Spring Market Size Worth $33.3 Billion By 2027

The global spring market size is anticipated to reach USD 33.3 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 4.5% from 2020 to 2027. This growth is attributed to rising demand for springs across various end-use industries such as automobiles, aerospace, transportation, agriculture & forestry, and manufacturing. Moreover, springs are the key components of vehicles as they absorb sudden disturbances and shocks while travelling on uneven roads. Therefore, the market for springs is anticipated to attain a significant growth over the forecast period. Moreover, rising popularity of electric vehicles across different regions such as Europe and Asia Pacific is anticipated to further impact positively on the market growth.

Presence of technologically advanced machineries such as CNC machines and rising automation and robotics across several verticals is anticipated to optimize the production processes. Moreover, manufacturers are adopting automated processes to cater to rising demand for springs. These factors are projected to further drive the market growth in the coming years. Furthermore, manufacturers are investing heavy amounts on R&D to develop springs that are lightweight and can sustain high pressure. As these springs reduce the weight of automobiles, they find wide application across the automobile, aerospace, and transportation sectors.

Asia Pacific is expected to attain a significant growth from 2020 to 2027 owing to presence of better and cheap manufacturing facilities in developing countries such as China and India. In addition, cheap labor, raw materials, and other resources is the major factor projected to propel the regional market. Europe held the significant market share across the global spring market owing to presence of deeply rooted manufacturers in this region. In addition, rising preference for electric vehicles among the consumers in this region is anticipated to further contribute to the market growth.

There market has low entry barriers for new entrants. New entrants can easily enter the new market as low initial investments are required. However, the market is highly competitive in nature owing to presence of cheap manufacturing facilities in Asia Pacific region and rising demand foe springs across the globe.

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Further key findings from the report suggest:

• The market is projected to ascend with a CAGR of 4.5% over the forecast period owing to its wide application across the end-use verticals including manufacturing, agriculture & forestry, and automotive.

• In 2019, the segment of helical springs held the largest share across the global market. These springs are widely in automobiles for providing comfort while travelling on uneven roads.

• The end-use segment of automotive and transportation is projected to grow at the fastest CAGR from 2020 to 2027 owing to reliance of automobiles on springs to absorbs shocks and provide comfort to the passengers.

• Asia Pacific is expected to attain a significant growth from 2020 to 2027 owing to rising demand for springs across various end-use industries and availability of cheap labor and raw materials in the region.

• Leading players in this industry are Ace Wire Spring and Form Co., Inc.; GALA GROUP; Bal Seal Engineering, Inc.; CARL HAAS GmbH; Frauenthal Holding AG; Ifc Composite Gmbh; Hendrickson Usa L.L.C.; Jamna Auto Industries Ltd.; Mubea Tellerfedern GmbH; John Evans Sons Incorporated; and Sogefi SpA.

Million Insights has segmented the global spring market based on type, end use, and region:

Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Leaf Spring
    • Helical Spring
    • Others

End-use Outlook (Revenue, USD Million, 2016 - 2027)
    • Automotive and Transportation
    • Construction
    • Agriculture & Forestry
    • Manufacturing
    • Others

Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa