Persistence Market Research
Automotive Spring Aftermarket: Introduction
Whichever vehicle you ride, the suspension system will always perform the same function, which is to eliminate the shock transferred through rear and front wheels as they travel on uneven and rough surfaces. By absorbing the shock from uneven and rough terrains, an automotive spring system decreases the strain and stress that would otherwise impact the rider and other vehicle parts. The suspension system was initially developed in the start of the 20th century in order to reduce the effect of shock and hence, prevent it from negatively impacting riding comfort. Over a period of time, as automobiles are becoming more powerful and efficient, advanced suspension systems have been developed to improve riding performance and capability. This was lacking for several years due to the intense focus on engine development.
Collectively, the front and rear suspension systems in any vehicle play a vital role in controlling the vehicle on uneven tracks, thereby enhancing the riding experience to a whole new level. Automotive spring technology and design has come a long way in recent years, mainly owing to development transfer from the world of racing wherein vehicles and their riders are subjected to extreme conditions. Consequently, today’s off-road and road riders gain a lot from highly sophisticated rear and front suspension systems, which offer high traction on road and remarkable levels of comfort for the driver. There are three major factors that influence the features of a vehicle’s suspension, namely dampers, springs and un-sprung/sprung mass. A typical automotive spring system comprises a couple of conventional fork tubes for the front suspension and swing arms for the rear suspension, which consists of one or two shock absorbers in case of motorcycles and leaf springs in case of LCVs and HCVs in the global market. The most common type of front suspension system currently used in motorcycles is the telescopic fork. This fork can be effortlessly understood as a big hydraulic shock absorber with an internal coil spring attached to it. It permits the front wheel to react to inadequacies of the uneven road while insulating the rest of the motorcycle from that motion. For passenger cars, LCVs and HCVs, a combination of springs and shock absorbers are used. Commonly used springs are leaf springs, coil springs and torsion bean suspension and hydraulic shock absorbers are prominent in the passenger car segment in the global market. Automotive springs are one of the prominent aftermarket components in the global automotive market as they have a good replacement rate and hence, by sales channel, the aftermarket segment is estimated to grow with a prominent pace over the forecast period in the global market
Automotive Spring Aftermarket: Dynamics
The automotive spring system market has a lot of scope in the research and development department. Some key automotive market participants are aspiring to offer increased comfort by developing suspension systems with enhanced damping properties, especially for motorcycles and off-road vehicles used in professional racing and stunting. Also, the market for automotive spring aftermarket systems has increased due to development in the overall automotive sector as consumers are more attracted towards safety and riding comfort. Moreover, in developed nations, the ability to ride at faster speeds with comfort is estimated to propel growth of the automotive spring aftermarket in the near future. Furthermore, growth in racing and adventure sports, such as dirt biking and off-road riding, will fuel growth of the overall automotive spring aftermarket in the coming future. Increasing standard of living with high comfort levels has brought the automotive spring aftermarket in great demand and hence, this market is forecast to grow yet more rapidly in the future.
The market for automotive spring aftermarket is anticipated to grow at a healthy CAGR over the forecast period. Growing application of suspension systems in all vehicle types is expected to propel growth of the overall automotive spring aftermarket in the near future.
Automotive Spring Aftermarket: Segmentation
The automotive springs aftermarket can be segmented by product type, suspension type and vehicle type.
By product type, the automotive spring aftermarket can be segmented as:
By suspension type, the automotive spring aftermarket can be segmented as:
By vehicle type, the automotive spring aftermarket can be segmented as:
Automotive Springs Aftermarket: Regional Outlook
North America, Europe and the Middle East regions have a higher standard of living with luxurious lifestyles and high disposable incomes, this has led to growth in the application of automotive springs in automobiles. People have developed a liking towards a comfortable and smooth riding experience, thus the automotive spring aftermarket is expected see rapid growth in all developed and developing countries in the future. Emerging economies in the APEJ region, especially India and China, will play an important role in the growth of the automotive spring aftermarket in the coming future. In countries, such as India and China, motorcycles are considered as a basic mode of transportation and hence, there is humungous growth potential for motorcycle suspension systems in the near future.
Automotive Springs Aftermarket System Market: Market Participants
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