Leaf Springs Market: Global Industry Analysis and Forecast (2024-2030), Trends, Statistics, Dynamics, Segmentation

Leaf Spring Market Overview

 

The rapid urbanization and increased per capita income have raised the demand for automotive vehicles. In the past decade, global trade has multiplied, leading to complex logistics and the movement of heavy goods across nations. Consumers are now turning to efficient and low maintenance automobiles; all these factors account to be essential market drivers for the leaf springs market.

 

Leaf springs are multi-layered leaves often found in vehicles' front and rear end axles for improved suspension and stability. The primary function of a leaf spring is to avoid jumping action caused due to linear movement of automobiles. Leaf springs have applications in light commercial vehicles, heavy commercial vehicles, and SUVs.

 

The effect of the COVID-19 pandemic on the Leaf Springs market is devastating, with the market experiencing negative demand. The demand for leaf springs is directly related to sales of commercial light and heavy-duty vehicles. Thus the manufacturers of leaf springs had a massive blow to their sales and experienced heavy losses. Although in 2021, the light commercial vehicle market is estimated to be USD 480 billion and a significant growth rate of 7.9 %

 

 

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Leaf Spring Market Dynamics

 

The rise of the Automotive Sector:

 

The automotive industry pegged by the pandemic is gaining traction, and sales figures have indicated that the industry is going back to normal. The rise in population and development has caused the demand to rise exponentially, with a growth rate of 11 %. Due to rising global temperatures, the automotive sector is under disruption; major auto manufacturers are researching ways to be more efficient by turning to electric vehicles.

 

The automobile market is expected to increase in the developing economies of China and India, with an increasing middle-class income. According to IBEF, India could be a leader in shared mobility by 2020, providing opportunities for autonomous and electric vehicles; this sector is expected to create 50 million jobs.

 

In 2021, the market valuation of the automotive industry was at 2.6 trillion U.S. dollars, which is a significant driver of the global leaf spring market. The composite leaf springs reduce the overall weight of the commercial vehicles and increase efficiency, which stimulates leaf spring market demand.

 

Increase in Development and Per Capita Income:

 

The development of countries has caused per capita income to rise, thereby increasing affordability among the consumers. From 2018 to 2021, global per capita income grew by 4 %; thus, consumers' expectations and demand for quality automobiles have increased. Further, the exponential rise of the e-commerce industry has increased the demand for light and heavy commercial vehicles for managing logistics; In 2021, the e-commerce industry reached the value of 13 trillion U.S. dollars.

 

The industrial activities include manufacturing, processing, and delivering goods require heavy-duty commercial vehicles; thus, industrial development in emerging nations such as India, China, and Saudi Arabia is expected to increase the global leaf spring market size. Emerging countries showed industrial growth of 6.24 % in December 2021 compared to the global industrial growth of 5.1 %, and these are the primary drivers of the Leaf Spring market.

 

Market Limitations:

 

The riding comfort is compromised by using leaf springs as suspension because of the high spring constant. Further market restraints are stringent government policies, political situations, and economic instability that can hamper the global leaf spring market. Due to high carbon emissions caused by heavy-duty commercial vehicles, governments across the globe are suggesting incorporating solutions with less carbon footprint.

 

Leaf Spring Market Segment Analysis:

 

The Leaf Spring market is segmented by material, spring type, vehicle type, manufacturing process, and geographical region in this report. Leaf springs are manufactured via metal or composite materials, metal springs are expected to dominate the market during the forecast period. With automobile manufacturers aiming to reduce vehicles' final weight and meet government standards, composite leaf springs are projected to grow at 7.2 %.

 

Parabolic leaf springs consist of tapered profiles with multiple leaves, and they hold a significant market share in the leaf spring market. Leaf springs are used for suspension in Passenger Vehicles, light commercial vehicles, and heavy commercial vehicles. In the USA, the e-commerce industry is expected to grow at 17.1 % cagr, fuelling demand for light commercial vehicles; this segment is expected to dominate the leaf spring market. Mono leaf Springs have applications in luxury vehicles to improve suspension in tandem with air suspension systems.

