Automotive Coil Spring Market Predicted to Witness Surge in the Near Future 2017-2027
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.
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.
Automotive Coil Spring Market Segmentation By Application – Light commercial vehicle, Medium and High commercial vehicle trucks, Medium and High commercial vehicle buses, Other commercial vehicles; By Coil Spring Type – Tension/extension coil springs, Compression coil springs, Torsion springs, Volute springs, Bukling springs, Mattress springs, Upholstery springs; By Basis Of Type – Alloy Steel, Carbon Steel, Cobalt-Nickel, Copper Base Alloy, Nickel Base Alloy, Stainless Steel, Titanium
The global automotive coil springmarket is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). North America and Eastern Europe holds the major share in the globalautomotive coil spring market in terms of production and revenue sharing. Followed by North America and Eastern Europe is APEJ and Western Europe are expected to grow relatively at a higher CAGR during the forecast period since the use of coil springs improving the load bearing capacity and makes transportation easy. The global automotive coil spring market in Japan is well established and expected to grow at average CAGR over the forecast period. MEA and Latin America are expected to expand at sluggish growth rate due to political and economic turmoil in the region.
Asia Pacific is likely to dominate the global market due to progress in economic conditions, increasing vehicle production, and rising investments by leading industry players in the region. Growing adoption of road transport for cargo services is likely to boost the overall automotive coil spring market significantly in this region.
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