Automotive Composite Suspension Components Market Growth Analysis | 2018-2023

Market Insights

The automotive composite suspension components market is likely to grow at a CAGR of more than 9% during 2018-2023 to reach USD 100 million in 2023.

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Market Dynamics

Introduction

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.

Market Drivers

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.

Segment 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 Vehicle Type

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.

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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

Note: The above list does not necessarily include all the top players in the market.

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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.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects automotive composite suspension components market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is 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.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 automotive composite suspension component 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)

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Report Customization Options

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.

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