Automotive Composite Leaf Springs Market
This report, from Stratview Research, studies the global composite leaf springs market in the automotive industry over the trend period 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The global automotive composite leaf spring is a niche market and currently represents less than 1% of the total automotive leaf springs (metals + composites) market. It is likely to remain niche in the foreseeable future but possesses significant growth potential in the coming years. It is forecasted to grow at an attractive rate over the next five years to reach US$ 86.6 million in 2023. Increasing automobile production, an increasing demand for lightweight leaf springs to achieve stringent government regulations of many countries, such as CAFÉ Standards, and the market entry of new players targeting local markets are the major factors that are proliferating the growth of the composite leaf springs market in the automotive industry.
Composite leaf springs are not new to the automotive industry. Chevrolet Corvette has been using composite leaf springs on both front and rear locations at the transversal position since 1981. Composite leaf springs offer several benefits over steel leaf springs, such as high durability, greater flexibility, better vibration energy absorption, and fatigue resistance. Composite leaf spring is about five times more durable than similarly-sized steel leaf springs. The biggest advantage of composite leaf spring is its significant weight savings. It is about 1/7th the weight of a steel leaf spring.
The global automotive composite leaf springs market is segmented on the basis of vehicle type as Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial Vehicle, and Others. Light commercial vehicle (LCV) is the expected to remain the growth engine of the global automotive composite leaf springs market during the forecast period. Pick-up, Van, and SUVs are the major LCV types that are using composite leaf springs at either transversal or longitudinal position, depending on requirement, vehicle design type, etc. All the major OEMs are evaluating the use of the composite leaf springs in their major Pick-up, VAN, and SUV models. The passenger car is likely to witness the highest growth during the same period, driven by an increasing penetration of composite leaf springs.
There are two types of installations of composite leaf springs on an automobile: Transversal and Longitudinal. Transversal is the most common installation type for composite leaf springs in the automotive industry. Currently, all the major auto models using composite leaf springs, such as Chevrolet Corvette, are using it on transversal-mounted position. Currently, there is a very limited usage of composite leaf springs on the longitudinal position.
In terms of manufacturing process type, the market is segmented into Compression Molding, High-Pressure Resin Transfer Molding (HP-RTM), Press Molding, and Others. HP-RTM is likely to be the most dominant process in the market during the forecast period. The process type is also likely to witness the highest growth during the same period as well. The process type offers several advantages including a short part cycle time and has been gaining the traction not only in composite leaf springs but also in other structural parts of automobile including passenger cell.
Based on the regions, Europe is expected to remain the largest market for composite leaf springs in the automotive industry over the next five years, driven by increasing usage of composite leaf springs in the light commercial vehicles and passenger cars. Asia-Pacific and North America are set to witness higher growths in the coming five years, driven by a host of factors including a gradual shift of assembly plants of OEMs in these regions, an increasing penetration of composite leaf springs, and market entry of local composite leaf spring manufacturers.
The supply chain of this market comprises raw material suppliers, composite leaf spring manufacturers, Automotive OEMs, distributors, and Dealers. The key automotive OEMs are Daimler, GM, Volvo, Fiat, Iveco, Peterbilt, Navistar, and Mahindra & Mahindra. The global automotive composite leaf spring is a highly consolidated market. The key leaf spring manufacturers are Liteflex LLC, IFC Composite, and Benteler-SGL. New product development, capacity expansion, and process optimization are the key strategies adopted by the key players to gain a competitive edge in the market.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts have been executed to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The composite leaf spring market in the automotive industry is segmented into the following categories.
Global Composite Leaf Spring Market in the Automotive Industry by Vehicle Type:
Global Composite Leaf Spring Market in the Automotive Industry by Installation Type:
Global Composite Leaf Spring Market in the Automotive Industry by Manufacturing Process:
Global Composite Leaf Spring Market in the Automotive Industry by Location:
Global Leaf Spring Market in the Automotive Industry by Region:
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