Automotive leaf spring Market Size study, by Material Type (steel spring and composite leaf spring), By Vehicle Type (light weight vehicles, medium weight vehicles, and heavy weight vehicles), by Spring Type (parabolic leaf spring and multi-leaf spring) and Regional Forecasts 2019-2026

Automotive leaf spring Market is valued approximately USD 4.5 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2019-2026. The leaf spring in automotive sector is gaining rapid traction as it provides comfort, safety and load handling capability to the consumer. The technological advancement in automotive industry has led to the rising demand for leaf spring as the leaf spring is commonly used for the suspensions to absorb shocks, vibrations along with bump loads with the help of spring deflection in vehicles. The ability of the leaf spring to reduce weight along with the material cost has led to the rising demand for light weight vehicles globally. The rising disposable income of the consumers have resulted in the growing demand for more advanced lead spring solutions to enhance the driving comfort and safety without much fuel consumption. Moreover, the favorable government initiatives to increase the fuel efficiencies by reducing the weight of the vehicles, the leaf spring market is gaining traction over the forecast period. The factor leading to the wide adoption of leaf spring solutions as its serves as a replacement of traditional spring assembly due to its reduced weight and the ability to carry equal weight capacity.
 

The regional analysis of Automotive leaf spring market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is expected to register significant growth over the forecast period owing to the increase adoption of composite leaf spring in light weight vehicles and passenger cars. Moreover, the presence of major market players in the region tends to drive the market share of automotive leaf spring. For instance, in March 2018, Jamna Auto Industries Ltd. has launched new composite leaf springs along with three new suspension systems