The presence of numerous small, medium, and large-scale producers has rendered the global automotive clock spring marketfragmented, says Transparency Market Research (TMR) in a new study. As these companies operate in a highly competitive environment, product launches and product differentiation have graduated among key strategies adopted by the market players to have a stronger footprint. In order to expand their businesses around the world, several companies are engaging in strategic partnerships and undertaking mergers and acquisitions. Some of the leading companies operating in the global automotive clock spring market are 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, and Nardrun Electronic Technology Co., Ltd
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According to TMR, the global automotive clock spring market, which was valued at US$2.5 bn in 2016, is likely to reach US$3.8 bn by the end of 2025, exhibiting a CAGR of 4.63% between 2017 and 2025. Regionally, accounting for more than 49% Asia Pacific emerged dominant in 2016. The region is likely to remain at the helm through the course of the forecast period. Improving economic conditions and the rising demand for passenger vehicles will boost the automotive clock spring market in Asia Pacific. Based on vehicle type, revenue contributed by the passenger vehicle segment to the market surpassed that of the commercial vehicle segment in 2016. However, in the coming years, the global automotive clock spring market is likely to benefit significantly from the rising sales of light commercial vehicles.
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Expansion of Automotive Industry Creates Lucrative Growth Prospects
Various factors are steering growth in the global automotive clock spring market. For instance, stringent regulations implemented by government around the world in light of escalating rate of road accidents will augur well for the global automotive clock spring market. In the coming years, the market will significantly gain from the rising demand for passenger vehicles and light commercial vehicles. Also growth witnessed in the automotive sector will give the global automotive clock spring market significant impetus.
In the coming years, high investment in research and development is expected as the market players compete for lion’s share in a global sphere. Innovations in the automotive industry, will in turn fuel the demand for advanced clock springs. This will create an environment conducive to the overall market’s growth. With consumers around the world willing to spend on the latest advancements, the global automotive clock spring market has a steady future ahead. Against this backdrop, the rising disposable income of consumers especially across emerging nations will bolster lucrative prospects for the market.