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A leaf spring shackle is a free-hanging connector which is used in leaf spring suspension systems. It connects the springs to the vehicle frame. It is small but important component that enables the leaf springs to adjust and flex as the driver drives vehicle. While the leaf spring shackle side bars are generally used in vehicles for the purpose of suspension inside a leaf spring suspension system. It holds the axel in position; therefore allowing the wheel to be stable and sturdy. It is a critical component for the automobiles; hence, employed in all the vehicles such as commercial vehicles as well as passenger cars.
The market for leaf spring shackle side bar is expected to reach grow at a significant CAGR during the forecast period. The ongoing investment across the automobile sector to increase the automotive production primarily drives growth of the market.
Upsurge in investments in automotive production is anticipated to be the major factor contributing towards healthy growth of the market. For instance, in the year 2017, global automakers such as Volvo, Toyota, and Daimler, announced $5.5 billion in new American factory investments. In addition to this, the flourishing automotive industry due to the urbanization as well as stable economic conditions of emerging countries such as China and India propels growth of the market. Moreover, in the past few years consumers spending on vehicle has grown significantly. Also, the consumers are becoming more conscious of vehicle specifications. The aforementioned factors has led to the increased preference by consumer to the more comfort systems integrated in a vehicle along with better fuel economy. Therefore, strengthening the automotive industry and concurrently leading to the rise in demand for leaf spring shackle side bar.
However, the leaf spring shackle side bar is very cost-infusive. This factor primarily hampers the market growth. In addition, the overdependence on technology may hinder market growth to some extent during forecast period. In contrast, several factors such as emergence of intelligent leaf spring shackle side bar and high acceptance & imposition of fines over speed violations creates profitable growth opportunities for the global leaf spring shackle side bar market.
Throughout the forecast period, passenger vehicle will continue to hold a dominant share of the global market, on the basis of vehicle type. This is due to upsurge in demand for high engine power vehicles and SUVs (sport utility vehicle). The leaf spring shackle side bar is critical component of these vehicles. However, the light commercial vehicle segment is anticipated to witness highest growth rate during the forecast period. This is due to increasing demand for light commercial vehicles across the developing nations such as China and India, owing to increased industrial production and urbanization.
According to the sales channel, the OEM segment is expected to hold a dominant share of the global market. Demand from consumers, government mandate, and the road traffic accidents have pushed the OEMs to offer advanced leaf spring shackle side bar in their vehicles. Consequently, the segment is also projected to grow at highest growth rate, which in turn propels the leaf spring shackle side bar market in the upcoming years.
LEAF SPRING SHACKLE SIDE BAR MARKET SEGMENTATION:
By Sales Channel:
By Vehicle Type:
Asia-Pacific is likely to be the most profitable region throughout forecast period. This is attributed to the factors such as the presence of key automotive manufacturers and rise in adoption of advanced automotive technologies. China has become the hub of low cost manufacturers; therefore, the country is expected to witness considerable growth rate over the forecast period. Also, the China’s booming economy, is the main factor propelling growth in demand for passenger as well as commercial vehicles. In addition, Singapore as well as other ASEAN countries are anticipated to observe surge in the adoption of leaf spring shackle side bar during the forecast period years.
The North America region is expected to witness highest growth rate during the forecast period followed by Europe. This is attributed to the fact that the North America is a developed automotive market. In addition, the region has high saturation for technologically advanced products. Moreover, a large share of commercial vehicles and passenger cars in this region are equipped with innovative leaf spring suspension systems. This factor further fuels growth of the market in North America. Furthermore, significant growth in sales of sports and luxury vehicles in the region has led to the adoption of advanced technology based automotive components. On the other hand, Europe is one of the major region holding a considerable share in global automotive damper pulley market. This is attributed to the huge automotive manufacturing sector in this region that has led to the higher production of automotive cars.
Furthermore, the substantial disposable income of the public in several countries across the Middle East has led to the rising demand for luxury vehicles, further encouraging demand for leaf spring shackle side bars. Furthermore, Latin America region is expected to strengthen the usage of leaf spring shackle side bars in the upcoming years; this is opportunistic for the market growth.
FEW KEY PLAYERS IN LEAF SPRING SHACKLE SIDE BAR MARKET: