Automotive Clock Spring Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Automotive Clock Spring Market Size

Automotive Clock Spring Market Trends & Drivers

Government Mandates for Airbags Are Key Trend

• Over the past few years, due to the implementation of stringent rules for passenger safety, airbags, which used to be a premium feature earlier, have become a necessary and basic feature in cars. People have become aware of their safety, which is why airbags have become a must-have feature. The crucial role of the automotive clock spring in the deployment of airbags when needed is driving the growth of the respective market.
• The spring maintains a constant electric connection to the driver's airbag, while permitting the steering to turn freely. The number of electric connections is increasing due to the integration of different kinds of smart equipment in cars, thus driving the market forward.
• Airbags are a sensitive technology, and the clock spring plays a crucial role in maintaining an electric connection to the airbag and its on-time deployment. Market players thus use materials of a high quality for its manufacturing to ensure it is durable and conducts appropriately.

Introduction of Cruise control and Steering-Mounted Controls Is Major Driver

• Steering-mounted controls enable the driver to control the other static features of the car, such as control audio, windows, and hands-free calling, directly from the steering. This way a driver does not get distracted while driving, which helps a great deal in preventing accidents and making roads safer.
• Premium cars with cruise control have controls mounted on the steering. Moreover, in many four-wheelers, the steering features buttons for adjusting the seat position and ergonomics.
• Nowadays, more electronic sensors than before are placed on the steering for the enhancement of the overall driving experience. Thus, the electronification of the internal components of car drives the market for automotive clock springs.
• These components are, therefore, even more vital for ADAS, which is made up of numerous electronic systems and enabled by a host of sensors and other semiconductor hardware.

Revolution in Materials Presents Significant Opportunities

• Industry players are adopting more-durable and cost-efficient materials for the manufacturing of clock springs. Superalloys are also used, and clock springs made from them have an average life of 10–15 years.
• Materials with good electrical conductivity, durability, and the ability to regain its shape are being adopted in the industry for the manufacturing of clock springs.
• Research and development are going on for self-healing clock spring materials.

Automotive Clock Spring Industry Outlook

Vehicle Type Insights

• Passenger vehicles are the larger category, holding a share of 70% in 2024. Since the lifting of COVID-19 lockdowns, the automobile industry has witnessed growth due to technological innovations and an increase in the purchasing power of people. Moreover, with the introduction of ultra-luxury features, such as cruise control and ADAS in passenger cars, their increasing production and sale propel the market.
• Passenger vehicles are also the faster-growing category, at an expected CAGR of 7.7% during 2024–2030. The automobile industry is turning toward e-vehicles, and old diesel and gasoline cars are being replaced. Because the role of electricity is even larger in EVs, their burgeoning demand propels the procurement of automotive clock springs among OEMs.

The report covers the following vehicle types:

• Passenger Vehicles (Larger and Faster-Growing Category)
• Commercial Vehicles
  • Light commercial vehicles
  • Heavy commercial vehicles

Material Insights

• Carbon steel is the largest category, holding a share of 45% in 2024. This raw material is easily available and has good mechanical strength and thus, is an easy choice for manufacturers.
• Stainless steel is the fastest-growing category, at a predicted CAGR of 5.8% during 2024–2030. Its durability, longevity, and low cost have made stainless steel the largest category. It also offers good mechanical strength and excellent surface stability.
• Superalloys too held a significant market share in 2024, but they will lose their prominence in the coming years due to their high cost. This is itself because of the fluctuating prices of the individual elements used to make such alloys.
• Furthermore, the increasing priority to sustainability and the use of eco-friendly materials in the automobile industry will open new opportunities for key market players to offer cutting-edge clock spring solutions. This is why clock springs would increasingly be made from lightweight composites and recycled materials in coming years.

The following materials have been covered in the report:

• Carbon Steel (Largest Category)
• Alloy Steel
• Stainless Steel (Fastest-Growing Category)
• Superalloys

Sales Channel Insights

• OEM is the larger category, holding a share of 65% in 2024, as well as the faster-growing category, advancing at a CAGR of 5.5% during 2024–2030. The clock spring is a critical piece of equipment fitted in the steering wheel responsible for all the electrical connection through the steering. This makes it vital for the functioning of safety features, such as airbags.
• A clock spring has a general life of 10–15 years, which means there is rarely a need to replace it.

The categories in this segment are:

• OEM (Larger and Faster-Growing Category)
• Aftermarket

Geographical Analysis

• Asia-Pacific is the largest regional market holding a share of 50% in 2024. The implementation of firm rules in the region regarding the safety of passengers and the introduction of the New Car Assessment Program (NCAP) safety ratings, which is making airbags a necessary piece of equipment in automobiles, are behind this dominance.
• Asia-Pacific is the fastest-growing regional market, growing at a CAGR of 5.7% during 2024–2030. In the region, automobile production is growing as numerous automobile giants have set up their manufacturing units in the region due to the low cost of labor.
• Asia-Pacific is witnessing economic growth, which is why the purchasing power of people has increased in recent years. Thus, the demand for and sale of cars are increasing, in turn, propelling the demand for clock springs.
• In the European region, Germany is producing high-end premium luxury cars. Moreover, the market has witnessed growth after COVID-19, driven by the return of people to work, resumption of social gatherings, and restored operations in schools and other public places.

The regions and countries analyzed in this report include:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • U.K.
  • Germany (Largest and Fastest-Growing Country Market)
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Automotive Clock Spring Market Share

The global automotive clock spring market is segregated and has a high degree of competition due to the presence of major key players in the industry.

The automotive clock spring market has witnessed several acquisitions, partnerships, and mergers and acquisitions of late. New products with newer designs are being launched, and companies are expanding their portfolios.

Players in the automotive clock spring industry are offering reliable and high-quality components. They are investing in R&D, state-of-the-art machinery, and new materials for the enhancement of manufacturing processes.

Automotive Clock Spring Industry News

• In October 2020, Autoliv Inc. introduced the updated version of its automotive clock spring with a new design, to provide better resistance to damage and durability.
• In September 2020, a next-generation clock spring is launched by Dura Automotive Systems, with more reliability, durability in a new design.
• In February 2023, Nissan took a decision to recall its vehicle including, SUV’s, minivans and older pickup trucks due to an issue with the deployment of airbags that could lead to a potential major accident.