Spring Market To Exhibit Significant Growth Potential By 2027 Due To Rising Stringency In Vehicle Safety Norms | Grand View Research Inc.

January 14 12:20 2021
Spring Market To Exhibit Significant Growth Potential By 2027 Due To Rising Stringency In Vehicle Safety Norms | Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a recent report published by Grand View Research Inc., rising stringency in vehicle safety norms and an increase in infrastructure investments to imply fuel efficiency, particularly in the developing economies is likely to accelerate market expansion.

The global spring market size is expected to reach USD 33.3 billion by 2027, registering a CAGR of 4.5%, as per a new report by Grand View Research Inc.  The market has found widespread application across end-use verticals such as agriculture and forestry, automotive and transportation, and construction. Additionally, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.

A significant boom in trade and industrialization has provided opportunities for the development of critical inputs such as raw material and advanced technologies such as Computer-aided manufacturing (CAM) and robotics. Increased trade has provided an impetus to export demand.  Industrial technologies such as 3D printers have been introduced in manufacturing processes. This has shaped the manufacturing sector performance and hence the demand for springs from robotics and manufacturing sectors will drive the market in the forthcoming years.

In terms of geography, Europe held a revenue share of more than 25.0% in the year 2019. This is attributed to government investments to enhance electric vehicle production and sales.  The Asia Pacific market is also set to witness staggering growth, owing to the exponential growth of manufacturing industries in countries such as China and India.

North America spring market size, by type, 2016 - 2027 (USD Billion)

Spring Market Report Highlights 

  1. The Covid-19 outbreak has temporarily stalled the spring sales. The housing and construction sector experienced a major blow as the home sales dropped significantly since the onset of worldwide lockdown

  2. In 2019, the global electric vehicle fleet surpassed 2.0 million in 2017 and has reached 5.0 million. The market for electric vehicle fleet is projected to spur in the forecast period as it is a crucial part of all-electric vehicles

  3. The manufacturing segment accounted for the largest revenue share in 2019 as is ascribed to its wide range of applications such as automated drives and robotics. Some of the prominent manufacturing techniques  computer numerical control (CNC) among several others are prevalent 

  4. Spring market giants have entered into strategic alliances to enhance product innovation capabilities and stay ahead of the market competition

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Spring Market Segmentation

Grand View Research has segmented the global spring market on the basis of type, end-use, and region:

Spring Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Leaf Spring

  • Helical Spring

  • Others

Spring End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Automotive and Transportation

  • Construction

  • Agriculture & Forestry

  • Manufacturing

  • Others

Spring 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

List of Key Players of Spring Market
• GALA GROUP
• Ace Wire Spring and Form Co., Inc.
• Bal Seal Engineering, Inc.
• Barnes Group Inc. (Associated Spring)
• CARL HAAS GmbH
• EBSCO Spring Co.
• Frauenthal Holding AG
• Hendrickson Usa L.L.C.
• Ifc Composite Gmbh
• Jamna Auto Industries Ltd.
• John Evans Sons Incorporated
• Mubea Tellerfedern GmbH
• Rassini SAB de CV
• Sogefi SpA

Have Any Query? Ask Our Experts for More Details on Reporthttps://www.grandviewresearch.com/inquiry/450215/ibb

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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