), NHK Springs Co. Ltd. (Japan), Sogefi SpA (India), Mack Springs (India), Protopower Springs Pvt. Ltd. (India), Vikrant Auto Suspensions (India) and Akar Tools Limited India.(India) are some of the key players profiled in the study. Automobile Spring Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Gear Engagement Controls, Transmission Hose, Clutch, Valve and Others |
Type | Compression Spring, Extension Spring, Torsion Spring and Others |
Thickness | 11mm,12 mm,14 mm,Others |
Hook | Machine Hook,Cross Over Center Hook,Side Hooks,Others (No Hooks, Extended Hooks) |
Material | Carbon Steel,Stainless Steel,Others |
Spring Shape | Coil / Helical Spring,Leaf Spring,Others |
Finishing Material | Cadmium,Zinc Silver,Zinc Gold,Others |
Diameter | 0.50 mm to 7 mm,7.10 mm to 13 mm,2.54 mm to 152.4 mm,152.4 mm to 254 mm,Others |
End User | Four Wheelers,Passenger car,MCV,HCV,Others |
On the basis of geography, the market of Automobile 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand for Luxury Comfort, With Safety Norms in Vehicles
Market Growth Drivers:
Increasing Demand for Commercial Vehicles as Collective Result That Increase In Demand for Automotive Springs in the Market
Challenges:
Automobile Springs Are Prone For Explosive Amount of Energy and Poorer Manufacturing Method Can Result In Spring Breakdown
Restraints:
Functional Failure of the Automobile Spring Could Result in In-Vehicle Malfunction
Opportunities:
Growth in Disposable Income of Consumer Which Has Fueled the Demand for Vehicle
Key Target Audience
Automobile Spring Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
Market Leaders & Development Strategies
In October 2020, BorgWarner Inc. acquired Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s electronics and power electronics products, capabilities, and scale, creating a leader in electrified propulsion systems that BorgWarner believes is well-positioned to take advantage of future propulsion migration.
In November 2019, Delphi Technologies introduced a redesigned fuel pump module and announced product line expansion. The company expects to release 300 new fuel handling part numbers and is targeting an additional 400 new parts.