Spring Market: Industry Analysis and Global Outlook 2027

Spring Market size is expected to reach US $ 34.87 Bn by 2027, at a CAGR of 4.4% during the forecast period.

Spring Market Overview:

A spring is a pliable substance that stores potential energy. Spring of various varieties are frequently employed in the construction of various equipment in a variety of industries. Spring-loaded devices can carry more weight, reduce friction, and even guard against unwanted shocks. The most frequent material used in springs is spring steel. Springs are used in a range of gadgets and equipment on a regular basis, either directly or indirectly. Global Spring Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the Market from 2021 to 2027. 2020’s Market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the Market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.

Spring Market Dynamics:

The use of springs made from light-weight, high-strength metals and alloys to save weight and boost strength has increased their use in airplanes, satellites, and vehicle manufacturing. Because springs are used in such huge numbers in automobiles and airplanes, lowering their weight will reduce the overall weight of the structure and increase its load-carrying capability. Springs are also utilized in the suspension system, brake system, and interiors of automobiles and airplanes to ease the opening and closing of several components such as doors and armrests. In addition, springs are utilized in a variety of integral components, including actuators, fuel pumps and other mechanical components. Increasing popularity for passenger cars and commercial vehicles across the emerging economies is driving the product demand. Moreover, battery electric vehicles also use spring actuated components to keep the balance between the battery coils and engine propeller. Thus, increasing penetration of springs in the automotive market is expected to adhere to the market growth during the forecast period. According to OICA, global sales of passenger cars and commercial vehicles declined by approximately 38% and 10% respectively in 2020 owing to COVID pandemic. But the market is expected to show significant growth in the sales as major automotive companies are increasing their outsourcing post restrictions and hence, mechanical component manufacturers are also increasing their production to cope up with the demand. Spring Market Manufacturing various types of springs requires a low to moderate initial expenditure. Manufacturers are witnessing a good return on investment as a result of the growing demand for springs in the market. Additionally, greater automation in a variety of industries has benefited in the optimization of manufacturing processes. As a result, spring makers can keep demand and supply in check. During the projected period, these factors are expected to have a significant impact on market growth. More restraints and challenges in the market are analyzed in the report. Moreover, 2020 data is analyzed for post COVID analysis and key market trends. Figures are considered from 2016 in the report for the better understanding of the client in different end use domains.

Spring Market Segment Analysis:

Helical Springs Segment is dominating the Spring Market:

In 2020, the helical spring segment accounted for the largest market share, and it is projected to rise significantly throughout the forecast period with CAGR of approximately 6%. The advantages of helical springs, such as coil construction, account for their high demand. A certain sort of helical construction is employed in shock absorbers, for example. When pressed by robust force, these springs store energy and later release it, offering comfort to the passenger riding in the car even on uneven surfaces. This type also has the advantage of resisting the pull forces between two or more objects, making it appropriate for a variety of applications such as carburetors and drum brakes. Helical springs are majorly used in automotive, aerospace, railways and public transportation vehicles as a main component as they are known for their shock absorption and impact clearance capabilities. Leaf spring segment is expected to show considerable growth during the forecast period owing to increasing adoption of leaf springs in various end use verticals including railways and automotive. Moreover, vibration isolation and high compressibility of the leaf springs are the key factors expected to drive the demand for leaf springs during the forecast period. Spring Market Manufacturing End Use Segment is registering highest CAGR of approximately 5.77%: Owing to a wide range of applications such as robots and automated drives, the manufacturing segment led the spring market in 2020. The segment's growth has been propelled by rapidly changing production technology, such as the usage of CNC (computer numerical control) machines, frequent spring design and material innovation, and the adoption of bespoke product manufacture. Springs have a lot of versatility and can be adjusted to match the needs of the user. Moreover, Over the forecast period, the automotive and transportation segment is expected to be the fastest growing. This is because autos rely heavily on springs to survive harsh road conditions (rough, uneven terrain). Electric cars have also seen tremendous growth as a result of the increased need to meet future energy demands. The worldwide electric vehicle fleet surpassed 8.3 million units in 2020, up from 6 million in 2018. Spring is predicted to rise significantly over the projection period, as it is an essential component of all electric vehicles.

