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Base Year
Historical Year
Forecast Year
The global spring shackles market value is expected to grow at a CAGR of 4.70% between 2024 and 2032.
Global Spring Shackles Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | XX |
Market Size 2032 | USD Billion | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.70% |
CAGR 2024-2032 - Market by Region | Latin America | 5.1% |
CAGR 2024-2032 - Market by Country | India | 5.7% |
CAGR 2024-2032 - Market by Country | China | 5.1% |
CAGR 2024-2032 - Market by Vehicle Type | Light Commercial Vehicles | 5.0% |
CAGR 2024-2032 - Market by Type | Alloy Material | 5.2% |
Market Share by Country 2023 | France | 3.7% |
A spring shackle is a component used in vehicles with leaf-spring suspension systems. It is mounted on one side of the leaf spring, allowing it to flex and move while maintaining tyre contact with the road. The growing adoption of leaf spring suspension systems in both heavy and light commercial vehicles is anticipated to boost the spring shackles industry growth during the forecast period, due to their superior load-bearing capacity and cost-effectiveness.
The spring shackles market dynamics and trends are being driven by increasing technological advancements in the automotive industry, which are expected to propel market growth. This is due to the rise in the establishment of various new as well as advanced spring shackles which are lengthier and support precise handling, enhancing driver comfort, and increased wheel travel.
The demand for spring shackles market is expected to increase on account of their resistance to wear and tear and their low maintenance cost. Therefore, they are commonly employed in vehicles that have high load bearing which is further expected to bolster the growth of the spring shackles market.
According to data from the International Organization of Motor Vehicle Manufacturers (OICA), light commercial vehicle production will rise considerably in most regions in 2023. New cars registered in Europe increased by 13% from Q1, experiencing a rise of 2.203861 million units over the same period. This includes a substantial 19% rise to 1,644,195 units for the European Union's remaining 27 countries plus the UK. France posted the largest increase, with production spiking 28% to reach a total of 478,386 units. At the same time, Spain built 482,395 cars (+28.0%) and UK production grew by 97,784 units (+22.1%). In America, the NAFTA region's production grew by 8%, with the USA contributing significantly with a 6% rise to 85,37,246 units, while Canada's production soared by 24% to 11,58,909 units. Mexico's production rose by 8% to 2,875,481 units, while South America experienced a significant 16% increase, reaching 728,035 units. Brazil saw a 20% boost, with production reaching 422,093 units. This growth in production drives spring shackles market revenue, as advancements in materials and manufacturing enhance the durability and efficiency of spring shackles, leading to improved vehicle performance and extended service life.
Asia-Oceania's total production rose by 7%, from 52,38,222 units to 56,11,657 units. China's production saw a substantial 24% increase, reaching 22,98,161 units. Japan's production experienced a slight decrease of 2%, down to 7,33,982 units. India's production saw a minor decline of 3% to 6,00,844 units, whereas Iran's production jumped by 56% to 83,139 units. Africa's production increased by 18%, rising from 2,75,594 units to 3,26,526 units, with South Africa's production growing by 22% to 2,62,651 units.
CAGR 2024-2032 - Market by | Country |
India | 5.7% |
China | 5.1% |
Mexico | 5.0% |
Canada | 4.7% |
UK | 4.4% |
USA | XX% |
Germany | 3.9% |
France | XX% |
Italy | XX% |
Japan | XX% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Similarly, the International Organization of Motor Vehicle Manufacturers (OICA) indicates a robust 33% growth in heavy truck production in Europe, climbing from 318,027 units in 2022 to 423,359 units in 2023. The European Union's 27 countries plus the UK saw a substantial 44% rise, from 194,332 to 279,438 units. Notable contributors include Italy, which experienced a dramatic surge of 138%, reaching 129,644 units, and Spain, with a 10% increase to 61,776 units.
Overall, global heavy truck production grew by 14% from 3,317,217 units in 2022 to 3,774,394 units in 2023, as reported by OICA. This increase highlights the rising demand and enhanced production capacity across several major regions, boosting spring shackles industry revenue.
“Global Spring Shackles Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Vehicle Type
Market Breakup by Type
Market Breakup by Sales Channel
Market Breakup by Region
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Leaf springs paired with spring shackles provide crucial support between the axles, wheels, and chassis of heavy commercial vehicles. Consequently, the heavy commercial vehicle segment growth in the spring shackles market due to the extensive metal layering required.
The spring shackles market demand is expected to expand as these components enable heavy commercial vehicles to carry large vertical loads, thanks to their robust design. With the rise in global roadway transportation, the demand for heavy commercial vehicles is anticipated to increase, further driving the need for spring shackles.
The companies specialise in manufacturing and engineering, offering extensive in-house machining, inspection, and testing of wire forms and quality springs with top-notch quality and rapid lead times.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Vehicle Type |
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Breakup by Type |
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Breakup by Sales Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The spring shackles market value is projected to grow at a CAGR of 8.3% between 2024 and 2032.
The major market drivers are the advantages of spring shackles in vehicles and growing demand for commercial vehicles.
The key spring shackles market trends include advancements in the automotive industry and cost efficiency of spring shackles.
The various vehicle types in the market for spring shackles are light commercial vehicles and heavy commercial vehicles.
The different types of spring shackles include alloy material, and stainless steel, among others.
The primary sales channels for spring shackles are original equipment manufacturer (OEM), and aftermarket.
The competitive landscape consists of APC Automotive Technologies, Dorman Products Inc, DRiV Incorporated. (Moog), Lippert Components, Inc., Superior Spring Mfg. Co. Inc., Daystar Products International, Rough Country Suspension Systems, Dobinsons Spring & Suspension, Warrior, Inc., and Original Equipment Reproduction (OER), among others.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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