The Automotive Leaf Spring Market is valued at USD 5.88 billion in the current year and is expected to reach USD 7.51 billion within the next five years, registering a CAGR of about 4.56% during the forecast period.
Over the long term, the market is driven by the demand increase in demand for commercial vehicles and an increased demand for vehicle comfort. Furthermore, the significant development of the e-commerce industry across the globe is likely to foster the demand for light commercial vehicles to cater to the demand of vehicle manufacturers, increasing worldwide demand for automobile leaf springs. Furthermore, the growing culture of sports utility vehicles in countries like India, China, and the United States will drive the market growth.
For example, according to premium car Manufacturer Mercedes Benz, the share of SUVs in the overall Indian passenger cars market grew to 47% in 2022, which was 22% five years back. However, the springs tend to lose structure and sag over time. When the sag is uneven, it might change the vehicle’s cross weight, which can impair the handling slightly. It can also affect the angle of the axle to the mount. Acceleration and braking torque can generate wind-up and vibration. It might hamper the market growth during the forecast period.
Asia-Pacific dominates the automotive leaf spring market owing to China’s highest passenger car sales in 2022, followed by India and Japan. For instance, According to the International Organisation of Motor Vehicle Manufacturers, China contains the highest no sales of passenger vehicles at 23 million units in 2022. Moreover, the majority of suppliers in the region seek to produce lightweight solutions utilizing superior materials as it allows them to adhere to the set standards.
Furthermore, because of their lightweight and great durability, composite leaf springs are progressively replacing conventional leaf springs. Thus, the above factors will drive the market growth.
Post time: Oct-28-2024
