Automotive Composite Leaf Springs Market Research 2021-2031
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.
Automotive Composite Leaf Springs Market Analysis
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.
Automotive Composite Leaf Springs Market Overview
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
Market Size Value in US$ 71.56 million in 2021 Market Size Value by US$ 115.24 million by 2028 Growth rate CAGR of 7.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Composite Leaf Springs Market: Strategic Insights
| Market Size Value in | US$ 71.56 million in 2021 |
| Market Size Value by | US$ 115.24 million by 2028 |
| Growth rate | CAGR of 7.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Composite Leaf Springs Market Drivers and Opportunities
Rising Demand for Composite Materials in the Automotive Sector to Favor Market
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.
Integration of Composite Materials in Electric Vehicles
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.
Automotive Composite Leaf Springs Market Report Segmentation Analysis
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
- Based on installation type, the automotive composite leaf springs market is divided into transversal and longitudinal. The transversal segment held the largest market share in 2023.
- By location type, the market is segmented into front leaf springs and rear leaf springs. The rear leaf spring segment held the largest share of the market in 2023.
- In terms of process type, the market is bifurcated into high-pressure resin transfer molding process, prepreg layup process, and others. The high-pressure resin transfer molding segments held a significant share of the market in 2023.
- By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and medium and heavy-duty vehicles. The passenger car segment held the largest share of the market in 2023.
Automotive Composite Leaf Springs Market Share Analysis by Geography
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.
Automotive Composite Leaf Springs Market Report Scope
Automotive Composite Leaf Springs Market News and Recent Developments
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:
- Bcomp (sustainable lightweight company) announced the application of natural fiber composite technology named ampliTex in the new Volvo EX30. (Source: Bcomp, Press Release, June 2023)
- Hexion, Inc. partnered with Rassini. This partnership aimed at the use of the EPIKOTE epoxy resin system for composite leaf spring application in the new Ford F-150 model. (Source: Hexion, Inc., Press Release, June 2021)
Automotive Composite Leaf Springs Market Report Coverage and Deliverables
The “Automotive Composite Leaf Springs Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive composite leaf springs market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive composite leaf springs market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive composite leaf springs market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive composite leaf springs market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation Type, Location Type, Process Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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