The automotive suspension coil springs market size is poised to grow by USD 2 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive suspension coil springs market 2019-2023 (Graphic: Business Wire)
Automotive suspension systems are undergoing innovations and developments in the materials used for manufacturing components. Vendors have been using advanced processes to manufacture suspension system components. Most coil springs used in vehicle suspension systems are made of hardened steel alloy. However, advancements in automotive manufacturing and growing emphasis on the use of lightweight, strong, and high-performance materials have seen increasing use of titanium and FRP. Coil springs made of these efficient materials are finding growing application in premium segment vehicles, sports sedans, and some sports cars. Thus, the increasing usage of efficient materials in coil spring manufacturing will drive the growth of the market during the forecast period.
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As per Technavio, the emergence of active chassis systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Suspension Coil Springs Market: Emergence of Active Chassis Systems
The performance of automotive suspension and chassis control systems play an integral part in defining the driving or riding experience. The chassis forms the base of a vehicle, and the suspension system determines the comfort level. Both of these areas are undergoing innovative developments resulting in the emergence of improved versions or completely new systems. Recently, ZF Friedrichshafen launched a new fully-active chassis system that can effectively minimize unwanted body movements caused by bumps, potholes, and bends. This advanced chassis control system enables the vehicle to raise and lower each wheel independently. It can enhance handling characteristics and safety with the help of an intelligent actuator. Thus, the emerging active chassis systems which is revolutionizing the riding experience is one of the major trends being witnessed in the global automotive suspension coil springs market.
“Other factors such as the developments in automotive suspension springs market and the introduction of advanced suspension systems will have a positive impact on the growth of the automotive suspension coil springs market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Suspension Coil Springs Market: Segmentation Analysis
This market research report segments the automotive suspension coil springs market by application (passenger vehicle and commercial vehicles) and by region (Americas, EMEA, and APAC).
The APAC region led the automotive suspension coil springs market in 2018, followed by EMEA and Americas respectively. The growth of the automotive suspension coil springs market share in APAC can be attributed to factors such as the growth in sales of passenger cars and the growing popularity of hybrid and electric vehicles in China, Japan, and South Korea.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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