LONDON--(BUSINESS WIRE)--The global automotive leaf spring suspension market is projected to grow to 46.43 million units by 2021, at a CAGR of nearly 5% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global automotive leaf spring suspension market for 2017-2021. Based on the application, the market is divided into light commercial vehicle, medium & heavy commercial truck, and medium & heavy commercial bus segments.
|Automotive leaf spring suspension is an arc-shaped spring steel mainly used in heavy commercial vehicles. The growing preference of road transport in emerging economies such as China and India is resulting in an increase in demand for heavy-, medium-, and light-duty vehicles, which is leading to an increase in demand for automotive leaf spring suspension systems.|
Technavio’s research study segments the global automotive leaf spring suspension market into the following regions:
Automotive leaf spring suspension market in APAC
“APAC is both the largest and fastest-growing segment of the global leaf spring suspension market due to the wide adoption of these systems by various auto manufacturers in the region,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
The conventional leaf springs are cheaper and require minimal maintenance, which is suits the requirements of both the consumers and the manufacturers. Also, the growing preference for freight transport services in China and India will significantly boost the market segment.
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Automotive leaf spring suspension market in the Americas
The leaf spring suspension market in the Americas projected to grow to 20.32 million units by volume by 2021. In the medium- and heavy commercial (M&HCV) trucks segment, Freightliner and Navistar International occupy a majority 80% of the total market segment. The US has 70% penetration rate of the leaf spring suspensions systems in the M&HCV buses segment. The rising adoption of air suspension systems will offset the growth in the market segment, which will be balanced by the average selling price of leaf spring systems.
Automotive leaf spring suspension market in EMEA
“Luxury cars and passenger vehicles are witnessing growing adoption in countries such as Italy, France, and Germany. These vehicles use leaf spring suspension systems, which ensures a continued demand for these systems from the market,” says Praveen.
In the M&HCV trucks segment, original equipment manufacturers (OEMs) like Paccar, Scania, MAN, Mercedes, and Renault provide leaf spring suspension systems in many of their models. The OEMs provide front suspension with parabolic front springs, electronic air suspension, 4-bellows air suspension, and height adjustable air suspension.
The top vendors in the global automotive leaf spring suspension market highlighted in the report are:
- Jamna Auto Industries
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