Market Scenario
As per the latest study by Market Research Future Reports (MRFR), the global automotive coil spring market 2020 is estimated to be majorly driven by the expanding transportation industry. The increasing disposable income has resulted in an increased purchasing power, which augments the demand for automobiles. Coil springs are in high demand due to their capability to absorb shocks. The technological innovation in automotive technology is estimated to catapult the market on an upward trajectory. Moreover, the components of coil spring have the capability to lessen noise transmission. They are utilized for suspension, which is further likely to augment the expansion of the market during the forecast period. Moreover, there has been a surge in the popularity of helical springs in the automotive industry, which has presented an opportunity for pf expansion. Also, the increasing demand for quality products has created a favorable environment for market expansion.
Furthermore, the rising demand for medium and heavy commercial vehicles for bulk transportation is one of the major drivers for the market. Additionally, there is an increment in the usage of heavy and medium-sized vehicles in developing countries. However, corrosion, lack of proper spring coating, and overweight of vehicles are some of the challenges faced and are estimated to impede the market growth.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
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Market Segmentation
The global automotive coil spring market can be segregated on the basis of application, type, and region.
On the basis of application, the global automotive coil spring market can be segmented into four heavy wheel, vehicles, and two-wheeler.
On the basis of type, the global automotive coil spring market can be segmented into helical coil spring and progressively wound spring.
On the basis of region, the global automotive coil spring market can be segmented into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
Regional Analysis
The geographical analysis of Europe, Asia-Pacific, North America, and the Rest of the World (RoW) has been performed. As per the research by MRFR, Europe and North America are projected to reign the global market. The region consists of the established players of the market, which contribute significantly to the regional market expansion. Moreover, the presence of developed countries in Europe, such as the U.K., Germany, is an additional factor which propels the market. North America is likely to be benefited from the escalated revenue generation from the automotive industry. Besides, there has been a constant development of the automotive coil spring market. On the other hand, the Asia-Pacific region is estimated to be the developing market. There has been a significant investment in the production and manufacturing industry. The region is estimated to remain highly remunerative during the forecast period. The economic development of the region is another factor leading to an upward trajectory of the market. Besides, the region is estimated to obtain massive investments in the forthcoming period.
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However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics.
Key Players
The key competitors of the global automotive coil spring market are GKN (U.K.), Kilen Springs (U.K.), Sogefi Group (Italy), Mubea (Germany), NHK Nasco (U.S.), Betts Spring (U.S.), Hyperco (U.S.), MSSC (U.S.), Neapco (U.S.), Draco Spring (U.S.), Alco (U.S.), UNI AUTO PARTS (Taiwan), and a few others.
