Automotive Leaf Spring Aftermarket: Industry Analysis and Forecast (2024-2030) by Type and Region

Automotive Leaf Spring Aftermarket Overview:

 

Leaf Spring is one of the main components used in the suspensions of Light Commercial Vehicles (LCVs) and Medium and Heavy Commercial Vehicles (MHCVs). There have been multiple changes in design, material and overall technology of the part over this long period of time. As a result, there is a whole spectrum of different specifications and styles that one can choose from according to the vehicle. The need for this part to be replaced after 9-12 month because of wear and tear make up for a the considerably large Automotive Leaf Spring Aftermarket.

 

This is aided by the fact that there have been rapid developments in the field of automobiles and vendors are looking forward to both modernisation and growth of their vehicle fleets. Both factors which factor in to the growth of the Automotive Leaf Spring Aftermarket.

 

The Covid-19 pandemic drastically impacted the Automotive Leaf Spring Aftermarket as vehicles, both commercial and private were no longer in use because of pandemics worldwide. Commercial fleets were stranded as lockdowns prohibited travels. This led to a dip in sales of the part’s aftersales market. In the aftermath of the pandemic, as countries start to unlock and resume logistics and travel, the Automotive Leaf Spring Aftermarket is expected to make a recovery in the forecast period.

 

 

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Automotive Leaf Spring Aftermarket Dynamics:

 

Increasing Number of automobiles key driver: The increasing fleet size worldwide is one of the key factors that drive the Automotive Leaf Spring Aftermarket. This is because more the number of automobiles that run, more is the wear-and-tear caused in the parts, which correlates with the number of leaf springs sold in the aftermarket.

 

With the increased disposable income collected by the population, the sales of private vehicles is expected to increase.

 

The number of commercial vehicles is also expected to increase as businesses have increased their businesses worldwide and now require larger number of vehicles to fuel their logistic networks. These factors lead to a prediction of growth of the Automotive Leaf Spring Aftermarket.

 

Environmental factors such as urbanisation and spread of operations of industries such as E-Commerce that require movement of utilities thereby leading to usage of the vehicle component as well as the development of leaf springs for medium and heavy-duty vehicles are also factors that indicate a sustained growth of the Automotive Leaf Spring Aftermarket.

 

Automotive Leaf Spring Aftermarket Segment Analysis:

 

By Type of Leaf Spring: The multi leaf spring is the most widely used leaf spring across the different vehicle types. This is because the design can be modified to cater to the different weights of the loads to be carried. Mono Leaf Springs provide a single plate to support the suspension and are preferred less as compared to the former leaf spring type. This is because the multi leaf spring prevents accidents if the main leaf breaks, which is not the case in the mono leaf type.

 

By Vehicle Type: The Automotive Leaf Spring Aftermarket can be segmented based on the different vehicle classes where they are used. They can therefore be segmented into Passenger Cars, Light Commercial Vehicles (LCV) and Medium and Heavy Commercial Vehicles(M&HCV). Leaf Springs are primarily used in M&HCV because of the heavy weights carried by these vehicles. Therefore, the Automotive Leaf Spring Aftermarket is dominated by these vehicle types as roughly 65% of this segment of vehicle type uses Automotive Leaf Springs. The continuous use of commercial vehicles to carry heavy weights further cements the M&HCV vehicles to be the dominant segment of the Automotive Leaf Spring Aftermarket.

 

 

Automotive Leaf Spring Aftermarket Regional Outlook:

 

The Asia-Pacific region is expected to be the market leader for the Automotive Leaf Spring Aftermarket. This is driven by the large fleet size and frequent operations that are carried out by the businesses that are carried out by businesses for their commercial activities resulting in increased wear-and-tear of the mechanical parts including Automotive Leaf Springs, leading to the growth of the part’s aftermarket. In this region India and China are expected to be the countries that drive the Automotive Leaf Spring Aftermarket because of their large populations and wide geographic areas that also encompass mountain ranges and other geographies that cause frequent breakdowns of vehicle parts because of the stress caused in vehicle parts.

 

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Further the report provides PESTEL Analysis which help the company tailor the overall strategies for market activities. The analysis takes into consideration various environmental variables that are crucial for the development of the market position of the company such as government funding and other political variables. Therefore, this analysis helps the stakeholder evaluate the challenges and opportunities in a holistic way.

 

Automotive Leaf Spring Aftermarket Scope:

Automotive Leaf Spring Aftermarket
Market Size in 2023	USD 1959.3 Mn.
Market Size in 2030	USD 2235.3 Mn.
CAGR (2024-2030)	2%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2023-2029
Segment Scope	By Leaf Spring Type Multi Leaf Spring Mono Leaf Spring
	By Vehicle Type Light Commercial Vehicle Medium and Heavy Commercial Vehicle
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive Leaf Spring Aftermarket Key Players:

• Hendrickson International (US)
• Changchun Gaoxiang Special Pipes Co. Ltd. (China)
• NHK Springs Co., Ltd. (Japan)
• Jamna Auto Industries (India)
• Rassini(Mexico)
• Dongfeng Motor Suspension Spring Co., Ltd. (China)
• Pontiac Ventura
• IFC Composite GmbH
• Sogefi Spa (Italy)
• Emco Industries (India)
• Benteler SGL(Australia)
• Olguncelik San Tic (Turkey)
• IFC Composite GMBH (Germany)
• Liteflex (US)
• Shuaichao (China)