Leaf spring is one of the oldest suspension components and is still being preferred in most of the LCVs and MHCVs. Over the eons, 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. Leaf spring has to be replaced frequently, generally in 9-12 months, due to the damages like sag, break, and crack, caused by several factors including uneven road and excess load on the vehicle.
The global automotive leaf spring aftermarket is likely to witness a healthy growth rate over the next five years to reach an estimated value of US$ 1,998.8 million in 2024. Increasing automotive fleet size is the key driver of the leaf spring aftermarket in the automotive industry. Organic growth in automobile production, owing to increasing disposable income and growing urbanization, is also imprinting a positive impact on the future demand for leaf springs in the aftermarket segment in the automotive industry.
Insights based on vehicle type:-
The global leaf spring aftermarket is segmented based on the vehicle type as Passenger Car, LCV, M&HCV, and Other Vehicles. M&HCV is expected to remain the growth engine of the aftermarket during the forecast period, owing to a higher penetration of leaf springs in the MHCV segment. Also, there is a more frequent replacement of leaf springs in the vehicle type due to carrying higher loads.
Insights based on spring type:-
Based on the spring type, the aftermarket is segmented as parabolic leaf spring and multi-leaf spring. Multi-leaf spring is expected to remain the dominant spring type in the aftermarket during the forecast period, whereas parabolic leaf spring is expected to experience a higher growth during the same period.
Insights based on location type:-
Based on the location type, the aftermarket is segmented as front suspension and rear suspension. The rear suspension is expected to remain the most dominant segment of the aftermarket during the forecast period. High penetration of leaf spring in the rear suspension of LCV, M&HCV, and trailers drives a higher replacement demand for leaf springs. Both front and rear leaf suspension are expected to experience similar growth rates with a marginal difference over the next five years.
Insights based on region:-
In terms of regions, Asia-Pacific is expected to remain the largest leaf spring aftermarket during the forecast period, owing to an increased vehicle production and growing fleet size, which, in turn, is driving the demand for leaf springs in the region over the next five years. The region is likely to experience an impressive growth during the same period. China and India are the growth engines of the Asia-Pacific’s aftermarket for leaf springs.
The global automotive leaf spring aftermarket is highly fragmented with the presence of many global as well as regional players. The automotive OE market for leaf spring is relatively consolidated with the presence of fewer regional players. The supply chain of this market comprises raw material suppliers, leaf spring manufacturers, automotive OEMs, distributors, and dealers. The key automotive leaf spring suppliers for the aftermarket are Hendrickson International, NHK Springs Co. , Ltd. , Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co. , Ltd. These companies are also present in the OE segment. Development of low-cost leaf springs and formation of strategic alliances with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.
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