Stratview Research announces the launch of a new research report on Automotive Composite Suspension Components Market 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
This market report, from Stratview Research, studies the composite suspension components market in the global automotive industry over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Composite Suspension Components Market in the Global Automotive Industry: Highlights
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 a similarly sized steel leaf springs at just the 1/7th weight.
As per Stratview Research, the global 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 the 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.
Based on the component type, composite leaf spring is expected to remain the largest segment of the global automotive suspension components market during the forecast period. It is 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.
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 increasing usage of leaf springs and coil springs.
In terms of region, 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 in the same period, 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.
As per the study, the global automotive composite suspension components market is highly consolidated with the presence of less than a dozen global players. The key manufacturers 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.
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 on 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:
This report studies the global automotive composite suspension components market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the four ways in which the market is segmented:
Automotive Composite Suspension Components Market by Component Type:
Automotive Composite Suspension Components Market by Vehicle Type:
Automotive Composite Suspension Components Market by Manufacturing Process Type:
Automotive Composite Suspension Components Market by Region:
Stratview Research has several high value market reports in the automotive industry. Please refer to the following link to browse through our reports:
Related premium market reports in the automotive industry are:
Automotive Composite Leaf Springs Market by Vehicle Type, by Installation Type, by Location Type, by Manufacturing Process, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018 – 2023
Global Automotive Suspension Market by Vehicle Type, by System Type, by Architecture Type, by Damping Type, by Component Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2016 – 2021
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