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Automotive Composite Suspension Components Market | Covid-19 Impact Analysis
The Automotive Composite Suspension Component Market is Segmented by Component Type (Leaf Spring, Coil Spring, Suspension Arm, Stabilizer Bar, and Others), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Duty Commercial Vehicle, and Others), by Manufacturing Process Type (Compression Molding, HP-RTM, Prepreg Layup, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The global 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. 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.
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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 of similarly sized steel leaf springs at just the 1/7th weight.
The global 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 position 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.
Based on the vehicle type, the global automotive composite suspension components market is segmented as passenger car, light commercial vehicle (LCV), medium & heavy-duty commercial vehicle (M&HCV), and others. LCV currently dominates the global automotive composite suspension components market because of 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 an increasing usage of leaf springs and coil springs.
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 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.
The supply chain of this market comprises raw material suppliers, composite component manufacturers, OEMs, distributors, and end users. The global 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, and Sogefi Group. 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.
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.
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Research Scope |
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Trend & Forecast Period |
2012-2023 |
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Size in 2023 |
US$ 100 million |
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Forecast |
10.6% CAGR during 2018-2023 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, Sweden, Italy, Russia, China, South Korea, India, Brazil and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The market is segmented in the following ways:
Automotive Composite Suspension Components Market Size, Share & Forecast by Component Type:
Automotive Composite Suspension Components Market Size, Share & Forecast by Vehicle Type:
Automotive Composite Suspension Components Market Size, Share & Forecast by Manufacturing Process Type:
Automotive Composite Suspension Components Market Size, Share & Forecast by Region:
This report, from Stratview Research, studies the composite suspension components market in the global 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 in the market.
The following are the key features of the report:
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. 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, are more durable in nature that 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.
Driven by a number of factors like growing preference for composite components in passenger and light commercial vehicles, the automotive composite suspension component market size is projected to reach an estimated value of US$ 100 million in 2023.
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.
Composite leaf spring is projected to remain the most dominant component type in the market during the forecast period.
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