 

The leaf spring market is further divided by region viz North America, Asia-Pacific, Europe and the Rest of the World. Significant light heavy-duty vehicles presence in Europe, America and Asia is expected to stimulate demand with the increasing need for transporting cargo.

 

 

Leaf Spring Market Regional Analysis:

 

In 2023, Europe and America dominated the global market share of leaf springs, impacted by the presence of developed countries like the UK, France, Germany, etc. The demand for SUVs and light heavy-duty vehicles has increased significantly due to the rapid rise in population and increased per capita income. Also, especially in developed countries, road safety regulations are stringent, and vehicle safety standards are high; thus, lightweight composite leaf springs are majorly deployed to increase endurance and stability and enhance suspension capabilities. In 2023, the sale of SUVs jumped by 11.2% to reach 5.36 million units in Europe, stimulating demand for leaf springs.

 

The United States of America is the largest market for passenger truck vehicles worldwide. In 2023 Ford F series sold over 7,27,000 pickup trucks, followed by Ram pickup and Chevrolet. The rising pollution and emission rules have shifted focus to Electrically powered pickup trucks like Rivian. The market for pickup trucks is expected to grow at a CAGR of 4.1 percent in the U.S.

 

Asia-Pacific is developing rapidly and thus a potentially significant market for leaf springs due to the rise in sales of automobiles. Developing economies like India, China, and Saudi Arabia are expected to stimulate demand for light and heavy-duty vehicles used in infrastructure development. United States of America and China hold 20 percent market share for exports of leaf springs, while Mexico accounts for 9 percent of automotive leaf spring export.

 

This report aims to analyze current market trends and potential opportunities to enhance growth to succeed in the industry. The report identifies factors influencing market dynamics and development of the Global Leaf Springs market and how this will control investment during the forecasting period. The report studies regional markets to provide valuable insights into revenue and predicted value; information also includes the competitive landscape of key industry players and their recent developments.

 

Through comprehensive research supported by qualitative and quantitative data, this report provides essential information on the market behavior during the projection period (2024-2030). It also recognizes dominant segments in the market, projects their development, and identifies new elements that is projected to dominate with technological advancements.

 

 

The report contains detailed analyses through Porter's five forces model to determine the industry's structure and help devise a corporate strategy for the market. The model reports provide essential information about stakeholders' influence, product quality, substitute products, etc. The report also analyses whether the Global Leaf Spring  market is accessible for new competitors to gain a foothold, whether they enter or exit the market regularly, and if a few players dominate it.

 

A measured approach is adopted through Pestel analysis to quantify factors including government policies, economic structure, and political situations that will affect the development of this sector. Economic variables aid in studying financial performance drivers that impact the Global Leaf Springs Market. The report also considers environmental and legal factors that may affect the progress in this industry

 

Leaf Spring Market Scope

 

Leaf Spring Market
Market Size in 2023	USD 6.17 Bn.
Market Size in 2030	USD 9.84 Bn.
CAGR (2024-2030)	7%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Material Type Metal Springs Composite Leaf Springs
	By Spring Type Parabolic Leaf Spring Multi-Leaf Spring
	By Manufacturing Process Shot Peening Prepreg Layup Others
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leaf Spring Market Key Players

The global leaf springs market demands innovation and progress in a continuously changing landscape with new government policies and development. Thus, significant players often opt for strategies to invest in research and more recent technologies to be market-ready. Details profiles about the competitors, including revenue, market size, analysis, and technological advancements, are covered in this report.

• Dongfeng Motor Suspension Spring Co. Ltd. (China)
• Eaton Detroit Spring (USA)
• NHK Spring (India)
• Eagle Suspensions (USA)
• EMCO Industries (USA)
• Fangda (China)
• Hendrickson (USA)
• IFC Composite (Germany)
• Jamna Auto Industries (India)
• Mubea ( Germany)
• NHK Springs (Japan)
• Olgun Celik (Turkey)
• Rassini (Mexico)
• Shuaichao (China)
• Sogefi (Italy)