This Automotive Coil Spring Market report classifies the market into different segments based on techniques, application and end user. These Segments are studied in detail including the market estimates and forecast at regional and country level. The Segment analysis is useful in understanding the growth areas and probable opportunities in the market. This Automotive Coil Spring Market report provides comprehensive data to improve the understanding, scope and application. The analysis further includes a thorough description based on the dominant competitors that illuminate capacity, technology development, price structure, value chain and import /export activities.
The Automotive Coil Spring Market report examines and gives the worldwide market size of the principle players in every area. In addition, the report gives information of the main market players inside the market. The business changing elements for the market fragments are investigated in this report. This investigation report covers the development elements of the overall market dependent on end-clients. The report takes help of various analytical tools to predict the Automotive Coil Spring Market market growth of the market during the forecast period.
Data Bridge Market Research analyses that the automotive coil spring market was valued at USD 3464.20 million in 2021 and is expected to reach USD 5157.33 million by 2029, registering a CAGR of 5.10 % during the forecast period of 2022 to 2029
Definition
An automotive coil spring is a form of spring which is generally used for suspension purposes in wheeled vehicles. Coil springs were also called carriage spring, and sometimes it was also referred to as a helical spring. A coil spring is a mechanical device which is generally used to store energy and then release it after sometime. It is also used to maintain a force between contacting surfaces or to absorb shock.
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Key Growth Drivers:
- Rise in the manufacturing of vehicle
The growing vehicle manufacture is directly proportional to the rising demand for the automotive parts such as automotive coil spring. So, the growing demand for vehicle production is estimated to also propel the demand for the automotive coil spring due to this it has become a standard in all type of vehicle in the global market which are expected to drive the growth of the automotive coil spring market.
- Rising demand of high performance material
High performance material is mainly used to manufacture quality suspension products for better performance of vehicle components. High quality products are also used in the manufacturing of automotive coli springs which allow vehicle to run efficiently thus also reducing fuel consumption. Reduced fuel consumption decreases the total vehicle ownership cost.
- Increasing demand of road transportation
The growth in the usage of light, medium, and heavy-duty vehicles in emerging nations due to the increasing preference for road transportation are expected to drive the growth rate of the automotive coil spring market during the forecast period of 2022-2029.
Furthermore, increasing popularity of helical springs, growing demand for quality products in the automotive, rising demand for luxury and comfort along with high demand due to their extraordinary strength to weight ratio and enhanced fatigue resistance and increase in disposable income which has increased the demand for passenger vehicles, are some other factors which are anticipated to boost the growth of the market.
The report emphasizes the participation of key entities, notably:
- Kilen Springs (U.K.)
- GKN Automotive (U.K.)
- Sogefi SpA (Italy)
- NHK of America Suspension Components, Inc (U.S.)
- Muhr und Bender KG, (Germany)
- Betts Spring (U.S.)
- MW Industries (MWI) (U.S.)
- Draco Spring Mfg. Co. (U.S.)
- Hyperco (U.S.)
- Neapco (U.S.)
- Alco (U.S.)
- UNI ATUO PARTS MANUFACTURE CO., LTD. (Taiwan),
- MITSUBISHI STEEL MFG. CO., LTD. (Japan)
- Lesjöfors Automotive (U.K.)
- Clifford Springs Ltd (U.K.)
- Hendrickson USA, L.L.C. (U.S.)
- Jamna Auto Industiries Ltd (India)
Key Market Perspectives:
- Thorough examination of prevailing market tendencies
- Updates on the latest product advancements and innovations
- Automotive Coil Spring Market Compound Annual Growth Rate (CAGR) for both historic and forecasted years
- Strategies and activities of prominent players and brands in the field
- Insights into the industry landscape for emerging participants
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Key Market Segmentation
By Type (Helical Coil Spring, Progressively Wound Spring), Vehicle Type (Two Wheeler, Four Wheeler, Heavy Vehicles) Application (Air Bags, Seat Belts, Suspension, Fuel Injection, Clutch, Valve, Others)
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