Impact of Covid-19 Outbreak on Automotive Coil Spring Market Scope

27/mag/2020 12:08:29 Automotive Market Research Reports Contatta l'autore

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Coil spring form an essential component of automotive suspension systems. They store mechanical energy and help absorb shocks and maintain the force between two contacting surfaces and make enough gap between them. Coils springs are extensively used in all vehicles, and growing automotive production is driving demand within the automotive coil spring market. Market Research Future (MRFR) has recently released an in-depth report on the automotive coil spring market, highlighting the key macro and micro-economic factors which can affect the market over the forecast period of 2017-2027.

The flourishing transportation industry has reflected positively on the market growth of automotive coil springs. The expanding logistics and e-commerce sectors are inducing considerable demand for commercial vehicles which are armed with coil springs to provide safety and expediency. Expansion of the transportation sector has generated high demand for vehicles which has led to intensified automotive production, and, in turn, driven the automotive coil spring market. Besides, the rise in disposable income in the developing countries has led to increased ownership of vehicles which too drives the market considerably.

The growing severity of road safety manuals has prompted automotive OEMs to incorporate coil springs in vehicles and have become a standard in almost all cars. Efficient suspension systems help to increase fuel efficiency which also acts in favor of market growth.

Coil springs have made significant progress in recent years in terms of shock absorption, reduction of noise transmission, and weight bearing capacity. Such advances in the automotive coil spring space have increased their acceptability among end users which is augmenting the growth of the market. Development of advanced, sturdier automotive coils springs with high-performance and lightweight materials have also been instrumental in boosting the demand for automotive coil springs.

Segmentation

The global automotive coil spring market has been segmented based on type and application.

By type, the automotive coil spring market has been segmented into helical coil spring and progressively wound spring.

By application, the automotive coil spring market has been segmented into two-wheeler, four-wheeler, and heavy vehicles.

Regional Analysis

By region, the automotive coil spring market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

Europe and North America are established markets for automotive coil spring. In Europe, the booming automotive industry, along with the increased automotive manufacturing in Germany and the UK are likely to support the growth of the market over the forecast period. The presence of various automotive OEMs in Europe has provided the region with unprecedented leverage over other regions. Strict road and driver safety regulations in Europe has encouraged the adoption of automotive coil springs among automotive OEMs and drives the market significantly.  North America market is expected to showcase similar growth pattern over the forecast period which will be supported by high sales of automobiles in the region.

The APAC automotive coil spring market is anticipated to showcase rapid growth over the forecast period. Expanding logistics industry in the APAC has raised the demand for both commercial as well as passenger vehicles which is fostering the growth of the market. Accelerated production of vehicles in the region is driving the market growth.

Competitive Landscape

Sogefi Group (Italy), Alco (U.S.), MSSC (U.S.), Kilen Springs (U.K.), Hyperco (U.S.), NHK Nasco (U.S.), GKN (U.K.), Betts Spring (U.S.), Mubea (Germany), UNI AUTO PARTS (Taiwan), Neapco (U.S.), and Draco Spring (U.S.) are the eminent players in the automotive coil spring market.

Industry Updates

May 2019 - Arnott, a global leader in aftermarket air suspension & air ride products, introduced a new coil spring conversion kit for the 2000-2006 Mercedes-Benz S-Class to the market. The new coil spring suspension kit features high-performance Eibach front, rear monotube dampers, and powder-coated steel springs made by Eibach.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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