The automotive leaf spring aftermarket is gaining momentum as the automotive industry continues to prioritize durable suspension systems that provide stability and comfort. Leaf springs, widely used in vehicles for suspension and load-bearing, are critical components for smooth rides and shock absorption. As the number of vehicles on the road increases, the demand for replacement leaf springs in the aftermarket is expected to grow, driven by factors such as vehicle aging, increased fleet sizes, and the rising need for cost-effective suspension solutions.

According to Stratview Research, the automotive leaf spring aftermarket was estimated at USD 1853.70 billion in 2020 and is likely to grow at a CAGR of 2.0% during 2021-2024 to reach USD 1998.76 billion in 2024.

Key Players

The market is highly fragmented with the presence of many global as well as regional players. The automotive OE market for leaf springs is relatively consolidated with the presence of fewer regional players. The supply chain of this market comprises raw material suppliers, leaf spring manufacturers, automotive OEMs, distributors, and dealers.

The following are the key players in the automotive leaf spring aftermarket:

• Dongfeng Motor Suspension Spring Co., Ltd.
• Hendrickson International
• Jamna Auto Industries
• NHK Springs Co., Ltd.
• Rassini

Key factors driving this growth include:

1. Rising Vehicle Fleet and Aging Cars: As more vehicles are added to the roads, the aging vehicle fleet is contributing to increased demand for replacement parts, including leaf springs. Older vehicles, particularly in commercial and heavy-duty applications, experience more wear and tear on their suspension systems. Consequently, the need for reliable replacement components such as leaf springs grows significantly, especially in regions with a large number of older vehicles.

2. Technological Advancements in Leaf Spring Materials: Over the years, advancements in leaf spring materials have significantly improved their performance and durability. Modern composite materials and advanced steel alloys are now being used in leaf springs, enhancing their strength, fatigue resistance, and load-carrying capacity. These innovations are making leaf springs more durable, longer-lasting, and suitable for both light-duty and heavy-duty vehicles, thereby boosting their demand in the aftermarket.

3. Growing Demand from Commercial Vehicles: The demand for replacement leaf springs is particularly strong in the commercial vehicle segment, including trucks, buses, and vans. These vehicles are subjected to higher loads and more frequent use, which causes increased strain on their suspension systems. As commercial fleets continue to expand globally, especially in regions like North America and Asia-Pacific, the demand for reliable, high-performance leaf springs in the aftermarket is also rising.

To get free sample, Click Here: https://www.stratviewresearch.com/Request-Sample/454/automotive-leaf-spring-aftermarket.html#form 

Asia-Pacific is expected to remain the largest leaf spring aftermarket with a market share of more than 40% in 2018.

Asia-Pacific is expected to remain the largest leaf spring aftermarket with a market share in 2018. Increased vehicle production and growing fleet size would drive the demand for leaf springs in the region over the next five years. China and India are the growth engines of the Asia-Pacific’s aftermarket for leaf springs.

In conclusion, the automotive leaf spring aftermarket is expected to see continued growth, driven by the rising demand for durable suspension solutions, aging vehicle fleets, and technological advancements in leaf spring design. As commercial vehicle usage increases and the need for efficient suspension systems grows, the aftermarket for leaf springs will continue to thrive.