The global automotive coil spring market size is projected to grow dramatically in the upcoming years as a result of the prolific demand for passenger cars and commercial vehicles worldwide, finds Fortune Business Insights™ in its report, titled “Automotive Coil Spring Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Coil Spring Type (Compression Springs, Extension or Tension Springs, Torsion Springs), By Market (Aftermarket, OEMs) and Regional Forecast 2020-2027”. According to the International Organization of Motor Vehicle Manufacturers (OICA), global commercial vehicle sales rose from 26 million in 2018 to 27 million in 2019, while passenger vehicle sales stood at 64 million. With economic development speeding up worldwide, the purchase of commercial vehicles is surging in most economies. Automotive coil springs are critical in maintaining the height of the vehicle from the ground and augmenting the weight-bearing capacity of the automobile.
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Even more important, coil springs are necessary for ensuring effective suspension of the vehicle, which in turn ensures the comfort of the driver and occupants, especially on uneven roads. Since consumer preferences with regard to vehicular comfort and safety are constantly changing, automakers are being compelled to install high-quality components in their products, thereby benefiting the growth of this market.
Highlights of the Report:
- Holistic analysis of the critical factors driving and constraining the market;
- Industry-leading insights into the key market players and their strategies;
- Comprehensive evaluation of the various market segments; and
- Extensive and intensive assessment of regional developments in the market.
List of Key Players Covered in the Automotive Coil Spring Market Report:
- Jamna Auto Industries
- Soni Auto & Allied Industries Ltd.
- Betts Spring Clifford Springs Ltd.
- Ace Wire Spring & Form Co., Inc.
- Suspension Spring Specialist, Inc.
- Lesjöfors Automotive
Factory Closures Induced by the COVID-19 Pandemic to Thwart Market Growth
The COVID-19 pandemic has generated unprecedented challenges for the automotive industry. Lockdowns, social distancing, supply chain disruptions, and trade restrictions have all contributed towards the drastic contraction of activities in the auto sector in most countries. In Europe, for instance, large carmakers such as Fiat Chrysler and Volkswagen announced a temporary shutdown of plants in Italy, Serbia, Poland, and Spain due to the lockdown measures imposed by governments across the continent.
In 2021, the roadblocks have only grown in size. According to a January 2021 report by the Associated Press, Nissan, Toyota, Fiat, Ford, and Volkswagen have been hit by semiconductor shortages, forcing them to delay production of some models to keep their plants active. In India, one of the world’s largest car markets, passenger vehicle sales plummeted 78.43% in the April-June period as the demand for cars plunged amid the nationwide lockdown. The adoption of automotive coil springs will inevitably decline amidst such dire circumstances created by the coronavirus, with the auto industry suffering a series of blows and undergoing a period of severe financial distress.
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Asia Pacific to Make Strong Headway Backed by Escalating Demand for Automobiles
Asia Pacific is set to lead the automotive coil spring market share in the forthcoming years owing to the consistently high demand for passenger and commercial vehicles, especially in India, China, and Vietnam. In response, several auto industry giants have set up their bases in these countries to cater more efficiently to the local demand. Furthermore, domestic vehicle manufacturers are also readily investing and adopting new automotive technologies to enhance their offerings. In North America, a robust logistics sector and strong industrial activities are fueling the uptake of automotive coil springs. Meanwhile, in Europe, the presence of dominant automakers such as Volkswagen and PSA Group will create a healthy growth environment for the market.
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Key Players to Strongly Focus on Building a Diversified Portfolio
In order to remain competitive in this market, key players are constantly engaged in developing innovative suspension solutions, aligning their strategies with the evolving consumer needs and government regulations. Companies are expanding their client base by offering a diversified range of products to automakers and original equipment manufacturers (OEMs). For example, Monroe has developed an exciting suite of shock absorbers for Audi models, covering nearly 83.5% of the carmaker’s models. The company also has a strong brand presence in Poland and Germany, with its manufacturing facility in Poland producing advanced shocks for Volkswagen.
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