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Wave Spring Market size was valued at USD 0.95 billion in 2019 and is poised to grow from USD 0.99 billion in 2023 to USD 1.48 billion by 2031, growing at a CAGR of 4.50% in the forecast period (2024-2031).

The market is consolidated in nature. The prominent players operating in the market are adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Smalley Steel Ring Company', 'Rotor Clip Company Inc.', 'Bachmann Industries Europe GmbH & Co. KG', 'GIFFCO (Industrial Fasteners and Supplies Inc.)', 'Arcon Ring LLC', 'Baumann Springs Ltd.', 'Associated Spring Raymond', 'Lee Spring Company LLC', 'Vulcan Spring & Manufacturing Co.', 'Schnorr GmbH', 'Huihuang Spring Machinery Co. Ltd.', 'John Evans’ Sons Inc.', 'Mohawk Spring Corporation', 'Norstan Inc.', 'Sogefi SpA', 'European Springs and Pressings Ltd.', 'National Spring & Manufacturing Corporation', 'Mubea Inc.', 'Tru Wave LLC', 'Katcon Global'

Because of their lightweight, high-performance properties, wave springs are becoming increasingly popular in the automotive and aerospace industries. 

Demand for Miniature Devices: The growing trend of miniaturization and weight reduction in all industries is driving the demand for smaller, lighter-weight wave springs. This is especially prevalent in the medical device industry. For instance, Wearable technology, which can now track anything from patient blood pressure to walking gait, electrolyte levels, and cardiac rhythms, are an example of rapid innovation. 

In 2022, North America is expected to have the biggest market share of 40.0% in the market. In the North American and Asia-Pacific regions, along with the presence of major market players, the region marks a growth in the automotive and aviation industry, which is supporting the market growth. The US and China are rapidly emerging towards the modernization of the automobiles and airlines, which as a result accounts for the increased demand for modern and compact chassis/ products for eliminating the extra weight and space in the vehicle. Hence, this is likely to drive the regional growth of the market during the forecast period. As of 2022, over 79% of the US population reported having access to their own car, with an additional 29% having access to a company or family car. Similarly, annual vehicle production in China accounted for 42% of vehicle production. The high motor vehicle demand fuels an active automotive industry, which significantly creates a wide market scope.

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Global Wave Spring Market

Product ID: SQMIG20C2055