The global Automotive Composite Leaf Springs Market is anticipated to expand at a healthy CAGR of 6.1% from 2022 to 2032. Valued at USD 71.6 Million in 2021 and USD 76.6 Million in 2022, the market will scale up to USD 138 Million by 2032. This growth can be attributed to an upsurge in the number of automobiles as well as to the increasing efforts of manufacturers to produce affordable and reliable automotive composite leaf springs.
In the past, leaf springs were used in pairs mounted longitudinally but nowadays manufacturers are focusing on using single transverse-mounted leaf springs. This maneuver is expected to lessen the cost of production and improve vehicle efficiency. Thus, the desire to provide efficiency and comfort in vehicles drives the market sales of automotive composite leaf springs. Historically, this market registered a CAGR of 7% during 2017 and 2021 and is projected to reach a significant value by the end of 2032.
Composite leaf spring accounts for higher endurance than steel spring. These composite leaf springs have 67.4% lesser stress, 126.9% higher natural frequency, and 64.9% higher stiffness than the existing steel leaf spring. Composite leaf springs also achieve a 68.2% weight reduction. Thus, composite leaf springs are far more reliable than steel ones and also amplify the efficiency of automobiles, particularly heavy commercial vehicles. These aspects bode well for the overall growth of the composite leaf spring market.
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Another factor that significantly influences the target market is the replacement of leaf springs which opens up avenues of revenue growth for the market. When the composite leaf spring starts to crack and needs replacement, the target market undergoes notable demand and growth. All of these considerations, along with others, are fueling the growth of the automotive composite leaf springs market.
Key Takeaways:
- The risk of easy damage, storage and transportation costs, and the overall high cost associated with composite leaf springs may deter the growth of the market during 2022 and 2032.
- Composite leaf springs offer better strength, greater comfort, and weight reduction. All of these foster growth for the market.
- Propelled by the advancing automotive industry, the market for automotive leaf springs in North America will present substantial growth during 2022 and 2032.
- The US will retain its dominant position in the automotive composite leaf spring market and generate an incremental opportunity of USD 46.8 Million during 2022 and 2032.
- By installation type, the transversal category will register a CAGR of 5.9% during the assessment period.
Competitive Landscape
Benteler SGL, Hendrickson International, HyperCo, IFC Composite GmbH, LiteFlex, LLC, Mubea Fahrwerkstechnologien GmbH, ARC Suspension, FLEX-FORM, and Heathcote Industrial Plastics, among others are some of the key players in the automotive composite leaf springs market profiled in the full version of the report.
Leading market participants are focusing on introducing and developing new products. Product innovation and commercialization strategies are also employed by these players. These companies also adopt merger and acquisition tactics to gain a competitive advantage.
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More Insights into Automotive Composite Leaf Springs Market
FMI offers the latest, unbiased, and detailed analysis of the global automotive composite leaf springs market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of installation type, process type, location type, vehicle type, and region.
According to the latest FMI reports, based on segmentation, the light commercial vehicle segment will lead the market in terms of vehicle type while recording a CAGR of 5.8% in the coming decade. Based on installation type, the transversal category will dominate the international marketplace.
Based on region, the automotive composite leaf spring market in North America will display remarkable growth. The target market in this region will continue to dominate the global space. The thriving automobile industry, particularly in the US will strongly influence the prospects of the automotive composite leaf spring market in North America and the region will generate a value of USD 31.7 billion by 2032. The automotive composite leaf spring market in the US will also grow at a CAGR of 5.3% and reach a substantial value by 2032. Thus, North America will be a prime contributor to the overall market growth.
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