ALBANY, New York, January 25, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Automotive Clock Spring Market - By Vehicle: Passenger Vehicle, Commercial Vehicle [Light Commercial Vehicle, Heavy Commercial Vehicle, Buses & Coaches] - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025", The global automotive clock spring market was valued at US$ 2.5 Bn in 2016 and is expected to propagate at a CAGR of 4.63% during the forecast period from 2017 to 2025 to reach US$ 3.8 Bn in 2025.
Automotive clock spring market across the globe is witnessing steady transformation. The growth of automotive clock spring market is witnessed due to increase in demand for passenger safety equipment's like airbag and seat belts. Regulatory bodies in most countries are implementing passenger safety norms, and have made installations of airbag in all types of vehicles mandatory these factors are likely to drive the market of clock spring.
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By vehicle type, the automotive clock spring market has been segregated into passenger vehicle and commercial vehicle (light commercial vehicle, heavy commercial vehicle, and buses & coaches). In terms of revenue, the passenger vehicle segment constituted more market share in 2016. Demand for vehicles is increasing worldwide. The global increase in the number of vehicles can be ascribed to the rise in global population. Countries like U.S., Canada & EU region have high percentage of urbanization and having stable economic condition these factor drive the market of passenger vehicle in this region.
Demand for heavy commercial vehicles, light commercial vehicles is anticipated to rise during the forecast period due to rapid industrialization and expansion of the construction industry in Asia Pacific. In Asia Pacific construction industry and industrialization are in growing stage which is expected to drive the market of heavy commercial and light commercial vehicle. The automotive clock spring industry is highly fragmented with the presence of small and medium sized manufacturers.
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Rapid Changes in Car Technologies May Pose Threat
On the downside, rapid changes in car technology may threaten clock spring manufacturers unless they up their game. Recent developments in the field of autonomous vehicle are also likely to pose challenge in the coming years. Nonetheless, with leading players seeking an increased level sophistication in the field, experts predict several technological advancements in the coming years. This is likely to give the global automotive clock spring market significant impetus.
Key players in the automotive clock spring market are expected to benefit from the formation of strategic alliances with global players in the automotive clock spring market. Prominent players in the automotive clock spring market are Angotan Auto Parts, Spring Works Utah Inc., Draco Spring Mfg. Co., MHC Linkway Auto Parts Limited, Sanwim Auto Parts, Jinzhou Jinheng Automotive Safety System Co., Ltd, Nardrun Electronic Technology Co., Ltd and others
This review is based on a TMR report, titled "Automotive Clock Spring Market (Vehicle - Passenger Vehicle and Commercial Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle, and Busses & Coaches) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2017-2025."
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The report segments the global automotive clock spring market as:
Global Automotive Clock Spring Market: By Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Buses & Coaches
Global Automotive Clock Spring Market: By Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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