This report, from Stratview Research, studies the global composite leaf springs market in the automotive industry over the period 2017 to 2022. 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 Global Composite Leaf Springs Market in the Automotive Industry: Highlights
The global automotive composite leaf spring market is a niche market but possesses significant growth potential in the coming years. The automotive composite leaf springs market is projected to reach an estimated value of US$ 72.3 million in 2022. Increasing automobile production and increasing demand for lightweight leaf springs to achieve stringent government regulations in many countries, such as CAF? Standards, are the major growth drivers of the composite leaf springs market in the automotive industry.
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.
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 composite leaf springs market during the forecast period. Pickup, Van, and SUVs are the major LCV types that are using composite leaf springs at either transversal or longitudinal position, depending on the requirement, vehicle design type, etc. All the major OEMs are evaluating the use of composite leaf springs in their major Pickup, VAN, and SUV models.
There are two types of installation for composite leaf springs in 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 spring, such as Chevrolet Corvette, are using it on the transversal position. There is a very limited use of composite leaf springs on the longitudinal position.
Compression molding is expected to remain the most dominant manufacturing process in the global automotive composite leaf springs market during the forecast period. High Pressure-Resin Transfer Molding (HP-RTM) is likely to experience the highest growth during the same period, driven by the shorter parts cycle time.
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 light commercial vehicles and passenger cars. Asia-Pacific is a relatively small market for composite leaf springs, but is expected to experience the highest growth during the same period.
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. Major 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 major players to gain a competitive edge in the market.
This report offers high-quality insights and is 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. More than 300 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. More than 8 detailed primary interviews with the market players across the value chain in all four regions and with industry experts have been executed to obtain both the qualitative and quantitative insights.
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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.