Automotive Composite Leaf Springs Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1813
Automotive Composite Leaf Springs Market size will witness a noticeable growth owing to production of light, medium and commercial vehicles. Increasing usage of rails in transporting heavy and bulky goods from one place to another will drive automotive composite leaf springs market. The product is an arch shaped steel of rectangular cross section and eliminating need for trailing arms and pan hard rod. Its heavy usage in commercial vehicle and railway carriage has influenced growth of product.
Growing industrial activity, economic growth and rising disposable income will drive industry growth. Global commercial vehicle industry will grow at over 3% in the forecast time. With increasing transportation through roads has influenced product demand. Trucks, vans and SUV’s are widely used to carry passengers and goods. The product absorbs vertical variation caused by irregularities in the road, its high strength to weight ratio, fatigue resistance and natural frequency has mandated its use in commercial vehicles. Growing demand for viable vehicles has bolster automotive composite leaf springs market.
Increasing demand for SUV’s, higher ground clearance, softer ride, increasing off road capacity and higher seating position will propel product demand. SUV is a blend of car, power and functionality of utility vehicle, offers more space, comfortable seats and attractive appearance. Diverse features and various characteristics drives demand for SUV in industry growth.
Big downside of the component is that they are not effective in suspension tuning. In racing and performance car application it is important to manipulate a suspension setup for driving conditions and different driving styles. Lack of adjustability hinders the growth if automotive composite leaf springs market.
Bifurcation in automotive composite leaf springs market on the basis of its type includes transversal and longitudinal. It is extensively used in various automobile sectors such as light and heavy commercial vehicles and railways. Light commercial vehicle will account for more market share. Based on spring include mono and multi leaf spring. Manufacturing process involves division into shot peening, and prepreg layup. Its area of application includes vans, trucks, SUV’s and rail carriage.
North America followed by the U.S will foresee surge of over 5% in next five years in commercial vehicle industry. It is the largest region for the component worldwide. Globalization of vehicle concepts, rising infrastructure investment, increasing demand for food, refrigerated vehicles and improved safety features in commercial vehicles has increased demand for automotive composite leaf springs market.
Europe is highly prosperous region for the product, it manufacturers highest number of trucks in the world. It hosts many big truck manufacturing companies such as Mercedes, Invesco and Grebe. Its main focus in on manufacturing good quality product that are efficient, secure and environment friendly. With increasing demand and manufacturing of trucks, automotive composite leaf springs market will simultaneously growing.
Asia Pacific headed by Japan and Switzerland has most well-organized road transport infrastructure. Advance technology, road connectivity and substructure will drive product demand. Connectivity of the countries propel transportation of goods from one place to another through road transportation. Growing demand for commercial vehicle boosts the automotive composite leaf springs market.
Prominent players of automotive composite leaf springs market are LiteFlex, IFC, Benteler SGL, Mubea, Flex Form, ARC, Hyper Co, Hendrickson, Rassini and Pontiac Ventura.
In 2017 Benteler SGL partners with Henkel to produce the component for Volvo. The aim of merger was to provide composite and light weight technology for three Volvo models. This cooperation was further facilitated with the opening of Henkel’s lab state of the art test facility in Germany where automobile customers can work with the company experts to develop and test parts and can also optimize production process conditions.
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