According to AllTheResearch’s analysis, the north America automotive leaf spring & coil spring suspension market ecosystem was valued at US$ 3,030.7 Mn in 2019 and is expected to grow at a CAGR of 2.2% during the forecast period. A leaf spring is a spring comprising of leaves and is commonly used for suspension in wheeled vehicles. It is a semi-elliptical arm consisting of one or more leaves, which are strips of steel or other materials that are meant to flex under pressure and yet maintain their original shape when not under pressure. Leaf springs are one of the oldest suspension components and are still being used in most LCVs and HCVs. There is another type of spring called coil spring, which has widespread usage in passenger cars.
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Over a period, the automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide, featuring different mounting points, shapes, and sizes. At the same time, there are a lot of R&D activities taking place for the development of lightweight alternatives of heavier steel leaf springs. Composite leaf springs are the outcome of these activities, which offer significant weight saving advantages over steel springs without sacrificing performance. This factor is expected to positively impact the growth of the automotive leaf spring & coil spring suspension market ecosystem in coming period.
A coil spring is also known as helical spring, which is basically a mechanical device used to store energy and subsequently, release it to absorb shock or to maintain a force between contacting surfaces. The automotive industry is dependent on products that provide comfortable passenger experience. This is likely to have a favourable impact on the growth of the automotive coil spring market during the forecast period, as coil springs absorb shock. In addition to this, these components help in reducing noise transmission, and they are also being used for suspension. This is expected to foster the demand of for coil springs further over the coming years.
America’s automobile industry is one of the most powerful engines that is driving the U.S. economy. Auto industry’s share in manufacturing activity has grown in all three NAFTA countries since the global economic downturn. The U.S. contributes a majority share in this region. As per the American Auto Council, the U.S. auto production has more than doubled (from 5.6 million vehicles produced in 2009 to 11.3 million vehicles last year). The U.S. auto production is expected to exceed 11.5 million vehicles per year through 2021 and reach 12 million by 2025. Vehicle production in North America will exhibit continuous growth owing to shifting consumer preference for improved features, alternate fuel options, and less carbon emission vehicles. There is a small decrease in the vehicle production in the years 2020 and 2021 due to an unstable economy. But rising demand, a recovering economy, and continuous efforts for technology enhancement will propel the automotive leaf spring & coil spring suspension market ecosystem growth in the coming years.
However, the coronavirus outbreak is expected to have an impact on the global automotive industry. Automotive OEMs and component manufacturers have established task forces and war rooms to monitor and prevent the coronavirus outbreak from impacting their manufacturing activities and supply chain. Automakers are struggling to find parts and prevent shortages in their supply chains, as the spread of coronavirus is rattling markets and threatening to negatively affect manufacturing processes globally. According to United Auto Workers, when General Motors discovered a potential parts shortage, it airlifted supplies for its North American truck production. This has also impacted the automotive leaf spring & coil spring suspension market ecosystem players across supply chain.
In October 2019, Hendrickson USA, L.L.C. introduced ROADMAAX, the heavy-duty vehicle rear air suspension. The new product has been designed focusing on heavy duty rescue and fire operations. The new product development will give the end-user a quality ride even in a challenging environment. This will give a competitive advantage to the company. These are some of the key factors that are contributing to the growth of automotive leaf spring & coil spring suspension market ecosystem.