Automotive Suspension Spring Market by Material (Alloy Steel, Carbon Steel, Stainless Steel), Spring Type, Vehicle Type, Sales Channel and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Automotive Suspension Spring Market by Material (Alloy Steel, Carbon Steel, Stainless Steel), Spring Type, Vehicle Type, Sales Channel and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Automotive Suspension Spring Market Size

The global automotive suspension spring market size was valued at $4.07 billion in 2024 and is projected to reach $6.43 billion by 2030, growing at a CAGR of 7.9 % during the forecast period.

Automotive Suspension Spring Market Overview

Automotive suspension springs are essential components in a vehicle's suspension system. They are built to withstand the stresses and strains of everyday driving, ensuring long-lasting performance. These springs play a critical role in providing a comfortable and stable ride by absorbing shocks and vibrations from the road, ensuring proper traction and handling, and maintaining vehicle stability. Suspension springs support the vehicle's weight, including passengers and cargo, while maintaining an appropriate ride height. They come in various types, including coil springs and leaf springs, and are designed to support the vehicle's weight while allowing the wheels to move independently, adapting to changes in the road surface.

Automotive Suspension Spring Market Dynamics

• The automotive suspension spring market is expected to witness significant growth in the future due to the rise in sale of passenger and commercial vehicles and the increased demand for electric vehicles.
• Additionally, the growing number of small and medium-scale industries across the globe and imperative light-weighting in the automotive industry are the prominent factors driving the growth of the automotive suspension spring market demand.
• However, the fluctuation in prices of raw materials and the presence of air spring systems as alternatives are restraining the market growth.
• On the contrary, the expansion of the industrial sector and advantages of improved ride quality in rough terrains are creating opportunities for the market growth.

Impact of COVID-19 on Automotive Suspension Spring Market

The COVID-19 pandemic had an unprecedented impact, revealing vulnerabilities in various industries, including the automotive suspension spring market. Sales experienced a significant decline as the pandemic continued to spread globally. Supply chain disruptions resulted in substantial losses, and demand dropped as consumers stayed home due to partial or complete lockdowns in affected countries. Fortunately, as government and healthcare organizations have successfully implemented measures to curb the spread of COVID-19, industries resumed their operations, albeit at a slower and more cautious pace.

By Vehicle Type, the Passenger Vehicle Segment is projected to be the Largest Segment in the Automotive Suspension Spring Market

The passenger vehicle segment is projected to be the largest segment in the Automotive Suspension Spring market during the forecast period owing to the factors including the overall economic conditions, consumer preferences, technological advancements, and safety regulations. The overall sales of passenger vehicles have a direct impact on the demand for suspension springs. During periods of strong economic growth and consumer confidence, people tend to purchase more passenger vehicles, which in turn increases the demand for suspension components. In addition, the changing consumer preferences, including a shift towards SUVs and crossovers, can affect the demand for suspension springs. These larger vehicles often require more robust suspension systems. The demand for replacement suspension springs in the aftermarket also contributes to the overall demand in the passenger vehicle segment. As vehicles age, their suspension components may need replacement, driving aftermarket sales.

By Geography, Asia Pacific Region Holds the Dominant Position in the Market Revenue

Asia Pacific region holds the dominant position in the market revenue due to the rising incomes, urbanization, and increased demand for automobiles, particularly in countries like China and India. Asia Pacific has been a major production hub for the global automotive industry, including suspension springs. Countries like China and Japan are known for their strong manufacturing capabilities, and many automotive components, including suspension springs, were produced in the region. With a large and diverse vehicle fleet in the region, the aftermarket for suspension springs remained strong. As vehicles aged and required maintenance or upgrades, there was a continued need for replacement suspension springs. Several local manufacturers in the Asia Pacific region supplied suspension springs not only for domestic production but also for export to other parts of the world. Additionally, international suppliers often had a significant presence in the region. Additionally, there was a growing emphasis on sustainability and environmental standards, which could influence the materials and manufacturing processes used for suspension springs in the Asia Pacific region.

Key Target Audience:

• Raw Material & Component Suppliers
• Equity Research Firms
• Privaty Equiry Firms
• Government and Research Organizations
• Automotive Spring Manufacturers
• Investment Firms

List of the Key Players Profiled in the Report Includes:

• Continental AG
• Hendrickson
• Draco Spring Mfg. Co.
• Eaton Detroit Spring
• American Showa Inc.
• FAW Group
• Jamna Auto Industries
• Kilen Springs
• Marelli SpA
• NHK Springs
• Rassini
• Renton Coil Spring Co.
• Showa Corporation
• Sogefi

Recent Developments:

• In July 2023, Hendrickson launched its air and mechanical suspensions along with axles designed for trailers in the domestic market. Furthermore, the company confirmed the successful acquisition of Liteflex Composite Springs, a manufacturer specializing in advanced composite suspension springs. Tailored for the unique demands of the Indian landscape, these recently introduced suspension systems will be produced locally in alignment with the government's Make-in-India initiative. Hendrickson asserts that these systems, touted as the lightest in the market, will provide customers with unparalleled benefits in payload capacity and operational efficiency.
• In October 2021, Continental has extended its product offerings to the automotive aftermarket, making available to workshops the same air suspension vibration dampers and compressors they provide to vehicle manufacturers. This allows repair shops to access and use brand-new components that match the standard equipment for system repairs.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Material:

• Alloy Steel
• Carbon Steel
• Stainless Steel

Market by, Spring Type:

• Torsion Bar
• Leaf Spring
• Coil Spring

Market by, Vehicle Type:

• Commercial Vehicle
• Passenger Vehicle

Market by, Sales Channel:

• Aftermarket
• Original Equipment Manufacturer (OEM)

Market by, Geography:

The automotive suspension spring report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.