Europe Automotive Leaf Spring Suspension Market
Europe Automotive Leaf Spring Suspension Market to Grow at 6.1% CAGR during 2022–2028
Published | 03 November 2022
Europe automotive leaf spring suspension market is flourishing because of an increasing commercial vehicle usage, rising demand for sports utility vehicles (SUVs and pickup trucks, and growing environment awareness across the region.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Europe Automotive Leaf Spring Suspension Market size to grow at a CAGR of 6.1% during the forecast period between 2022 and 2028. Rising disposable income and economic prosperity among Europeans, expanding industrial activities, and commercial businesses all contribute to increasing supply of light, medium, and heavy commercial vehicles. This, in turn, is expected to drive the Europe automotive leaf spring suspension market. Strict emission norms are compelling manufacturers to adopt modern technologies, such as automotive leaf spring suspension systems, which aid in the reduction of emissions from automobiles. A rising demand for luxury cars and sports utility vehicles (SUVs) are also boosting the growth of Europe automotive leaf spring suspension market. However, rising substitutes for automotive leaf spring suspension systems are anticipated to hamper the overall market growth during the forecast period.
Europe Automotive Leaf Spring Suspension Market – Overview
A leaf spring is a type of suspension spring formed of leaves that is typically found in wheeled vehicles. It is a semi-elliptical arm composed of one or more leaves that are either steel or other material strips that flex when under pressure but revert to their original form when not in use. Leaf springs are positioned between the wheels and the body of the vehicle. As it travels over a bump, the wheel elevates and deflects the spring, storing energy in the spring. The elasticity of the spring causes it to bounce when released, expanding the stored energy.
The expansion of Europe automotive leaf spring suspension market can be ascribed to a rising demand for commercial and passenger automobiles. Europe automotive leaf spring suspension market is divided into three sections: type, vehicle type, and geography. The type segment is split into two types: multi-leaf springs and mono-leaf springs. Because of advantages, such as improved ride quality and load carrying capability, the multi-leaf springs are more popular than mono-leaf springs.
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Europe Automotive Leaf Spring Suspension Market – By Vehicle Type
Based on the vehicle type, Europe automotive leaf spring suspension market has segments: Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), and Heavy Commercial Vehicle (HCV) segments. Among these, the HCV segment held the highest market share in 2021 and is expected to continue its dominance in the coming years. The increased heavy transportation and logistics activities in the business sector around Europe are driving the demand for HCVs across the region. As compared to LCVs, which require both leaf spring and coil spring suspension depending on the loading conditions, automotive leafy spring suspensions are preferred among HCVs, such as trucks and buses. As a result, an increasing use of leaf springs in HCVs that aid in heavy loading operations is expected to drive the segment growth during the forecast period.
Impact of COVID-19 on Europe Automotive Leaf Spring Suspension Market
COVID-19 pandemic had a significant impact on Europe automotive leaf spring suspension market. Vehicle production in the region ceased due to reduced transportation and logistics operations and supply chain interruptions, and the region's experienced substantial impact on the deployment of automotive leaf spring suspension. Furthermore, major European countries, such as Germany, Italy, and Spain, took drastic steps, including travel restrictions, to prevent the spread of novel coronavirus. They also hold a sizable portion of the automobile leaf spring suspension market, as Europe has the stringent road safety requirements. Sales of various passenger cars and automobile production in European countries declined dramatically in 2020, and businesses required time to stabilize their operations. However, with the increased focus on new features and technology, the manufacturers can attract potential clients and expand their footprints in emerging markets. This aspect is projected to boost the Europe automotive leaf spring suspension market. In addition, post the relaxation of COVID-19 related restrictions, such as loosening of the transportation, travel and logistics restrictions, in Europe, the market is expected to grow at a high rate during the period in analysis.
Major players operating in Europe automotive leaf spring suspension market include Hendrickson Commercial Vehicle Systems, Sogefi SpA, Olgun Celik A.S., HŽP a.s., Frauenthal Holding, IFC Composite GmbH, Owen Springs, Paddington Motor Springs, Jones Springs, Coil-Springs, Rossendale Road Springs, Lamina Suspension, and GME Springs. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product development.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and Europe Automotive Leaf Spring Suspension Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Automotive Leaf Spring Suspension Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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