The next five years for the leaf spring market in the automotive industry seems attractive with significant growth opportunities in both, OE as well as aftermarket segments. The market for automotive leaf springs is set to reach an estimated value of US$ 5.8 billion in 2024, witnessing a healthy growth in the coming years. Several factors are bolstering the demand for leaf springs among which, rising production of LCVs and MHCVs has the biggest impact. Other noticeable driving factors are advancements in the leaf spring technology such as parabolic leaf springs; greater demand for lightweight springs, especially composite leaf springs; and rising automotive fleet.
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