Global Automotive Leaf Spring Assembly Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automotive Leaf Spring Assembly Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Automotive leaf spring assembly is a simple form of spring commonly used for the suspension in wheeled vehicles. Leaf spring assembly usually is an assembly of several leaf spring which is made of steel.

A leaf spring, better known as a semi-elliptical spring, carriage spring or cart spring, is an arc of steel; which attaches to a vehicle’s axle. Leaf springs are generally used for trucks, bus, and also for certain huge old cars.

Market Overview:

The latest research study on the global Automotive Leaf Spring Assembly market finds that the global Automotive Leaf Spring Assembly market reached a value of USD 3206.62 million in 2022. It’s expected that the market will achieve USD 4687.7 million by 2028, exhibiting a CAGR of 6.53% during the forecast period.

Affect the normal operation of the industry

The Automotive Leaf Spring Assembly industry is ancillary to automobile industry, where the demand for the Automotive Leaf Spring Assembly is totally dependent upon the manufacturing of automobiles. The ripples of this impact have extended to the ancillaries of the automobile domain, including the Automotive Leaf Spring Assembly industry, as the demand for Automotive Leaf Spring Assembly and products is heavily dependent on the production and sale of automobiles. Thus, the disruption to automotive production caused by the ongoing crisis, as well as the overall economic downturn is likely to assert a significant impact on industry expansion. Furthermore, economic downturn will also hamper the market in a negative manner in the coming days. The raging COVID-19 plunged the global economic environment into depression. The impact of COVID-19 on the global Automotive Leaf Spring Assembly industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. In the short term, due to the outbreak of the coronavirus disease (COVID-19), and the consequent lockdowns and disruptions in the supply chain, the company's operating pressure will increase and the overall sales of Automotive Leaf Spring Assembly have declined for the short term due to postponement of workers' arrival and logistics and transportation issues.

Industrial automation will further develop

Despite the gloomy picture, the global market for Automotive Leaf Spring Assembly will recover as the world limps back to normalcy. In the long run, as the epidemic gradually improves or ends, the impact on the global Automotive Leaf Spring Assembly industry will gradually weaken. Production will return to the original level and gradually increase and the overall sales are expected to increase once normalcy is regained. The epidemic will promote automated production in the industry, enabling manufacturers to hire more high-tech talents and multi-skilled compound workers, reduce dependence on labor, and better respond to labor fluctuations. At the same time, more and more attention will be paid to the standardization of components, the intelligentization of logistics and the enhancement of the anti-risk ability of the supply chain.

Increasing development of automobiles industry

The growth of Automotive Leaf Springs Assembly market is dependent on the rise in the automotive sector. The demand for leaf springs from OEM is directly proportional to the production of light, medium and heavy commercial vehicles. The increasing disposable income, economic growth, growing industrial activity and commercial business is resulting in the increased production of light, medium and heavy commercial vehicles. Consumers are now looking for quality auto parts and systems which can fulfill their needs with reduced maintenance. The economic conditions across the globe have revived and availability of various financing companies which provides financial assistance to the customers which have significantly increased the sales of automobiles. Such factors are driving the growth of automobile industry which in turn expected to drive the automotive leaf springs market over the forecast period. The increasing global fleet size of the light and heavy commercial vehicles is expected to generate significant demand for leaf spring in both OEM market and after-sales replacement market as they often need replacement.
Additionally, the growing demand for commercial vehicles in logistic and e-commerce industries also promises to boost the growth of the leaf spring assembly market throughout the forecast period. Therefore, the increasing development of logistics and transportation is also a driving factor behind the automotive leaf spring assembly.

The popular of air suspensions

In recent years, due to the policy promoting, commercial vehicle in Europe and USA mostly use air suspensions. In these developed countries such as Europe and the United States, the leaf spring suspension models have been gradually replaced by air suspension models. This is one of the challenges restraining the growth of the Automotive Leaf Spring Assembly market.

Fluctuating raw material prices

The production of Automotive Leaf Spring Assembly has the inherent characteristics, with raw material costs accounting for a high percentage of manufacturing costs. The risk of rising raw material prices and labor costs will limit the company's operations. Therefore, the fluctuation of the price of raw materials will have a greater impact on the company's production costs. The raw materials of Automotive Leaf Spring Assembly are mainly metal steel or carbon steel, etc.
If the future purchase price of raw materials continues to rise, the enterprise cannot digest the risk of price increases of raw materials through continued price increases, will have an adverse impact on the company's future operating results. In addition, human resources costs are also increasing year by year. In the future, as the Automotive Leaf Spring Assembly business continues to expand and the level of economic development continues to increase, human resources costs will continue to rise, thereby affecting the company's operating results.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia-Pacific (59.81% in 2022).

Company Overview:

NHK Spring is one of the major players operating in the Automotive Leaf Spring Assembly market, holding a share of 7.28% in 2023.

NHK Spring

NHK Spring manufactures springs for automobiles and electronic equipment. The Company's products are used for suspension, engine valves, seats, and hard disk drives (HDD).

Fangda

The company's automobile leaf spring products were first developed in the 1960s. Over the past 40 years, it has introduced professional design software for leaf springs such as CAD drawing, UG and C3P three-dimensional design drawing.

Segmentation Overview:

Among different product types, Multi-leaf Spring segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Truck, with a market share of 49.96% in 2022.

Key Companies in the global Automotive Leaf Spring Assembly market covered in Chapter 3:

Hubei Shenfeng
Dongfeng
San Luis Rassini
Standens
Jamna Auto Industries
Fawer
Shuaichao
NHK Spring
Fangda
Leopord
Mitsubishi Steel
Hendrickson
Shuangli Banhuang
Hai Hua Automobile Parts Co., Ltd.
DAEWON
Chongqing Hongqi

In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive Leaf Spring Assembly market from 2018 to 2029 is primarily split into:

Mono-leaf Spring
Multi-leaf Spring

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive Leaf Spring Assembly market from 2018 to 2029 covers:

Truck
Bus
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)