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Automotive Leaf Spring Market Research Report – Global Forecast till 2025
According to a report issued by Market Research Future (MRFR), the global automotive leaf spring market is poised to acquire a significant market valuation at a moderate CAGR over the forecast period.
Drivers and Restraints
The increase in demand for light commercial vehicles and the need for vehicle comfort and safety are the primary drivers of the global automotive leaf spring market during the forecast period. Moreover, the rise in the adoption of lightweight components to decrease vehicle weight is projected to increase the need for composite automotive leaf springs over the review period. On the other hand, automotive leaf springs are primarily traded from the low-cost manufacturing hubs such as Mexico and China to the higher consumption zones such as the US and Germany. therefore, the uncertainty and change in the trade policies are expected to hinder the demand for automotive leaf spring in the emerging economies in the global market during the forecast period.
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The geographical analysis of the global automotive leaf spring market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa.)
Asia-Pacific is expected to hold the maximum market share in terms of value and volume during the assessment period due to the presence of China, India, Japan, and South Korea. China has the maximum production and consumption of commercial vehicles. This improved the demand for automotive leaf springs and other components in China and other neighboring nations. Asia-Pacific has the top manufacturing and export of automotive leaf spring systems. North America is poised to hold the second-largest market share of the global automotive leaf spring market regarding the value and volume owing to the demand and sales of commercial vehicles. The fast growth of the e-commerce industry in the US and Canada is projected to improve the market for light commercial vehicles to guarantee the timely delivery of the products across the region. This is poised to lead the need for automotive leaf springs in the OEM and aftermarket during the review period. Europe’s automotive leaf spring market is expected to observe growth due to the presence of various developed nations and their patterns of deploying composite automotive leaf springs. Furthermore, the stringent government regulations to meet the safety and comfort standards are projected to raise the sales and demand of automotive leaf springs concerning the value and volume during the forecast period.
The market players operating in the market for automotive leaf spring systems, as identified by MRFR in the global market are Sogefi SpA (Italy), LITEFLEX (US), Rassini (Mexico), IFC Composite GmbH (Germany), Hendrickson USA, L.L.C. (US), Jamna Auto Industries (India), Emco Industries(India), Benteler-SGL (Austria), and NHK Springs Co. Ltd (Japan), OlgunCelik San. Tic. A.S. (Turkey), among others.
The global market for automotive leaf spring systems has a highly competitive scenario. The leading market players are expected to contribute significantly towards the automotive leaf spring market growth over the review period. The market is also expected to witness the rise of numerous entrants in the foreseeable future. Increasing research and development activities towards advanced technology integration along with strategic business tactics such as product development, mergers, acquisitions, partnerships, and joint ventures, to sustain the competitive dynamics.
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