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

Automotive Coil Spring Market Size

Automotive Coil Spring Market Trends & Drivers

Advancements in Lightweight Materials and Designs Are Trending

• There is an increasing utilization of lightweight materials, such as aluminum and high-strength steel alloys, to make coil springs.
• A higher fuel efficiency and lower emissions can be achieved by lighter vehicles since they use less energy.
• Automotive manufacturers are trying to match the strict fuel economy and emission regulations and, are thus, exploring lightweight strategies in designing vehicles as well as suspension parts.
• The overall performance, ride comfort, and vehicle handling are enhanced by lightweight coil springs, which also offer improved stiffness and damping characteristics.
• This is useful in high-performance vehicles, where every kilogram reduction in weight is beneficial for braking, cornering, and acceleration.
• Costs can also be reduced in vehicle production by using lightweight materials due to less- assembly complexity, material usage, and overall vehicle mass.

Expansion of Automotive Industry Fuels Market Growth

• The expansion of the automobile sector is the biggest automotive coil spring market driver. The world economy has a major constituent in the automotive sector, which manufactures and sells millions of vehicles annually.
• The growing demand for coil springs is driven by this industry’s continuous development and enlargement.
• The growing living standards and disposable incomes in developing nations are the primary reasons behind the rising sale of cars. Technological innovations are also making automobiles more accessible to a wide range of users.
• Automakers are trying to cope with the increasing demand by expanding manufacturing capacities. This expansion of the automotive domain through higher vehicle manufacturing and sales is the primary driver of the market.
• A key part of the suspension system, automotive coil springs provide stability and power to the car for a comfortable and smooth ride. As the number of vehicles being manufactured and sold is increasing, the demand for top-quality suspension systems is growing.
• Nowadays, customers seek a good ride quality along with better comfort. Since people have to spend more time in their car, therefore they want a superior and seamless experience. Coil springs help in lowering the intensity of road shocks and vibrations, which make the ride comfortable.

Challenges in Automotive Coil Spring Applications Hamper Market Advance

• There are several problems with automotive coil springs that can affect the ride. The most-common issues are metal fatigue, because when a vehicle operates, the metallic parts go through repeated cycles of compression and expansion. This harms the spring and makes it weak, which, ultimately, reduces the functionality of the suspensions as well as puts the safety of passengers at risk.
• Many environmental factors, such as chemicals, road salt, and moisture, can lead to corrosion on coil springs, especially amidst critical road conditions and climate. Corrosion reduces the lifespan and weakens the strength of the spring material.

Automotive Coil Spring Industry Outlook

Vehicle Type Insights

• Passenger cars held the largest share, of around 50%, in 2023, and they are also the fastest-growing category. This is due to the expansion of public transport and taxi services, increase in the middle-class population, rise in disposable incomes, and rapid urbanization.
• This increasing demand reflects a high requirement for coil springs and all other automotive parts among both OEMs and aftermarket entities.
• Advanced suspension systems are installed in modern passenger cars to provide safety, ease of handling, and ride comfort.
• Thus, the increasing demand for high-quality coil springs is impelling auto parts companies to innovate.

The vehicle type segment has the following three categories:

• Passenger Cars (Largest and Fastest-Growing Category)
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Type Insights

• Compressor springs is the largest category, holding a market share of around 45% in 2023. It is an essential component of vehicle suspension systems as it aids in absorbing shocks and vibrations and offers better handling and a seamless ride.
• These variants are highly versatile and present in many automotive components other than suspension systems, including seats, brakes, transmissions, and engines.
• These springs are used in different types of vehicles, such as SUVs, vans, trucks, and passenger cars. Since the automotive sector covers a wide range of customer choices and market segments, there is a continual demand for compression springs in various vehicle types.
• The torsion springs category will have a CAGR of 5.2% from 2024 to 2030. This is due to the broad applications of these alternatives in fuel doors, seat recliners, and door mechanisms. The demand for them will increase as vehicle designs become more complex.
• Electric vehicle demand is increasing, which drives the requirement for torsion springs in trunk lids, door handles, and access controls.

During the study, three types were analyzed:

• Compressor Springs (Largest Category)
• Extension or Tension Springs
• Torsion Springs (Fastest-Growing Category)

Market Insights

• The aftermarket is the larger category, with a share of around 70% in 2023. This dominance is due to the rising usage of coil springs in commercial vehicles.
• The life of this device is limited in commercial vehicles because they are designed to carry heavy objects on challenging surfaces. This propels the demand for the replacement of these components on a regular basis.
• OEMs are the faster-growing category, with a CAGR of 5.1% from 2024 to 2030. This growth is associated with increasing automotive production, various strategic partnerships, and focus on OEMs on quality.

This segment has two categories:

• Aftermarket (Larger Category)
• OEMs (Faster-Growing Category)

Geographical Analysis

• Geographically, North America is the fastest-growing region, with a CAGR of 5.5% from 2024 to 2030, propelled by the rising aftermarket demand for automotive components. When a vehicle becomes old, it needs maintenance and replacement of parts.
• The region has several research institutions, automotive OEMs, and technology companies. This region is also ahead in the manufacturing of new materials, production techniques, and suspension systems designed for higher efficiency.
• APAC is the largest region, with a market share of 55% in 2023. This supremacy is due to the rising urbanization rate and growing economy, which raise the automobile ownership rate in the region.
• The aftermarket demand for these parts for regular replacement purposes is surging in the region as vehicles last longer now.

These regions and countries were analyzed for this report:

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

Automotive Coil Spring Market Share

The market is wholly controlled by the major market players, who are investing large sums in research and development to grow their product portfolios. For this, they are engaging in a variety of strategies, such as mergers, acquisitions, collaborations, and partnerships.

This automotive coil spring industry offers inexpensive items to beat the competitors. Additionally, makers reduce their operational costs to provide benefits to customers, which simultaneously expands the market.

Automotive Coil Spring Industry News

• Rheinmetall AG introduced a novel glass fiber suspension spring in May 2022. This product was presented in a prototype testbed vehicle by the Düsseldorf-based technology group.
• NHK spring expanded its market reach in the U.S. in January 2022. The company has planned to invest USD 10 million in a new production plant in North Carolina.