The global automotive coil spring market size is projected to grow dramatically in the upcoming years as a result of the prolific demand for passenger cars and commercial vehicles worldwide, finds Fortune Business Insights™ in its report, titled “Automotive Coil Spring Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Coil Spring Type (Compression Springs, Extension or Tension Springs, Torsion Springs), By Market (Aftermarket, OEMs) and Regional Forecast 2020-2027”. According to the International Organization of Motor Vehicle Manufacturers (OICA), global commercial vehicle sales rose from 26 million in 2018 to 27 million in 2019, while passenger vehicle sales stood at 64 million. With economic development speeding up worldwide, the purchase of commercial vehicles is surging in most economies. Automotive coil springs are critical in maintaining the height of the vehicle from the ground and augmenting the weight-bearing capacity of the automobile.
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Even more important, coil springs are necessary for ensuring effective suspension of the vehicle, which in turn ensures the comfort of the driver and occupants, especially on uneven roads. Since consumer preferences with regard to vehicular comfort and safety are constantly changing, automakers are being compelled to install high-quality components in their products, thereby benefiting the growth of this market.
List of Key Players Covered in the Automotive Coil Spring Market Report:
- Jamna Auto Industries
- Soni Auto & Allied Industries Ltd.
- Betts Spring Clifford Springs Ltd.
- Ace Wire Spring & Form Co., Inc.
- Suspension Spring Specialist, Inc.
- Lesjöfors Automotive
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Asia Pacific to Make Strong Headway Backed by Escalating Demand for Automobiles
Asia Pacific is set to lead the automotive coil spring market share in the forthcoming years owing to the consistently high demand for passenger and commercial vehicles, especially in India, China, and Vietnam. In response, several auto industry giants have set up their bases in these countries to cater more efficiently to the local demand. Furthermore, domestic vehicle manufacturers are also readily investing and adopting new automotive technologies to enhance their offerings. In North America, a robust logistics sector and strong industrial activities are fueling the uptake of automotive coil springs. Meanwhile, in Europe, the presence of dominant automakers such as Volkswagen and PSA Group will create a healthy growth environment for the market.
Key Players to Strongly Focus on Building a Diversified Portfolio
In order to remain competitive in this market, key players are constantly engaged in developing innovative suspension solutions, aligning their strategies with the evolving consumer needs and government regulations. Companies are expanding their client base by offering a diversified range of products to automakers and original equipment manufacturers (OEMs). For example, Monroe has developed an exciting suite of shock absorbers for Audi models, covering nearly 83.5% of the carmaker’s models. The company also has a strong brand presence in Poland and Germany, with its manufacturing facility in Poland producing advanced shocks for Volkswagen.
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