Automotive Spring Market Overview
As per MRFR analysis, the Automotive Spring Market Size was estimated at 33.76 (USD Billion) in 2022. The Automotive Spring Market Industry is expected to grow from 35.11(USD Billion) in 2023 to 50.0 (USD Billion) by 2032. The Automotive Spring Market CAGR (growth rate) is expected to be around 4.01% during the forecast period (2024 - 2032).
Key Automotive Spring Market Trends Highlighted
The growing demand for lightweight and fuel-efficient vehicles, coupled with the increasing adoption of advanced suspension systems, is fueling the automotive spring market. The adoption of electric vehicles (EVs) is also driving growth, as EVs require specialized springs to compensate for the weight of their batteries. Moreover, technological advancements, such as the integration of sensors and active suspension systems, are creating new opportunities in the market.Key drivers include stringent emission regulations, rising demand for off-road vehicles, and the increasing popularity of performance and luxury cars. Governments worldwide are implementing stricter emission standards, which necessitates the use of lightweight springs to reduce vehicle weight and improve fuel efficiency.
The growing popularity of off-road vehicles is also contributing to market growth, as these vehicles require robust springs to withstand rugged terrains.Recent trends include the adoption of composite materials, such as fiberglass and carbon fiber, for spring manufacturing. These materials offer higher strength-to-weight ratios, enabling the production of lightweight and durable springs. Additionally, the integration of sensors and electronics into springs is allowing for real-time monitoring and adjustment of suspension systems, enhancing vehicle handling and stability.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Spring Market Drivers
Increasing Demand for Lightweight Vehicles
One of the major trends observed in the automotive industry is the constant need for reducing the weight of vehicles to enhance their fuel efficiency and performance. In this regard, automotive springs are integral as they absorb and dissipate energy caused by road irregularities. The use of lightweight materials, such as aluminum and composite materials in the manufacturing of the springs, is contributing to the reduction of automotive weight. Consequently, the demand for automotive springs is going up in the Automotive Spring Market Industry.On the other hand, lightweight springs are also being demanded because of the increasing usage of electric vehicles, which are generally heavier due to their high-capacity battery packs. Thus, lightweight automotive springs are in demand to ensure the same level of vehicle dynamics and functionality as those with internal combustion engines.
Growing Popularity of Advanced Suspension Systems
Automotive springs are integral components of suspension systems, which are essential for providing a comfortable and safe driving experience. The growing popularity of advanced suspension systems, such as adaptive damping systems and air suspensions, is driving the demand for high-performance springs. These systems require springs that can adapt to changing road conditions and provide optimal damping characteristics. As a result, manufacturers are focusing on developing innovative spring designs and materials to meet the demands of advanced suspension systems in the Automotive Spring Market Industry.
Rising Demand for Off-Road Vehicles
The expansion of the automotive spring market is driven by the increasing demand and popularity of off-road vehicles, particularly SUVs and pickup trucks. Off-road vehicles require more heavy-duty springs, which would ensure more stability in rough terrains and other challenging forms of vehicle operation. Thus, manufacturers are developing and offering their customers specialized automotive springs that have a higher load-bearing capacity and increased durability to serve the needs of both drivers of off-road cars and the Automotive Spring Market Industry as a whole.
Automotive Spring Market Segment Insights
Automotive Spring Market Spring Type Insights
The Automotive Spring Market is segmented by Spring Type into Coil Springs, Leaf Springs, Air Springs, and Torsion Bars. The dominance of Coil Springs in the Automotive Spring Market is attributed to the great load bearing capacity, durability, and cost-effectiveness of Coil Springs. They are fitted not only in passenger cars but also in commercial vehicles. Coil Springs are able to cater to a wide variety of loads while providing comfortable driving for passengers. The Coil Springs segment is expected to retain its dominance as it is projected to exhibit a growth of over 4% CAGR during 20234-2032.Comparatively, the market share of Leaf Springs was greater than 25% in 2023, the applications of Leaf Springs mainly include heavy-duty vehicles like trucks and buses. Development of Leaf Springs for passenger cars, especially for older models, is an area where a considerable market share can be attained.
The Leaf Springs segment is projected to grow by over 3% CAGR during 2023-2032. The Air Springs segment, on the other hand, accounted for more than 20% of the Automotive Spring Market revenue in 2023. The market share of the segment is projected to increase in the coming years since air Springs are gaining popularity in passenger cars and commercial vehicles.The main advantages of air Springs for motorists include adjustable load bearing capacity, comfortable riding, and a decrease in noise and vibration.
