Automotive Composite Suspension Components Market Forecast Analysis

Market Insights

The automotive composite suspension components market is still at a nascent stage but possesses significant growth potential over the next five years to reach US$ 100 million in 2023.

Wish to Get a Free Sample? Click Here

Organic growth of automobile production, growing preference for composite components in passenger and light commercial vehicles, development of new composite suspension applications, advancement in composites technology, and stringent government regulations regarding fuel efficiency and carbon emission reductions are the major factors that are burgeoning the demand for composite suspension components in the automotive industry.

Composite suspension components offer several benefits over steel components, such as lightweight, high durability, better vibration energy absorption, and excellent fatigue resistance. For example, composite leaf spring is up to five times more durable than that similarly sized steel leaf springs at just 1/7th weight.

What is an automotive composite suspension component?

The automotive composite suspension component is mainly a connection between the vehicle frame and the road on which the vehicle is running. The suspension system includes components such as tires, shock absorbers, joints, bushings, and many others.

The automotive composite suspension component is different from the regular suspension component based on a number of factors such as the composite components are lighter in weight, and are more durable in nature which can also lead to lesser carbon emission and better efficiency. Hence the composite suspension components are beneficial to the user as well as the environment.

Segments' Analysis

By Component Type

The automotive composite suspension components market is segmented based on component type as Leaf Spring, Coil Spring, Suspension Arm, Stabilizer Bar, and Other Components. Composite leaf spring is expected to remain the largest segment of the market during the forecast period. Composite leaf springs are mainly used in passenger cars and light commercial vehicles. Pickup, Van, and SUVs are the major vehicle types that are using composite leaf springs on either transversal or longitudinal positions depending on requirements, vehicle design, etc. All the major OEMs are evaluating the usage of composite leaf springs in their major Pickup, VAN, and SUV models.

By Type of Vehicles

Based on the vehicle type, the market is segmented as passenger car, light commercial vehicle (LCV), medium & heavy-duty commercial vehicle (M&HCV), and others. LCV currently dominates the automotive composite suspension components market because of the higher usage of composite leaf springs in LCVs. The passenger car segment is projected to witness the highest growth during the forecast period, driven by increasing usage of leaf springs and coil springs.

Regional Insights

Based on regions, Europe is expected to remain the largest market for composite suspension components in the automotive industry over the next five years, driven by higher usage of composite leaf springs in LCVs. North America and Asia-Pacific are likely to witness higher growth rates over the next five years, driven by a host of factors including a gradual shift of assembly plants of OEMs in these regions, increasing penetration of composite leaf springs, and market entry of local composite leaf spring manufacturers.

Click Here, to know the market segmentation details.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. 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 market is segmented in the following ways:

By Component Type

• Coil Springs
• Leaf Springs
• Stabilizer Bar
• Suspension Arm
• Others

By Vehicle Type

• Passenger Car
• Light Commercial vehicle
• Medium- & Heavy-Duty Commercial Vehicle
• Others

By Manufacturing Process Type

• Compression Molding Process
• HP-RTM Process
• Prepreg Layup Process
• Other Process

By Region

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

Key Players

The supply chain of this market comprises raw material suppliers, composite component manufacturers, OEMs, distributors, and end users.

The automotive composite suspension components market is highly consolidated with the presence of a dozen of global players. The key players are-

• Liteflex LLC
• IFC Composite GmbH
• Benteler-SGL
• Sogefi Group

Want to have a closer look at this market report: Click Here

New product development, capacity expansion, and process optimization are the key strategies adopted by the major 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 a 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 the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, 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.

Report Features

This report, from Stratview Research, studies the composite suspension components market in the global automotive industry over the trend period 2012 to 2017 and the 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 in the market.

What Deliverables Will You Get in this Report?

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.