North America Automotive Leaf Spring & Coil Spring Suspension Market to Register Moderate Growth in the Coming Years
Springs are used in automobiles to ensure comfort, safety, and convenience. Suspension systems of automobiles help drivers handle vehicles in a better way besides providing comfort. Automotive springs are of various types, of which leaf springs and coil springs are the two main categories. A leaf spring is basically a semi-elliptical arm comprising one or more leaves or strips of steel or other materials. These leaves flex under pressure and then regain their original shape when the pressure is relieved.
Leaf springs are one of the oldest suspension components that are still being used in many light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). On the other hand, coil springs are mostly used in passenger vehicles. The North America automotive leaf spring & coil spring suspension market ecosystem was valued at USD 3,030.7 Mn in 2019. The market is expected to grow at a CAGR of 2.2% during 2020 to 2027.
North America is a major automotive manufacturing hub, which is one of the main factors in driving the growth of the market for leaf spring & coil spring suspension. The automotive industry contributes about 3% to America’s GDP. The North American automotive manufacturers are investing huge amounts for manufacturing automobile and automobile components. Increasing the production of new vehicles will automatically raise the demand for leaf spring and coil spring suspension.
The demand for commercial vehicles is expected to further increase in the coming years due to increasing industrialization and commercialization and growing investments in infrastructure development. Increasing demand for commercial vehicles will also affect the North American automotive leaf spring & coil spring suspension market ecosystem favorably.
An increase in disposable income has raised the demand for passenger vehicles and consequently, the demand for automotive leaf springs. Further, rising consumer demand for luxury and comfort and the need to comply with stringent safety norms will increase the demand for automotive leaf springs in the market. However, lack of standardization and high prices of independent suspension systems may restrain the growth of the market to some extent.
The use of composite materials in leaf spring and coil springs help reduce the weight of vehicles significantly. Weight reduction, on the other hand, helps increase fuel efficiency and riding quality. Further, composite materials have excellent corrosion resistance, high strength to weight ratio than steel, and high strain energy storage capacity. The increasing use of composite materials in leaf spring and coil spring will boost the growth of the North America automotive leaf spring & coil spring suspension market ecosystem.
However, the global automotive industry has been hugely impacted by the coronavirus outbreak. Automakers are currently facing shortages in their supply chains, as the global Covid-9 pandemic has adversely affected the manufacturing processes across the world. As a result, automotive OEMs and component manufacturers are struggling to find automobile parts and components. This is expected to have a huge impact on the North America automotive leaf spring & coil spring suspension market ecosystem as well.