
Automobile Spring Market
Automobile Spring Market Global Industry Assessment & Forecast
Segments Covered
By Spring Type Coil spring, Leaf spring, Balance spring, Flat spring, Others
By Application Air bags, Seat belts, Suspension, Fuel injection, Clutch, Valve, Others
By Vehicle Type PCV, LCV, HCV
Snapshot
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2021 - 2028 |
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2016 - 2020 |
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17.19 Billion |
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22.53 Billion |
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3.41% |
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Asia Pacific |
Customization Offered
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market Dynamics
Region Level Market Share
Import Export Analysis
Production Analysis
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Key Insights
The
global Automobile Spring market was valued at USD 17.19 Billion in 2020 and is
projected to reach USD 22.53 Billion by 2028, growing at a CAGR of 3.41%%
from 2021 to 2028.

Years | Parameters |
---|---|
Historical Data (Actual Data) | 2016-2020 |
Base Year Data | 2020 |
Current Year Date | 2021 |
Projected year data | 2021-2026 |
Annual Market Size (2028) | 22.53 Billion |
Annual Market Size (2021) | |
CAGR (2021 - 2028) | 3.41%% |
Definition And Overview
The springs are used in suspension units of vehicles in the automotive sector. Spring is fixed at the front or rear wheel of the vehicles. Factors that are considered in manufacturing automotive springs are load carrying capacity, size, and material, among others. Springs try to compensate with irregular road surface, sustain the suspension unit at particular height and support the additional weight without excessive bending.
The global Automobile Spring market is segmented based on by Spring Type, Application, Regions, and Countries. This report provides an analysis of the global Automobile Spring market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Automobile Spring industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19
pandemic led to government of numerous countries across the globe to impose stringent
lockdown measures during the primary stages. This led to numerous challenges owing
to the supply chain. However, the market witnessed steady growth over the later
stages as the governments lifted restrictions on construction activities. Impact
of COVID-19 on the market demand is considered while estimating the current and
forecast market size and growth trends for all the regions and countries. The
report provides a completely separate chapter for COVID-19 Impact Analysis.
This chapter includes: o Impact Assessment of COVID-19
Pandemic o Pre & Post COVID-19
Market Size o Qualitative analysis on the
short term & long-term impact of COVID-19 on the market
o
The
analysis provides foremost strategies adopted by competitors to minimize the
impact of the pandemic on their business activities and scope for future
developments.
Industry Analysis
The increasing demand for passenger vehicles in developing countries is expected to augment the demand for automotive spring market. This is owing to the increase in disposable income and increase in demand for luxury and comfort. High quality products allow vehicle to run efficiently thereby decreasing fuel consumption and deliver enhanced driving experience to the consumers and hence is expected to fuel the growth of the automotive spring market.
The rising vehicle sale across the globe is anticipated to augment the growth of the automotive spring market during the forecast period. This is owing to the rapid urbanization, industrialization, rising disposable income of the consumers, and advancement of technologies. Furthermore, the adoption of personal vehicles has also increased the global sales of automobiles which is in turn expected to support the growth of the automotive filter market in the forecast period.
Availblity of other alternatives in this market are facotrs hindering the market growth.
Parameter | Details |
---|---|
Market Size Provided for Years | 2016-2028 |
Base Year | 2020 |
Historic Years | 2016-2020 |
Forecast Years | 2021-2028 |
Market Size Provided In Terms Of | Revenue & Volume |
Segments Covered | Spring Type, Application, Vehicle Type |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Countries Covered | The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Zibo Yameng, Guangzhou Huade, NHK, Shandong Autumotive Spring, Daewon Kangup, Xinxiang Huihuang, Shanghai Spring, CHKK, Tianjin Lizhou, Zhejiang Meili, Scherdel, Aunde, Tongwei Jinmi, Ningguo Hongqiao, Henan Changtong, Sogefi, Delphi, Muhr&Bender. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis |
Product Analysis Preview
Spring Type
Analysis: Preview On the basis of Spring Type,
the market is segmented into Coil spring, Leaf spring, Balance spring, Flat spring, Others. Coil springs held the highest
share in the global Automobile Spring
market and is projected to witness the same trend during the forecast
period. Companies in this
sector are opting to advanced technologies in their supply chain to cater the
end user requirements effectively. Application
Analysis: Preview
Based on Application,
the market is segmented into Air bags, Seat belts, Suspension, Fuel injection, Clutch, Valve, Others. Suspension accounted
for the highest market share and is expected to grow at a significant CAGR from
2021 to 2028.
