Automotive Composite Leaf Springs Market Size to reach US$ 86.6 million in 2023
January 28, 2020
The global automotive composite leaf spring is a niche market and currently represents less than 1% of the total automotive leaf springs (metals + composites) market. It is likely to remain niche in the foreseeable future but possesses significant growth potential in the coming years. It is forecasted to grow at an attractive rate over the next five years to reach US$ 86.6 million in 2023. Increasing automobile production, an increasing demand for lightweight leaf springs to achieve stringent government regulations of many countries, such as CAFÉ Standards, and the market entry of new players targeting local markets are the major factors that are proliferating the growth 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.
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Automotive Composites Leaf Springs Market Insights:
By Vehicle Type:
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 automotive composite leaf springs market during the forecast period. Pick-up, Van, and SUVs are the major LCV types that are using composite leaf springs at either transversal or longitudinal position, depending on requirement, vehicle design type, etc. All the major OEMs are evaluating the use of the composite leaf springs in their major Pick-up, VAN, and SUV models. The passenger car is likely to witness the highest growth during the same period, driven by an increasing penetration of composite leaf springs.
By Installation Type:
There are two types of installations of composite leaf springs on 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 springs, such as Chevrolet Corvette, are using it on transversal-mounted position. Currently, there is a very limited usage of composite leaf springs on the longitudinal position.
By Manufacturing Process Type:
In terms of manufacturing process type, the market is segmented into Compression Molding, High-Pressure Resin Transfer Molding (HP-RTM), Press Molding, and Others. HP-RTM is likely to be the most dominant process in the market during the forecast period. The process type is also likely to witness the highest growth during the same period as well. The process type offers several advantages including a short part cycle time and has been gaining the traction not only in composite leaf springs but also in other structural parts of automobile including passenger cell.
By Region:
Based on the regions, 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 the light commercial vehicles and passenger cars. Asia-Pacific and North America are set to witness higher growths in the coming five years, driven by a host of factors including a gradual shift of assembly plants of OEMs in these regions, an increasing penetration of composite leaf springs, and market entry of local composite leaf spring manufacturers.
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