The Automotive Leaf Spring market industry is projected to grow from USD 7.51 Billion in 2024 to USD 19.47 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.80% during the forecast period (2024 - 2032). Automotive Leaf Spring Market Size was valued at USD 6.02 billion in 2023. Increased demand for light commercial vehicles and a rise in the demand for vehicle comfort are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The automotive leaf spring market is experiencing significant growth due to the rise in the automotive sector. Leaf springs are commonly used in heavy-duty vehicles such as trucks, buses, and trailers, and the demand for these vehicles has been increasing due to the growth of the logistics industry. The use of leaf springs in passenger cars is also growing due to the increasing demand for sports utility vehicles (SUVs) and light commercial vehicles. Additionally, the rising preference for high load-carrying capacity, durability, and reliability in vehicles is boosting the demand for leaf springs. Moreover, the increase in government regulations on vehicle weight and emissions drives the demand for lightweight leaf springs, further fueling the growth of the automotive leaf spring Market CAGR.
Additionally, the increasing disposable income, economic growth, growing industrial activity, and commercial business are resulting in the increased production of light, medium, and heavy commercial vehicles. Consumers are now looking for quality auto parts and systems which can fulfill their needs with reduced maintenance. The economic conditions across the globe have revived, and the availability of various financing companies which provide financial assistance to customers has significantly increased automobile sales. Such factors are driving the growth of the automobile industry, which is expected to drive the Automotive Leaf Spring market revenue over the forecast period.
The Automotive Leaf Spring Market segmentation, based on type, includes parabolic, elliptic, semi-elliptic, and others. The parabolic segment dominated the market due to its advantages, such as reduced weight, increased durability, and improved ride quality. Parabolic leaf springs are made up of fewer leaves and are, therefore, lighter than multi-leaf springs, leading to better fuel efficiency. Additionally, the parabolic shape provides a more even stress distribution, resulting in improved ride comfort and longevity.
Based on material, the Automotive Leaf Spring Market segmentation includes metal and composite. The metal segment dominated the market due to its durability, high load-bearing capacity, and ability to withstand harsh weather conditions. Metal leaf springs are made from steel, iron, and aluminum, which provide high strength and resistance to wear and tear.
Based on sales channels, the Automotive Leaf Spring Market segmentation includes OEM and Aftermarket. The OEM segment dominated the market; OEMs are the primary buyers of automotive leaf springs, which are then installed in the vehicles they produce. Additionally, as the demand for new vehicles continues to grow, the OEM segment is expected to maintain its dominant position in the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on vehicle type, the Automotive Leaf Spring Market segmentation includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment dominated the market due to the increasing demand for passenger cars globally. Increasing disposable incomes and urbanization have contributed to a rise in passenger car demand, which fuels the demand for leaf springs used in these vehicles.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American automotive leaf spring market area will dominate this market; increased demand for light commercial vehicles will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Leaf Spring market accounts for the second-largest market share due to the rise in the demand for vehicle comfort. Further, the German Automotive Leaf Spring market held the largest market share, and the UK Automotive Leaf Spring market was the fastest-growing market in the European Region.
The Asia-Pacific Automotive Leaf Spring Market is expected to grow at the fastest CAGR from 2024 to 2032. This is because the increased production of heavy commercial vehicles in this Region will boost the market growth in this Region. Moreover, China’s Automotive Leaf Spring market held the largest market share, and the IndianAutomotive Leaf Spring market was the fastest-growing in Asia-Pacific.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Automotive Leaf Spring market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Automotive Leaf Spring industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Automotive Leaf Spring industry to benefit clients and increase the market sector. The Automotive Leaf Spring industry has offered some of the most significant medical advantages in recent years. Major players in the Automotive Leaf Spring market, includingRassini (Mexico), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), LITEFLEX (US), IFC Composite GmbH (Germany), NHK Springs Co. Ltd (Japan), Benteler-SGL (Austria), and OlgunCelik San. Tic. A.S (Turkey)., and others are attempting to increase market demand by investing in research and development operations.
Dongfeng Motor Corporation Ltd. is a Chinese state-owned automobile manufacturer headquartered in Wuhan, Hubei. Dongfeng Motor RUS announced the launch of the DF6 pickup truck in Russia. It is a frame pickup with robust and dependable construction, comfort, and off-road capability. The strong undercarriage, with double-wishbone front suspension and a rear-dependent leaf spring, is suitable for Russian roads.
Hexion Inc., or Hexion, is a chemical company based in Columbus, Ohio. It produces thermoset resins and related technologies and specialty products. Hexion is organized into the Epoxy, Phenolic, Coating Resins Division and the Forest Products Division. Hexion and Rassini have collaborated on using composite leaf springs in Ford's new F-150 pickup truck. Rassini designed a hybrid rear suspension with a parabolic main steel leaf and a composite assist. Hexion'sEpikote epoxy resin technology was chosen because it enables mass production of the composite helper spring.
July 2021: Rassini has chosen Hexcel's HexPly M901 prepreg system to accelerate the development of prototypes and new products. Using this material, Rassini hopes to decrease the time it takes to bring products to market. The system is simple and allows efficient early-stage design testing and cost-effective production.
June 2021: Rassini specified using an EPIKOTE epoxy resin system from Hexion Inc. for the rear suspension system installed in Ford Motor Co's new pickup truck model.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6.02 billion |
| Market Size 2024 | USD 7.51 billion |
| Market Size 2032 | USD 19.47 billion |
| Compound Annual Growth Rate (CAGR) | 15.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Sales Channel, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Rassini (Mexico), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), LITEFLEX (US), IFC Composite GmbH (Germany), NHK Springs Co. Ltd (Japan) |
| Key Market Opportunities | Developing commercial sectors globally |
| Key Market Dynamics | The increase in demand for light commercial vehicles Rise in demand for vehicle comfort |
Automotive Leaf Spring Market Highlights:
Frequently Asked Questions (FAQ) :
The Automotive Leaf Spring Market size was valued at USD 5.2 billion in 2022.
The global market is projected to grow at a CAGR of 15.80%during 2024-2032.
North America had the largest share of the global market
The key players in the market areRassini (Mexico), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), LITEFLEX (US), IFC Composite GmbH (Germany), NHK Springs Co. Ltd (Japan).
The Parabolic Automotive Leaf Spring category dominated the market in 2022.
The OEM had the largest share of the global market.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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