Global Automobile Spring Market: Spring Type Segment Analysis
-
- Coil spring
- Leaf spring
- Balance spring
- Flat spring
- Others
Global Automobile Spring Market: Application Segment Analysis
-
- Air bags
- Seat belts
- Suspension
- Fuel injection
- Clutch
- Valve
- Others
Global Automobile Spring Market: Vehicle Type Segment Analysis
-
- PCV
- LCV
- HCV
Regional Analysis Preview
Based
on region, the global Automobile Spring market is segregated into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific
region led the market with the largest share in 2020. Some of the key countries
contributing to the surge in the market are the U.S., U.K., Germany, France,
China, India, Japan, and South Korea. Developing economies in the Asia Pacific
region such as China and India are expected to make notable contributions in
the growth over the coming years. Thus, it is expected that the Automobile Spring market
is anticipated to rise over the forecast timespan.
Market Size, 2021 (USD Billion)
Global Automobile Spring Market: Regional Analysis
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Competitive Landscape
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Automobile Spring market are Zibo Yameng, Guangzhou Huade, NHK, Shandong Autumotive Spring, Daewon Kangup, Xinxiang Huihuang, Shanghai Spring, CHKK, Tianjin Lizhou, Zhejiang Meili, Scherdel, Aunde, Tongwei Jinmi, Ningguo Hongqiao, Henan Changtong, Sogefi, Delphi, Muhr&Bender.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Global Automobile Spring Market: Key Highlights
- The global Automobile Spring market was valued at USD 17.19 Billion in 2020
- The global Automobile Spring Market is projected to reach USD 22.53 Billion by 2028
- Asia Pacific held the highest share of the Automobile Spring market in 2020
- Some of the major companies operating in the Automobile Spring market are Zibo Yameng, Guangzhou Huade, NHK, Shandong Autumotive Spring, Daewon Kangup, Xinxiang Huihuang, Shanghai Spring, CHKK, Tianjin Lizhou, Zhejiang Meili, Scherdel, Aunde, Tongwei Jinmi, Ningguo Hongqiao, Henan Changtong, Sogefi, Delphi, Muhr&Bender.
FAQ
Frequently Asked Question
What is the global demand for Automobile Spring in terms of revenue?
-
The global Automobile Spring valued at 17.19 Billion in 2020 and is expected to reach 22.53 Billion in 2028 growing at a CAGR of 3.41%%.
Which are the prominent players in the market?
-
The prominent players in the market are Zibo Yameng, Guangzhou Huade, NHK, Shandong Autumotive Spring, Daewon Kangup, Xinxiang Huihuang, Shanghai Spring, CHKK, Tianjin Lizhou, Zhejiang Meili, Scherdel, Aunde, Tongwei Jinmi, Ningguo Hongqiao, Henan Changtong, Sogefi, Delphi, Muhr&Bender..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 3.41%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
The driving factors of the Automobile Spring include
- The increasing demand for passenger vehicles in developing countries is expected to augment the demand for automotive spring market. This is owing to the increase in disposable income and increase in demand for luxury and comfort. High quality products allow vehicle to run efficiently thereby decreasing fuel consumption and deliver enhanced driving experience to the consumers and hence is expected to fuel the growth of the automotive spring market.
- The rising vehicle sale across the globe is anticipated to augment the growth of the automotive spring market during the forecast period. This is owing to the rapid urbanization, industrialization, rising disposable income of the consumers, and advancement of technologies. Furthermore, the adoption of personal vehicles has also increased the global sales of automobiles which is in turn expected to support the growth of the automotive filter market in the forecast period.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Automobile Spring in 2020.