The global automotive composite suspension component 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.
Insights by component type:-
The global 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.
Insights by vehicle type:-
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.
Insights by region:-
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.
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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