The automotive composite leaf springs market size is projected to reach US$ 151.4 million by 2031 from US$ 80.43 million in 2023. The market is expected to register a CAGR of 8.2% during 2023–2031. Continuous improvement in composite materials is likely to remain a key trend in the market.
The rise in demand for composite materials in the manufacturing of components in automotive sector is expected to propel the market growth during the analyzed timeframe. In addition, increasing sales of commercial and passenger vehicles such as SUVs and light-duty trucks across the globe are projected to boost the automotive composite leaf springs market growth during the analyzed timeframe. Moreover, integration and rising adoption of composite material in electric vehicles is expected to create opportunities for the companies operating in the automotive composite leaf springs market from 2023 to 2031.
The automotive composite leaf spring market ecosystem comprises the following stakeholders – raw material suppliers, composite leaf spring manufacturers, OEMs, and end users. The raw material suppliers provide the composite material, such as Polymer Matrix Composite, Carbon Fiber Reinforced Plastic, and epoxy-based composite, required to manufacture the composite leaf spring for automobiles. The expansion of the auto industry has led to various composites suppliers, such as TPI Composites, collaborating with automakers and automotive component manufacturers. The automotive composite lead spring manufacturers are engaged in various processes, such as designing, assembling, and production, to transform the raw composite material into finished products. Muhr und Bender KG, KraussMaffei, and SGL Carbon are some of the leading automotive composite leaf spring manufacturers. These companies are offering high-quality composite leaf springs to OEMs, such as BMW, Daimler, Volvo, and Ford Motor Company, which finally install the product during the production of vehicles. The end-users are a large number of customers, ranging from personal vehicle buyers to large fleet operators.
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Automotive Composite Leaf Springs Market: Strategic Insights
The advantages of composite leaf springs over traditional leaf springs are driving their adoption in the automotive industry. They are approximately 70% lighter than steel springs, thinner and more compact, as well as durable and load resistant. In addition, they allow greater flexibility in design and have excellent driving characteristics. Composite leaf springs also provide improved shock absorber performance in vehicles, driving their adoption among vehicle manufacturers focused on effective load-balancing solutions. For example, Hexcel has developed advanced composite-based leaf springs that help pickup trucks manage cargo effectively. The new composite leaf springs offered by the company help reduce the overall weight of pickup trucks by approximately 45 pounds per vehicle. Increasing focus on the use of lightweight composite materials in automotive applications is expected to drive market growth during the forecast period. In addition, a rise in focus towards improving the performance and efficiency of vehicles by minimizing the weight is anticipated to boost the market growth from 2023 to 2031.
Electric vehicles represent an emerging trend in the automotive industry, as consumers and governments are strongly leaning towards green energy consumption in various applications. Electric vehicles account for a smaller share of the overall vehicle market but are experiencing a higher growth rate than fuel-based vehicles. Electric vehicle manufacturers are using composite materials to reduce vehicle weight as batteries. This helps them compensate for the additional weight of the batteries, which become bulkier over time, to increase the vehicle's range. Aura, a new all-electric two-seater concept sports car unveiled in September 2021, was developed using natural fiber composite materials that help reduce vehicle weight and make manufacturing processes more sustainable. Additionally, a group of researchers in India published a study on composite leaf springs for electric vehicles to reduce noise, vibration and harshness. Accordingly, the composite leaf springs are characterized by a 40% lower weight, a 76.39% lower stress concentration, and a 50% lower deformation than steel stepped leaf springs.
Key segments that contributed to the derivation of the automotive composite leaf springs market analysis are installation type, location type, process type, and vehicle type
The geographic scope of the automotive composite leaf springs market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the automotive composite leaf springs market report encompasses North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, and Rest of Europe), Asia Pacific (China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Europe dominated the automotive composite leaf springs market share in 2023. Asia Pacific was the second-largest revenue contributor to the global automotive composite leaf springs market, followed by North America.
The regional trends and factors influencing the Automotive Composite Leaf Springs Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Composite Leaf Springs Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 80.43 Million |
| Market Size by 2031 | US$ 151.4 Million |
| Global CAGR (2023 - 2031) | 8.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Installation Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Composite Leaf Springs Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Composite Leaf Springs Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automotive composite leaf springs market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive composite leaf springs market are listed below:
The “Automotive Composite Leaf Springs Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
8.2% is the expected CAGR of the automotive composite leaf springs market.
US$ 151.4 million estimated value of the automotive composite leaf springs market by 2031.
Hendrickson Holding LLC, Flex-Form, KraussMaffei, Muhr und Bender KG, Olgun Celik A.S., SGL Carbon S.E., Shandong Beiqi Hai Hua Automobile Parts Co., Ltd., M.W. Industries, Inc., ARC Suspension, and Heathcote Industrial Plastics are some of the leading companies in the automotive composite leaf springs market.
Continuous improvement in composite materials is the future trend of the automotive composite leaf springs market.
Europe dominated the automotive composite leaf springs market in 2023.