The global automotive coil spring market is witnessing steady expansion, supported by rising vehicle production, rapid electrification, and continuous advancements in suspension technologies. Automotive coil springs play a vital role in modern vehicle suspension systems by improving ride comfort, enhancing vehicle stability, and absorbing shocks caused by uneven road surfaces. As automakers increasingly focus on safety, comfort, and performance, demand for high-quality and innovative coil springs is expected to remain strong throughout the forecast period.
The industry was valued at US$ 12.2 Bn in 2022 and is projected to expand at a CAGR of 4.5% from 2023 to 2031, reaching US$ 18.1 Bn by the end of 2031. This growth trajectory reflects the increasing complexity of automotive suspension systems, driven by autonomous driving technologies and the global transition toward electric vehicles.
Analyst Viewpoint
According to market analysts, the surge in demand for improved suspension systems and the rise in adoption of autonomous driving systems are the primary factors fueling growth in the automotive coil spring market. Modern vehicles require advanced suspension components capable of delivering superior comfort, safety, and handling under diverse driving conditions.
Automotive coil springs are extensively used to enhance suspension performance and act as effective shock absorbers. As consumers increasingly prioritize ride comfort and vehicle stability, manufacturers are investing in innovative materials and designs that improve durability while reducing weight. Moreover, the growing electrification of vehicles is further propelling market expansion, as electric vehicles demand optimized suspension systems to support heavy battery packs and maintain vehicle balance.
Manufacturers operating in the automotive coil spring market are actively introducing new products to strengthen their portfolios and meet evolving consumer expectations. Strategic partnerships, capacity expansions, and investments in advanced manufacturing technologies are among the key initiatives undertaken by leading players to globalize their brands and enhance business performance.
Market Introduction
Automotive coil springs are a critical component of vehicle suspension systems, used across a wide range of vehicles including passenger cars, two-wheelers, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Their primary function is to absorb shocks from road irregularities, maintain tire contact with the road surface, and ensure a smooth and safe driving experience.
A coil spring is a mechanical device designed to store energy when compressed and release it when the load is reduced. In automotive applications, coil springs help maintain consistent ride height, improve vehicle handling, and reduce vibrations transmitted to the chassis. Common types of automotive coil springs include close-end, square-end, open-end, and pigtail springs, each suited for specific suspension requirements.
With increasing vehicle production worldwide and a growing focus on ride quality and safety, automotive coil springs continue to be an indispensable component in modern vehicle design.
Market Drivers
Surge in Demand for Improved Suspension Systems in Vehicles
Suspension systems play a crucial role in ensuring ride comfort, vehicle stability, and handling performance. Automotive coil springs are key elements of these systems, providing structural support and absorbing shocks caused by uneven road conditions.
The growing emphasis on passenger comfort, enhanced safety, improved vehicle dynamics, and customization is significantly boosting demand for advanced suspension systems. Consumers increasingly expect smooth rides even on rough terrains, pushing automakers to integrate high-performance coil springs into vehicle designs.
Technological advancements in the automotive sector are encouraging manufacturers to develop coil springs that offer higher strength, improved durability, corrosion resistance, and weight reduction. Additionally, the steady increase in global vehicle production is directly contributing to the expansion of the automotive coil spring market.
Rise in Adoption of Autonomous Driving Systems
The adoption of autonomous driving technologies is introducing new performance requirements for vehicle suspension systems. Autonomous vehicles require highly responsive and precise suspension components to ensure optimal vehicle control, safety, and comfort under varying road and traffic conditions.
Automotive coil springs work in conjunction with advanced vehicle dynamics systems such as Electronic Stability Control (ESC) and Traction Control Systems (TCS) to maintain vehicle stability. As autonomous driving systems rely heavily on sensors and electronic controls, suspension systems must deliver consistent performance to support accurate decision-making by onboard systems.
The growing deployment of autonomous and semi-autonomous features is therefore augmenting demand for technologically advanced coil springs.
Impact of Vehicle Electrification
The electrification of vehicles is another major growth driver for the automotive coil spring market. Electric vehicles require specially engineered suspension components to support increased vehicle weight due to battery systems while maintaining comfort and handling.
According to the International Energy Agency, electric cars could account for 18% of total global car sales, with their share expected to rise to 35% by 2030 under existing policy scenarios. Coil springs are extensively used in electric vehicles to balance load distribution and enhance driving comfort, making them a critical component in next-generation vehicle platforms.
Regional Outlook
Asia Pacific Leads the Global Market
Asia Pacific dominated the global automotive coil spring market in 2022 and is expected to maintain its leading position during the forecast period. Growth in the region is driven by high passenger vehicle production, supportive government initiatives promoting electric vehicle adoption, and the presence of major automotive manufacturers.
China plays a pivotal role in regional market growth, accounting for nearly 60% of global electric car sales in 2022. The country has already exceeded its 2025 targets for new energy vehicle adoption, creating sustained demand for automotive suspension components, including coil springs. Rising automotive manufacturing activities in India, Japan, and ASEAN countries further contribute to market expansion in the region.
Competitive Landscape and Key Players
The automotive coil spring market is moderately fragmented, with several regional and global players competing based on product quality, innovation, and pricing strategies. Leading manufacturers are focusing on product launches, partnerships, and capacity expansion to strengthen their market presence.
Key companies operating in the global automotive coil spring industry include:
- Ace Wire Spring & Form Company
- Betts Company
- Clifford Springs
- Draco Spring Mfg. Co.
- Hendrickson USA, L.L.C.
- Jamna Auto Industries Limited
- Kilen Springs
- Emco Electronics
- Lesjöfors Automotive
- Sogefi SpA
- Aniceto Gomez SA
- Olgun Celik
- Rassini
- Soni Auto & Allied Industries Ltd.
- Suspension Spring Specialists
These companies are profiled in market reports based on parameters such as product portfolio, financial performance, strategic initiatives, recent developments, and geographic presence.
Key Developments
In May 2022, Rheinmetall AG developed a new glass fiber suspension spring, showcasing the potential of lightweight composite materials in automotive suspension applications.
In June 2021, a strategic partnership between Hexion and Rassini led to the integration of composite suspension components in new vehicle models, improving rear suspension efficiency and overall vehicle performance.
Market Outlook
With steady growth in vehicle production, increasing electrification, and the rapid advancement of autonomous driving technologies, the global automotive coil spring market is set to experience sustained expansion through 2031. Continuous innovation, material advancements, and strategic collaborations will remain key to gaining competitive advantage in this evolving market landscape.
