The automotive composite suspension components market is segmented based on component type as Leaf Spring, Coil Spring, Suspension Arm, Stabilizer Bar, and Other Components.
Stratview Research has published a new research report on Automotive Composite Suspension Components Market. This extensive report by Stratview Research analyses the growth of Automotive Composite Suspension Components Market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023 under the following segments –
- · by Component Type (Coil Springs, Leaf Springs, Stabilizer Bar, Suspension Arm and Others),
- · by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial Vehicle, and Others),
- · by Manufacturing Process Type (Compression Molding Process, HP-RTM Process , Prepreg Layup Process and Other Processes),and
- · by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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Automotive Composite Suspension Components Market: Highlights
The automotive composite suspension components market is still at a nascent stage but possesses significant growth potential over the next five years to reach US$ 100 million in 2023. Organic growth of automobile production, growing preference for composite components in passenger and light commercial vehicles, development of new composite suspension applications, advancement in composites technology, and stringent government regulations regarding fuel efficiency and carbon emission reductions are the major factors that are burgeoning the demand for composite suspension components in the automotive industry.
Composite suspension components offer several benefits over steel components, such as lightweight, high durability, better vibration energy absorption, and excellent fatigue resistance.
For example; composite leaf spring is up to five times more durable than that of similarly sized steel leaf springs at just the 1/7th weight.
Composite leaf spring is expected to remain the largest segment
The automotive composite suspension components market is segmented based on component type as Leaf Spring, Coil Spring, Suspension Arm, Stabilizer Bar, and Other Components. Composite leaf spring is expected to remain the largest segment of the market during the forecast period. Composite leaf springs are mainly used in passenger cars and light commercial vehicles. Pickup, Van, and SUVs are the major vehicle types that are using composite leaf springs on either transversal or longitudinal position depending on requirements, vehicle design, etc. All the major OEMs are evaluating the usage of composite leaf springs in their major Pickup, VAN, and SUV models.
Passenger car segment is projected to witness the highest growth
Based on the vehicle type, the global automotive composite suspension components market is segmented as passenger car, light commercial vehicle (LCV), medium & heavy duty commercial vehicle (M&HCV), and others. LCV currently dominates the global automotive composite suspension components market because of higher usage of composite leaf springs in LCVs. The passenger car segment is projected to witness the highest growth during the forecast period, driven by an increasing usage of leaf springs and coil springs.
Europe is expected to remain the largest market for composite suspension components
Based on regions, Europe is expected to remain the largest market for composite suspension components in the automotive industry over the next five years, driven by higher usage of composite leaf springs in LCVs. North America and Asia-Pacific are likely to witness higher growth rates over the next five years, driven by a host of factors including gradual shift of assembly plants of OEMs in these regions, increasing penetration of composite leaf springs, and market entry of local composite leaf spring manufacturers.
Top Key Players
The supply chain of this market comprises raw material suppliers, composite component manufacturers, OEMs, distributors, and end users. The global automotive composite suspension components market is highly consolidated with the presence of a dozen of global players. The key players are Liteflex LLC, IFC Composite GmbH, Benteler-SGL, and Sogefi Group. 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.
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