The global spring market size is expected to reach USD 33.3 billion by 2019, registering a CAGR of 4.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, 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.
Industrialization
and trade have strengthened each other. Trade has provided access to critical
industrial inputs such as raw material and updated technologies such as
robotics and Computer-aided manufacturing (CAM) for countries which are
incapable of producing them. Increased demand for exports has spurred
technological development and industrial production. In turn, the introduction
of new industrial technologies such as use of 3D printers in manufacturing has
shaped the pattern of manufacturing sector and hence increasing the demand for
springs from robotics as well as from manufactured products.
Europe
accounted for more than 25.0% of the global revenue generated in the market in
the year 2019. Rising government investments to boost electric vehicle
production/sales is anticipated to promote regional growth over the coming
years. In Asia Pacific, the market is expected to witness the fastest growth
over the forecast period, owing to substantial growth of manufacturing sector
in countries such as China and India.
However,
the market is depended on demand from its end users such as automotive and
manufacturing. Therefore, the onset of financial crisis is expected to
adversely impact market growth. Also, prices of raw materials such as metal and
alloy have rapidly fluctuated, hampering market growth. Furthermore, the
presence of a large number of domestic and international market participants
has made the market highly competitive. The competitive environment in the
market has forced the vendors to sell the products at low prices. This has
deeply impacted the profit margins of the market players and has also
restricted further research and development in the market. However, frequent
adoption of new manufacturing methods, and adoption of customized products is
expected to accelerate the growth of the spring market over the coming years.
Full Research Report On Spring Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/spring-market
Further key
findings from the report suggest:
- The market is anticipated to
witness a substantial growth, registering a CAGR of 4.5%, on account of
the growing demand for spring from end use industries such as automotive
and transportation, agriculture and forestry, and construction
- By type, the helical spring
segment is expected to be a key segment, exhibiting the highest CAGR over
the forecast period. The primarily factor for high growth is extensive use
of these springs in products and machinery in several end-use industries
such as automotive and manufacturing
- Automotive and
transportation segment is expected to witness highest growth by 2027. The
growth is attributed to significant demand for springs from electric
vehicle OEM manufacturers across the globe
- In 2019, the global electric
vehicle fleet exceeded more than 5.0 million units from 2.0 million in
2017. Being a crucial part of all electric vehicles, spring is expected to
register a considerable growth over the forecast period
- In Asia Pacific, the spring
market is projected to expand at a CAGR of over 3.0% from 2020 to 2027
owing to increased demand for spring from manufacturing, automobile, and
transportation sectors in the region
- The spring market is
fragmented in nature and is dominated by companies such as GALA GROUP; Ace
Wire Spring and Form Co., Inc.; Bal Seal Engineering, Inc.; Barnes Group
Inc.; Jamna Auto Industries Ltd.; Rassini SAB de CV; and Sogefi SpA.s.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/spring-market/request/rs1
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
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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