Market Research Future published a Half-Cooked Research Report on “Global Automotive Coil Spring Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Automotive Coil Spring Global Market – Overview
Spring technology is used frequently in all vehicles. Anytime a car has a great suspension it usually is using automotive coil springs. If a car doesn’t have automotive coil springs it will not survive the wear and tear of the road. The main automotive coil spring that is well known and branded is called the compression spring. The compression spring allows for pressure on both ends of the spring to push in. Once pushed in the compression protects the automotive vehicle.
An automotive coil spring is a form of spring that is commonly used for suspension purposes in wheeled vehicles. Coil springs were called a carriage spring, and sometimes it was referred to as a helical spring. A coil spring is that device which is used for storing the mechanical energy. Coil springs absorbs shocks and release after some time. Coil spring maintains the force between two contacting surfaces and make sufficient gap between them. Coil springs can be used as torsion springs and they are formed by winding a wire on the periphery of cylinder. As per the study conducted by Market Research Future, the global market for automotive coil spring is likely to grow at the CAGR of around 6.5%.
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The overall market for automotive coil spring is likely to grow steadily during the forecast period. Rising demand for medium and heavy commercial vehicles for bulk transportation is one of the key drivers for this market. Additionally, there is a rise in the usage of light-, medium -, and heavy-duty vehicles in developing countries due to the increasing preference for road transportation. There are some challenges such as, overweight on vehicle can cause spring damage and corrosion is also a serious problem due to which coil springs can break. Lack of proper spring coating is also a very big challenge.
There is an opportunity in automotive coil spring market such that, as for automotive coil spring, its weight-saving has been achieved by increasing the design stress. We can use high steel spring material, so that it can reduce corrosion and increase its strength. There are some latest trends in automotive coil market are such that, coil springs absorb the perpendicular vibrations caused by the barriers on roads. Owing to their improved fatigue resistance and extraordinary strength to weight ratio, these springs are perfectly suited for various applications including coil-springs. Moreover, since these spring materials have interior damping, they aid in the absorption of vibration energy into the material, thereby reducing the noise of transmission, which makes them the best choice for the manufacturing of automotive coil springs.
Geographically, the global automotive coil spring market has been divided into North America, Europe, Asia Pacific and Rest of the World. The Europe and North America are one of the leading regions for the automotive coil spring market, mainly due to an already established infrastructure aiding the growth and development of the automotive coil spring market. Asia-Pacific is one of the emerging markets with significant investment going into the manufacturing and production industry.
Top Key Players in This Segment:
Some of the key players in the Automotive Coil Spring market are Kilen Springs (U.K.), GKN (U.K.), Sogefi Group (Italy), NHK Nasco (U.S.), Mubea (Germany), Betts Spring (U.S.), MSSC (U.S.), Hyperco (U.S.), Neapco (U.S.), Alco (U.S.), Draco Spring (U.S.), UNI AUTO PARTS (Taiwan).
In January 2018 – Kilen’s market-leading range of coil springs is now available from Loverock Motor Parts Ltd, who have been serving customers in Dudley and the Black Country for over 80 years.
In December 2017 – Kilen Springs are now supplying their latest range of coil springs to All Vehicle Parts’ new branch in Oakham, meaning even more customers will now benefit from the most up-to-date coil spring part numbers and vehicle applications.
In August 2016 – Mubea innovation in the focus of the ERDF funding has developed specialised stainless steel for spring loaded- fasteners and for connecting spring elements.
In May 2016 – United Springs invest around 1 Euro Million in new equipment. The major investment, a Bihler GRM NC recently acquired, will extend the capabilities of the Hengelo plant.
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Automotive Coil Spring Global Market – Segmentation
The scope of global automotive coil spring market is segmented into two major segments which are explained below:
Helical Coil Spring
Progressively Wound Spring
Automotive Coil Spring Global Market – Competitive Analysis
Automotive Coil Spring market will continue to develop globally, the vendor landscape of the Automotive Coil Springs market is characterized by the presence of large and small players focused mainly on innovation. Thanks to the availability of affordable tools and technologies, new entrants have been able to venture into the Automotive Coil Springs market, resulting in still competition at a global as well as regional level. When it comes to Automotive Coil Springs, branding also plays a major role.
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