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    Automotive Composite Leaf Springs Market Size, Share & Forecast (2018-2023)

    Automotive Composite Leaf Springs Market Size, Share & Forecast (2018-2023)
    Report code - SRTI126 Published On : May,2018 No. of Pages: 242

    Automotive Composite Leaf Springs Market Size, Share, Trend, See more...

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    Automotive Composite Leaf Springs Market Insights

    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.

    Automotive Composite leaf springs market forecast

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    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.

     

    Automotive Composite Leaf Springs Market Share Analysis

    Automotive Composite Leaf Springs Market Share by Vehicle Type

    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.

    Automotive Composite Leaf Springs Market Share by Installation Type

    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.

    Automotive Composite Leaf Springs Market Share by Manufacturing Process Type

    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.

    Regional Insights

    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.

    Automotive Composite Leaf springs market Forecast

    Key Players

    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.

     

    Research Methodology

    For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles 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 are usually executed to obtain both qualitative and quantitative insights.

     

    Market Scope & Segmentation

    Research Scope

    Trend & Forecast Period

    2012-2023

    Size in 2023

    US$ 86.6 million

    Forecast

    9.6% CAGR during 2018-2023

    Regions Covered

    North America, Europe, Asia-Pacific, Rest of the World

    Countries/Subregions Covered

    the USA, Germany, Sweden, Italy, Russia, China, South Korea, India, Brazil and Others

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The market is segmented in the following ways:

    Automotive Composite Leaf Springs Market Size, Share & Forecast by Vehicle Type:

    • Passenger Car
    • Light Commercial Vehicles
    • Medium- & Heavy-Duty Vehicles
    • Others

    Automotive Composite Leaf Springs Market Size, Share & Forecast by Installation Type:

    • Transversal
    • Longitudinal

    Automotive Composite Leaf Springs Market Size, Share & Forecast by Manufacturing Process Type:

    • Compression Molding Process
    • Prepreg Layup Process
    • Other Processes

    Automotive Composite Leaf Springs Market Size, Share & Forecast by Location Type:

    • Front Leaf Spring
    • Rear Leaf Spring

    Automotive Composite Leaf Springs Market Size, Share & Forecast by Region:

    • North America (Country Analysis: the USA and Others)
    • Europe (Country Analysis: Germany, Sweden, Italy, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, South Korea, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil and Others)

     

    Report Features

    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 following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.


    Frequently Asked Questions (FAQs)

    What are automotive composite leaf springs?

    Automotive Composite Leaf Springs are simple spring forms used in the vehicles for the suspension systems. The main role of the leaf spring is to absorb the vibrations that take place due to the road's irregularities. The composite leaf springs are new addition that helps in lowering the weight of the vehicle and increasing fuel efficiency. Automotive Composite Leaf Springs are now slowly but steadily replacing the steel made leaf springs due to their varied benefits. Lightweight and durability are some of the most common benefits that composites offer that leads to better fuel efficiency and lesser carbon emission.

    What will be the size of the Automotive Composite Leaf Springs Market in the foreseeable years?

    Driven by a number of factors like increasing demand for lightweight leaf springs, the automotive composite leaf springs market is projected to reach an estimated value of US$ 86.6 million in 2023.

    Which country/region is expected to remain the largest Automotive Composite Leaf Springs Market?

    In terms of region, 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.

    Who are the key players in the Automotive Composite Leaf Springs Market?

    Liteflex LLC, IFC Composite, and Benteler-SGL. are among the key players in the automotive composite leaf springs market.

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