Therefore, the segment is projected to grow by over 5% CAGR during 2023-2032. The market share of Torsion Bars was under 15% in 2023. They too are used in off-road vehicles and in some passenger cars’ suspension systems. Torsion Bars are durable and are able to bear loads. However, they are the costliest when compared with other types of springs. Therefore, the market share of the Torsion Bars segment is also estimated to increase and grow by over 3% CAGR during 2023-2032.In conclusion, the Automotive Spring Market is a highly competitive market with the presence of many key players. The market is expected to grow significantly in the coming years. The main drivers of growth are the increasing demand for vehicles, particularly in emerging nations. The growth of the market is also expected to be facilitated by the technological advancements in the automotive field including the development of lightweight and durable springs.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Spring Market Material Insights
Based on material, the automotive spring market has been increasing and is expected to increase significant shares in the coming years. Steel, Aluminum, Composite Materials, and Titanium are the materials used in the production of automotive springs. Due to its high strength, high durability, and cost-effectiveness steel covers a major share and is expected to continue so. The usage of Aluminum has been increasing environmentally and reaching a high extent due to its property of being resistance to corrosion and lightweight. Composite Materials have a higher strength-to-weight ratio and also it is highly resistant to the constant fluctuation in stress applications.Considering the heavy duty applications composite materials have been becoming greatly popular for the automotive industry. Titanium has been used significantly due to its high strength and stiffness and its usage in heavy-duty springs is used widely. The growth of the revenue of the automotive spring market is mainly driven due to the increases in demand for efficient and lightweight vehicles. Owing to the production of vehicles in large quantity globally the demands and thus the growth of revenue of blocks and leaf springs are likely. Beyond updated technology in the automotive industry the demands of automotive springs are estimated to grow at a steady pace globally.
Automotive Spring Market Application Insights
The automotive spring market is segmented into various applications, including suspension, shock absorption, and anti-roll stabilization. The suspension segment accounted for the largest share of the automotive spring market in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for vehicles with improved ride comfort and handling. The shock absorption segment is also expected to witness significant growth in the coming years, due to the rising demand for vehicles with enhanced off-road capabilities.The anti-roll stabilization segment is expected to grow at a moderate pace, as it is primarily dependent on the demand for high-performance vehicles.
Automotive Spring Market Mounting Type Insights
The Independent segment is expected to dominate the market in terms of revenue and volume and is estimated to hold a market share of 45.0% in 2023. The Solid Axle segment is expected to hold a market share of 25.0%, followed by the Strut Type and Multi-Link segments with market shares of 20.0% and 10.0%, respectively. The growth of the Independent segment is attributed to its increasing adoption in passenger cars and light commercial vehicles, due to its advantages such as improved ride comfort, stability, and handling.
Automotive Spring Market Performance Rating Insights
The Performance Rating segment of the Automotive Spring Market is classified into Heavy Duty, Medium Duty, Light Duty, and Extra Heavy Duty. The Heavy Duty segment held the largest market share in 2023, accounting for approximately 35% of the Automotive Spring Market revenue. This dominance is attributed to the increasing demand for heavy-duty vehicles in industries such as construction, mining, and transportation. The Medium Duty segment is expected to exhibit significant growth over the forecast period, owing to the rising popularity of medium-duty trucks and buses in commercial applications.The Light Duty segment is projected to hold a steady share of the market, driven by the growing production of passenger vehicles. The Extra Heavy Duty segment is anticipated to witness moderate growth, primarily due to the increasing demand for specialized vehicles in sectors such as defense and aerospace.
Automotive Spring Market Regional Insights
The Automotive Spring Market segmentation by Region includes North America, Europe, APAC, South America, and MEA. The North American region holds a significant share of the Automotive Spring Market and is expected to grow significantly during the forecast period. The growth of electric and hybrid vehicles in this region drives the market. Europe is another key region in the Automotive Spring Market. The presence of major automotive manufacturers and stringent emission regulations in this region is expected to drive market growth.APAC is the fastest-growing region in the Automotive Spring Market. The increasing demand for passenger cars and commercial vehicles in this region propels market growth. South America and MEA are also expected to witness steady growth in the Automotive Spring Market during the forecast period. The growing automotive industry in these regions is expected to drive market growth.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Spring Market Key Players and Competitive Insights
Major players in Automotive Spring Market industry are continuously focusing on developing innovative products to meet the changing demands of customers. Leading Automotive Spring Market players are also investing in research and development to improve the quality and performance of their products. The Automotive Spring Market is expected to witness significant growth in the coming years, due to the increasing demand for automobiles and the growing popularity of lightweight vehicles. The Automotive Spring Market Competitive Landscape is expected to remain competitive, with new entrants and existing players constantly vying for market share.Leading Automotive Spring Market player Tenneco focuses on providing a wide range of products to meet the diverse needs of customers.
