Automotive Leaf Springs Market: Overview
The automotive leaf spring is one of the important components in an automobile vehicle. The leaf springs are located between the wheels and the body of the automobile. When the wheel passes over a bump, it rises and deflects the spring, thereby storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. The increasing demand for automobiles globally is driving the leaf spring market. The leaf springs are mostly used in light, medium and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on the implementation of leaf spring technology for better suspension. The leaf spring is experiencing a demand from both, OEM market and after-sales replacement market as they often need replacement.
The growth of Automotive Leaf Springs market is dependent on the rise in the automotive sector. The global automotive sector is growing rapidly which is driving the demand for automotive leaf springs. 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 the aftermarket. The demand for lightweight vehicles is driving the advancement in the leaf spring technology over the forecast period. Major automobile manufacturing countries in Europe region have imposed stringent fuel efficiency norms to control the increase in global warming. The major key players across the globe are focusing to use advanced material for developing lightweight solutions to achieve these marks. The composite leaf springs are being developed as a replacement for conventional steel leaf spring which is more lightweight and durable.
The economic turmoil, political uncertainty and civil wars in MEA region are expected to disturb the growth of automobile industry in this region. These factors are projected to act as a restraint on the growth of automotive leaf springs market. However, as the global automotive market is optimistic in nature, is expected to grow over the forecast period.
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