Global Spring Shackles Market Report and Forecast 2024-2032

Global Spring Shackles Market Size

The global spring shackles market value is expected to grow at a CAGR of 4.70% between 2024 and 2032.

Global Spring Shackles Market Growth

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.

Global Spring Shackles Market Analysis

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.

Global Spring Shackles Industry Outlook

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.

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.

Spring shackles offer long-lasting performance and reliability, enhancing vehicle suspension systems.

• They provide a cost-efficient solution for maintaining and improving vehicle suspension compared to other components.

• Used in various vehicles, from heavy trucks to light-duty vehicles, ensuring broad market reach.

The slow pace of technological advancements in spring shackles may hinder the growth of the spring shackles industry.

• High durability reduces the frequency of replacements, potentially limiting continuous market demand.

• Intense competition and price wars among manufacturers can impact profit margins.

Innovations in materials and design could enhance performance and open new market segments.

• Growth in automotive production, especially in developing regions, increases demand for suspension components.

• Rising vehicle ownership worldwide boosts the need for replacement parts and upgrades.

Economic downturns can reduce automotive sales and impact the demand for the spring shackles market.

• New regulations on automotive parts and emissions could affect manufacturing and costs.

• Emerging alternative suspension technologies could replace traditional spring shackles.

Key Players in the Spring Shackles Market and Their Strategic Initiatives

APC Automotive Technologies

• Expansion of product lines to include advanced suspension systems.

• Strategic acquisitions to enhance market presence and capabilities to capture the growing demand of the spring shackles market.

Dorman Products Inc

• Focus on expanding the aftermarket parts catalogue.

• Launch of a comprehensive digital platform for customers.

DRiV Incorporated (Moog)

• Development of next-generation chassis and suspension technologies.

• Global partnerships to leverage regional market strengths to meet the growing demand of the spring shackles market.

Lippert Components, Inc.

• Diversification into RV and marine markets.

• Introduction of innovative product lines with advanced materials.

Global Spring Shackles Industry Segmentation

“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

• Light Commercial Vehicles

• Heavy Commercial Vehicles

Market Breakup by Type

• Alloy Material

• Stainless Steel

• Others

Market Breakup by Sales Channel

• Original Equipment Manufacturer (OEM)

• Aftermarket

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Spring Shackles Market Share

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.

Leading Companies in the Spring Shackles Market

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.

• 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. 

• Original Equipment Reproduction (OER)

Key Highlights of the Report

Spring Shackles Market Report Snapshots

Spring Shackles Market Size

Spring Shackles Market Growth

Spring Shackles Market Analysis

Spring Shackles Market Share

Spring Shackles Companies