The company offers a variety of springs, including coil springs, leaf springs, and torsion springs. Tenneco also provides a range of services, such as design, engineering, and testing. The company has a strong presence, with operations in North America, Europe, and Asia. Tenneco is committed to providing high-quality products and services to its customers.A competitor in the Automotive Spring Market is NHK Spring. The company offers a wide range of products, including springs, dampers, and actuators. NHK Spring also provides a range of services, such as design, engineering, and testing. The company has a strong presence, with operations in North America, Europe, and Asia. NHK Spring is committed to providing high-quality products and services to its customers.
Key Companies in the Automotive Spring Market Include
- KYB
- NHK Spring
- Futaba Industrial
- Schaeffler
- KONI
- H Spezialfedern
- Thyssenkrupp
- Beijing West Industries
- Bohai Spring
- SMF Automotive
- Kangde Spring
- Stabilus
- Tenneco
Automotive Spring Market Industry Developments
The automotive spring market is projected to reach USD 50.0 billion by 2032, exhibiting a CAGR of 4.01% during the forecast period (2024-2032). The market growth is primarily driven by the increasing demand for lightweight vehicles, the growing popularity of electric vehicles, and the rising adoption of advanced suspension systems.Recent news developments and current affairs in the automotive spring market include In January 2023, Lesjfors, a leading manufacturer of springs and stampings, announced the acquisition of the German company Otto Bihler, a specialist in cold-rolled strip springs. This acquisition strengthens Lesjfors' position in the European automotive spring market.
In February 2023, NHK Spring Co., Ltd., a Japanese manufacturer of automotive springs, announced the development of a new type of ultra-high-strength spring that is 30% lighter than conventional springs. This new spring is expected to be used in a wide range of automotive applications, including electric vehicles and autonomous vehicles. In March 2023, thyssenkrupp AG, a German multinational conglomerate, announced the launch of a new range of automotive springs that are designed to reduce noise and vibration. These new springs are expected to be used in a variety of vehicles, including passenger cars, trucks, and buses.
Automotive Spring Market Segmentation Insights
Automotive Spring Market Spring Type Outlook
- Coil Springs
- Leaf Springs
- Air Springs
- Torsion Bars
Automotive Spring Market Material Outlook
- Steel
- Aluminum
- Composite Materials
- Titanium
Automotive Spring Market Application Outlook
- Suspension
- Shock Absorption
- Anti-Roll Stabilization
Automotive Spring Market Mounting Type Outlook
- Independent
- Solid Axle
- Strut Type
- Multi-Link
Automotive Spring Market Performance Rating Outlook
- Heavy Duty
- Medium Duty
- Light Duty
- Extra Heavy Duty
Automotive Spring Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
33.76(USD Billion) |
| Market Size 2023 |
35.11(USD Billion) |
| Market Size 2032 |
50.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.01% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
KYB, NHK Spring, Futaba Industrial, Schaeffler, KONI, H Spezialfedern, Thyssenkrupp, Beijing West Industries, Bohai Spring, SMF Automotive, Kangde Spring, Stabilus, Tenneco |
| Segments Covered |
Spring Type, Material, Application, Mounting Type, Performance Rating, Regional |
| Key Market Opportunities |
1 Electric vehicle growth2 Lightweighting trend3 Autonomous driving advancements4 Rising demand for SUVs and crossovers5 Increasing focus on ride comfort |
| Key Market Dynamics |
1 Increasing demand for lightweight vehicles2 Growing popularity of electric vehicles3 Stricter emission regulations4 Technological advancements5 Growing demand from emerging markets |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The market size of the Automotive Spring Market is expected to be valued at 35.11 Billion USD in 2023 and is projected to expand at a CAGR of 4.01% from 2024 to 2032, reaching a market size of 50.0 Billion USD by the end of the forecast period.
The growth of the Automotive Spring Market is primarily driven by the increasing demand for lightweight vehicles, the rising popularity of electric vehicles, and the growing adoption of advanced suspension systems.
The North America region is expected to hold the largest market share in the Automotive Spring Market due to the presence of a large automotive industry and a growing demand for passenger cars.
Some of the key competitors in the Automotive Spring Market include NHK Spring Co., Ltd., Lesjfors AB, ThyssenKrupp AG, and HR Spezialfedern GmbH Co. KG.
Automotive springs are primarily used in suspension systems of vehicles, including passenger cars, commercial vehicles, and off-highway vehicles. They play a crucial role in absorbing shocks and vibrations, providing a smooth and comfortable ride for passengers.
There are various types of automotive springs used in vehicles, including coil springs, leaf springs, and air springs. Coil springs are the most common type, known for their compact size and ability to provide a progressive spring rate. Leaf springs, on the other hand, are typically used in heavy-duty applications, such as trucks and buses. Air springs offer adjustable ride height and damping characteristics, making them suitable for luxury vehicles and performance applications.
