Automotive Composite Leaf Springs Market is expected to reach US$ 115.24 Million by 2028

Increasing Sales of SUVs and Trucks Worldwide to Provide Growth Opportunities for Automotive Composite Leaf Springs Market During 2021–2028

According to our latest  Market study on “Automotive Composite Leaf Springs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Installation Type, Location Type, Process Type, and Vehicle Type, and Geography,” the Automotive Composite Leaf Springs Market is expected to grow from US$ 71.56 million in 2021 to US$ 115.24 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2020 to 2028.

The popularity of, both, SUV and light-duty truck segments continue to grow in almost every geographic automotive composite leaf springs market. Composite leaf springs are becoming a prominent solution for weight reduction in these vehicle models. Composite leaf springs manufacturers are continuously developing new products for vehicle manufacturers. For instance, in February 2021, Hexion partnered with Rassini for the development of lightweight composite leaf springs for Ford’s iconic F-150 truck. Moreover, in July 2019, SGL Carbon delivered the millionth composite leaf spring built using glass-fiber-reinforced plastic for Volvo cars.

China accounted for more than 40% of global SUV sales in 2020, registering a year-on-year rise of 27%. The SUV automotive composite leaf springs market in China has undergone several significant changes. Further, the US was the second-largest SUV Automotive Composite Leaf Springs Market in 2019, and, unlike China, all manufacturers registered growth in their respective sales in the year. Europe stood third in the global SUV automotive composite leaf springs market in 2020, with 5.4 million units, registering a year-on-year increase of 18%. Thus, the proliferation of the SUV segment, and the increasing deployment of the composite leaf springs in SUVs and pickup trucks are driving the automotive composite leaf springs market growth.

Composite leaf spring is not a new technology; it was developed a decade ago for passenger cars. However, the adoption of composite leaf springs is low in the automotive industry due to their elevated costs. Compared to steel leaf springs, the production cost of the composite leaf springs is slightly higher, which makes them less suitable for low-price. Also, the complexity that exists in the manufacturing of composite leaf springs is making it a less preferable solution. Thus, steel leaf springs have a greater hold on the automotive industries across the world than composite leaf springs. The composite leaf springs are currently used by premium vehicle manufacturers, such as Volvo and Ford.

The automotive composite leaf springs market is segmented on the basis of installation type, location type, process type, vehicle type, and geography. The Automotive Composite Leaf Springs Market, based on installation type, is bifurcated into transversal and longitudinal. In 2020, the transversal segment held a larger Automotive Composite Leaf Springs Market share.  Based on location type, the Automotive Composite Leaf Springs Market is bifurcated into front leaf spring and rear leaf spring. In 2020, the rear leaf spring segment accounted for a larger automotive composite leaf springs market share. Based on process type, the Automotive Composite Leaf Springs Market is segmented into high-pressure resin transfer molding process, prepreg layup process, and others. In 2020, the high-pressure resin transfer molding segment accounted for the largest Automotive Composite Leaf Springs Market share. By vehicle type, the global Automotive Composite Leaf Springs Market is segmented as passenger car, light commercial vehicles, and medium and heavy-duty vehicles. The passenger car segment held the largest automotive composite leaf springs market share in 2020. Geographically, the automotive composite leaf springs market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Europe accounted for a significant share in the global Automotive Composite Leaf Springs Market.

Impact of COVID-19 Pandemic on Global Automotive Composite Leaf Springs Market

The emergence and rapid spread of SARS-CoV-2 paralyzed numerous countries. A continuous surge in the count of COVID-19 patients is threatening several industries worldwide. The COVID-19 pandemic affected economies and industries in various countries as they had to enact due to lockdowns, travel bans, and business shutdowns in 2020 to contain the spread. Since a majority of countries are exercising lockdowns, the demand for automotive composite leaf spring decreased at a prominent rate. This is due to the fact that the key automotive composite leaf spring purchasing countries have been restricting their investment in these components so that they can utilize a fair percentage of budget to combat the economic consequences of the pandemic. The temporary shutdown of manufacturing facilities also hindered the Automotive Composite Leaf Springs Market growth in 2020. The continued spread of the novel coronavirus has majorly disrupted the business of the Automotive Composite Leaf Springs Market players in 2021.

The automotive industry requires a significant number of human laborers. However, with the ongoing successful implementation of vaccination programs, the global automotive industry has started reopening its operations and the demand for automotive composite leaf springs is gradually rising. Thus, the overall declining trajectory in the automotive sector due to the COVID-19 pandemic is restraining the growth of the automotive composite leaf springs market. On the other hand, in current scenario, composite leaf springs are getting deployed in the premium vehicles for better performance. The development of the composite leaf spring for medium and heavy-duty vehicles is also increasing, which would create a positive outlook for the automotive composite leaf springs market in the coming years.

Hendrickson Holding LLC; Flex-Form; KraussMaffei; Muhr und Bender KG; OlgunCelik San. Tic. A.S; SGL Carbon; Shandong Beiqi Haihua Automobile Parts Co., Ltd; M.W. Industries, Inc.; ARC Suspension; and Heathcote Industrial Plastics are among the major companies operating in the Automotive Composite Leaf Springs Market.