Spring Market Regional Insights:

Over the forecast period, Asia Pacific has become a prominent market in terms of value. Asia Pacific has registered significant growth rate of approximately 7% in 2020 and more than 8.3% in 2021. The growth of manufacturing facilities by industry leaders in this region has resulted in increased demand for spring from the automobile, transportation, and manufacturing sectors. Due to the simple availability of raw materials and labor in China, it is expected that the largest production facilities for vehicle spare parts will begin operations. Owing to the presence of established car, aerospace, and defense manufacturers in the region, Europe accounted for over 26% of the market in 2020 and is predicted to grow at the quickest rate of 10% by 2027. The growing demand for electric vehicles in European countries has boosted electric vehicle production, which has impacted the region's market growth. Growth in the aerospace and defense sector in countries like France and the United Kingdom is also projected to boost the market over the forecast period. North America and MEA countries are growing with slightly low CAGR in the market as demand for manufacturing and defense sector is decreasing as the new economic budget of USA is followed and more concentration is given on basic needs and hospitals in the midst of pandemic.The objective of the report is to present a comprehensive analysis of the Spring Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Spring Market dynamics, structure by analyzing the Market segments and project the Spring Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Spring Market make the report investor’s guide.

Spring Market Scope: Inquire before buying

Global Spring Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 26.93 Bn.
Forecast Period 2021 to 2027 CAGR: 4.4% Market Size in 2027: US $ 34.87 Bn.
Segments Covered: by Type • Helical Springs • Leaf Springs • Others
by End Use • Manufacturing • Automotive & Transportation • Agriculture • Construction • Others
by Vehicle Type • Passenger Cars • Commercial Vehicles • Electric Cars

Spring Market, by region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Spring Market Key Players

GALA GROUPAce Wire Spring and Form Co., Inc • Bal Seal Engineering, Inc • Barnes Group Inc. (Associated Spring) • CARL HAAS GmbH • EBSCO Spring Co • Frequential Holding AG • Hendrickson USA L.L.C • IFC Composite GmbH • Jamna Auto Industries Ltd • John Evans Sons Incorporated • Mubi Teleordering GmbH • Rossini SAB de CV • Sogeti Spa

FAQ’S:

