Spring Market Size, Share & Trends Analysis Report By Product Type, By End-use (Automotive & Transportation, Construction, Agriculture & Forestry, Manufacturing), By Region, And Segment Forecasts, 2023 - 2030

Spring Market Size, Share & Trends Analysis Report By Product Type, By End-use (Automotive & Transportation, Construction, Agriculture & Forestry, Manufacturing), By Region, And Segment Forecasts, 2023 - 2030

Spring Market Growth & Trends

The global spring market size is expected to reach USD 37.5 billion by 2030, registering a CAGR of 5.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.

Industrialization and trade have strengthened each other. Trade has provided access to critical industrial inputs such as raw material and updated technologies such as robotics and Computer-aided manufacturing (CAM) for countries which are incapable of producing them. Increased demand for exports has spurred technological development and industrial production. In turn, the introduction of new industrial technologies such as use of 3D printers in manufacturing has shaped the pattern of manufacturing sector and hence increasing the demand for springs from robotics as well as from manufactured products.

Europe accounted for more than 25.0% of the global revenue generated in the market in the year 2019. Rising government investments to boost electric vehicle production/sales is anticipated to promote regional growth over the coming years. In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, owing to substantial growth of manufacturing sector in countries such as China and India.

However, the market is depended on demand from its end users such as automotive and manufacturing. Therefore, the onset of financial crisis is expected to adversely impact market growth. Also, prices of raw materials such as metal and alloy have rapidly fluctuated, hampering market growth. Furthermore, the presence of a large number of domestic and international market participants has made the market highly competitive. The competitive environment in the market has forced the vendors to sell the products at low prices. This has deeply impacted the profit margins of the market players and has also restricted further research and development in the market. However, frequent adoption of new manufacturing methods, and adoption of customized products is expected to accelerate the growth of the spring market over the coming years.

Spring Market Report Highlights

• The helical spring segment accounted for the largest revenue share of 52.7% in 2022 and is expected to grow at the fastest CAGR during the forecast period. The high demand for helical springs is attributed to their advantages, such as coil structure.
• The leaf spring segment is expected to witness a significant CAGR during the forecast period owing to its increasing demand in various end-use industries such as railways and automotive.
• Manufacturing accounted for the largest revenue share of 31.6% in 2022, owing to a wide range of applications such as robotics and automated drives.
• The automotive and transportation segment is expected to grow at the fastest CAGR of 5.9% during the forecast period. This is due to the fact that automobiles highly rely on springs to withstand surface conditions (rough, uneven terrain).
• Asia Pacific dominated the market and accounted for the largest revenue share of 38.0% in 2022. Increased demand for spring from the automobile, transportation, and manufacturing sectors is owing to the development of manufacturing facilities by industry leaders in this region.
• Europe is expected to grow at the fastest CAGR of 5.6% during the forecast period, owing to the presence of established automobile, aerospace, and defense manufacturers in the region.

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