LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive suspension coil springs market to post a CAGR of nearly 2% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The emerging active chassis systems revolutionizing the riding experience is one of the major trends being witnessed in the global automotive suspension coil springs market 2019-2023. The performance of automotive suspension and chassis control systems play an integral part in defining the driving or riding experience. The chassis forms the base of a vehicle, and the suspension system determines the comfort level. Both of these areas are undergoing innovative developments resulting in the emergence of improved versions or completely new systems.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive suspension coil springs market is the increasing usage of efficient materials in coil spring manufacturing:
Global automotive suspension coil springs market: Increasing usage of efficient materials in coil spring manufacturing
Automotive suspension systems are undergoing innovations and developments in the materials used for manufacturing components. Vendors have been using advanced processes to manufacture suspension system components. This can also be seen in coil springs used for automotive suspension systems where lightweight, efficient, and high-performance materials are being increasingly used. As these materials take up less installation space within the suspension system and are sturdier, the overall revenue of the market is getting a boost.
According to a senior analyst at Technavio for research on automotive components, “Most coil springs used in vehicle suspension systems are made of hardened steel alloy. These steel coil springs are mostly used in entry-level passenger vehicles that include small cars, hatchbacks, and compact sedans. However, advancements in automotive manufacturing and growing emphasis on the use of lightweight, strong, and high-performance materials have seen increasing use of titanium and FRP. Coil springs made of these efficient materials are finding growing application in premium segment vehicles, sports sedans, and some sports cars.”
Global automotive suspension coil springs market: Segmentation analysis
The global automotive suspension coil springs market research report provides market segmentation by application (passenger vehicle and commercial vehicles) and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger vehicle segment held the largest share in 2018, accounting for nearly 84% of the market share. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 54%. This region is expected to dominate the market through 2023, with over 1% increase in its market share.
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