1) What is the market share of the Global Spring Market in 2020? Answer: The Spring Market was valued at the US $ 12.5 Billion in the year 2020. 2) Which is the dominating region for the Spring Market? Answer: Asia Pacific is the dominating region in the market owing to the growth of manufacturing facilities by industry leaders in this region has resulted in increased demand for spring from the automobile, transportation, and manufacturing sectors. 3) What are the key players in the Spring Market? Answer: The major players operating in the Spring market include GALA GROUP, Ace Wire Spring and Form Co., Inc, Bal Seal Engineering, Inc, Barnes Group Inc. (Associated Spring), CARL HAAS GmbH, EBSCO Spring Co, Frequential Holding AG, Hendrickson USA L.L.C. 4) Which factor acts as the driving factor for the growth of the Spring Market? Answer: Factors including spring of various varieties are frequently employed in the construction of various equipment in a variety of industries and more weight, reduce friction, and even guard against unwanted shocks are driving the spring demand. 5) What factors are restraining the growth of the Spring Market? Answer: High initial expenditure and high maintenance of springs in heavy duty vehicles are the factors considered to restrain the market growth
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Spring Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2020 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Spring Size Market 3.4. Geographical Snapshot of the Spring Market, By Manufacturer share 4. Spring Market Overview, 2020-2027 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Type of Bucket of Buyers/Consumers 4.1.6.3. Bargaining Type of Bucket of Suppliers 4.1.6.4. Threat of Substitute Technologies 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Spring Market 5. Supply Side and Demand Side Indicators 6. Spring Market Analysis and Forecast, 2020-2027 6.1. Spring Market Size & Y-o-Y Growth Analysis. 7. Spring Market Analysis and Forecasts, 2020-2027 7.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 7.1.1. Helical Springs 7.1.2. Leaf Springs 7.1.3. Others 7.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 7.2.1. Manufacturing 7.2.2. Automotive & Transportation 7.2.3. Agriculture 7.2.4. Construction 7.2.5. Others 7.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 7.3.1. Passenger Cars 7.3.2. Commercial Vehicles 7.3.3. Electric Cars 8. Spring Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2020-2027 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Spring Market Analysis and Forecasts, 2020-2027 9.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 9.1.1. Helical Springs 9.1.2. Leaf Springs 9.1.3. Others 9.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 9.2.1. Manufacturing 9.2.2. Automotive & Transportation 9.2.3. Agriculture 9.2.4. Construction 9.2.5. Others 9.3. Market Size (Value) Estimates & Forecast By Vehicle Type, 2020-2027 9.3.1. Passenger Cars 9.3.2. Commercial Vehicles 9.3.3. Electric Cars 10. North America Spring Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Spring Market Analysis and Forecasts, 2020-2027 11.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 11.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 11.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 12. Canada Spring Market Analysis and Forecasts, 2020-2027 12.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 12.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 12.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 13. Mexico Spring Market Analysis and Forecasts, 2020-2027 13.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 13.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 13.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 14. Europe Spring Market Analysis and Forecasts, 2020-2027 14.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 14.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 14.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 15. Europe Spring Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Spring Market Analysis and Forecasts, 2020-2027 16.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 16.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 16.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 17. France Spring Market Analysis and Forecasts, 2020-2027 17.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 17.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 17.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 18. Germany Spring Market Analysis and Forecasts, 2020-2027 18.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 18.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 18.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 19. Italy Spring Market Analysis and Forecasts, 2020-2027 19.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 19.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 19.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 20. Spain Spring Market Analysis and Forecasts, 2020-2027 20.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 20.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 20.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 21. Sweden Spring Market Analysis and Forecasts, 2020-2027 21.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 21.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 21.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 22. CIS Countries Spring Market Analysis and Forecasts, 2020-2027 22.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 22.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 22.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 23. Rest of Europe Spring Market Analysis and Forecasts, 2020-2027 23.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 23.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 23.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 24. Asia Pacific Spring Market Analysis and Forecasts, 2020-2027 24.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 24.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 24.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 25. Asia Pacific Spring Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Spring Market Analysis and Forecasts, 2020-2027 26.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 26.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 26.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 27. India Spring Market Analysis and Forecasts, 2020-2027 27.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 27.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 27.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 28. Japan Spring Market Analysis and Forecasts, 2020-2027 28.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 28.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 28.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 29. South Korea Spring Market Analysis and Forecasts, 2020-2027 29.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 29.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 29.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 30. Australia Spring Market Analysis and Forecasts, 2020-2027 30.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 30.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 30.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 31. ASEAN Spring Market Analysis and Forecasts, 2020-2027 31.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 31.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 31.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 32. Rest of Asia Pacific Spring Market Analysis and Forecasts, 2020-2027 32.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 32.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 32.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 33. Middle East Africa Spring Market Analysis and Forecasts, 2020-2027 33.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 33.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 33.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 34. Middle East Africa Spring Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Spring Market Analysis and Forecasts, 2020-2027 35.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 35.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 35.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 36. GCC Countries Spring Market Analysis and Forecasts, 2020-2027 36.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 36.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 36.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 37. Egypt Spring Market Analysis and Forecasts, 2020-2027 37.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 37.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 37.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 38. Nigeria Spring Market Analysis and Forecasts, 2020-2027 38.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 38.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 38.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 39. Rest of ME&A Spring Market Analysis and Forecasts, 2020-2027 39.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 39.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 39.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 40. South America Spring Market Analysis and Forecasts, 2020-2027 40.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 40.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 40.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 41. South America Spring Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Spring Market Analysis and Forecasts, 2020-2027 42.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 42.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 42.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 43. Argentina Spring Market Analysis and Forecasts, 2020-2027 43.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 43.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 43.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 44. Rest of South America Spring Market Analysis and Forecasts, 2020-2027 44.1. Market Size (Value) Estimates & Forecast by Type, 2020-2027 44.2. Market Size (Value) Estimates & Forecast by End Use, 2020-2027 44.3. Market Size (Value) Estimates & Forecast by Vehicle Type, 2020-2027 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Spring Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. GALA Group 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Bal Seal Engineering, Inc 45.3.3. Barnes Group Inc. (Associated Spring) 45.3.4. CARL HAAS GmbH 45.3.5. EBSCO Spring Co 45.3.6. Frequential Holding AG 45.3.7. Hendrickson USA L.L.C 45.3.8. IFC Composite GmbH 45.3.9. Jamna Auto Industries Ltd 45.3.10. John Evans Sons Incorporated 45.3.11. Mubi Teleordering GmbH 45.3.12. Rossini SAB de CV 45.3.13. Sogeti Spa 45.3.14. ACE Wire Springs

About This Report

Report ID 124371
Category Automotive and Transportation
Published Date Oct 2021
Updated Date
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