Global Automotive Composite Leaf Springs
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Automotive Composite Leaf Spring Market size in 2023 was XX Million. Hosted PBX Industry compound annual growth rate (CAGR) will be XX% from 2024 to 2031.
• The global Automotive Composite Leaf Spring Market will expand significantly by XX% CAGR between 2024 to 2031.
• Asia Pacific held the major market of more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
• North America accounted for a share of over XX% of the global market size of USD XX million.
• Europe held a market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
• Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
• Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Market Size | 121212 |
Country Market Size | 121212 |
North Americ Market Size | 121212 |
Europe Market Size | 121212 |
Asia Pacific Market Size | 121212 |
South America Market Size | 121212 |
Middle East and Africa Market Size | 121212 |
Market Split by Type |
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Market Split by Installation Type |
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Market Split by Spring Location Type |
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Market Split by Shape |
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Market Split by Vehicle Type |
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Market Split by Sales Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Automotive Composite Leaf Springs Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Introduction of the Automotive Composite Leaf Spring Market
According to Cognitive Market Research, the Global automotive composite leaf spring market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031. The term "automotive composite leaf spring" means a type of suspension component found in many vehicles, including cars, trucks, semi-trucks, trailers, and buses. The automotive composite leaf spring market is primarily categorized into distinct segments including the type of spring, by installation type, by spring location, by its vehicle type, by sales channel, and others. The type is then further classified as mono-leaf or multi-leaf. Commercial and passenger cars are just two of the many types of vehicles for which automotive composite leaf spring equipment is used. Independent garages, franchise outlets, and Original Equipment Manufacturers (OEM) of automobiles are among its main applications. The market for automobile composite leaf springs appears to have a better growth. The need for maintenance and repair services is rising as the number of cars on the road increases worldwide.
Globally, the use of commercial vehicles has been expanding quickly. The usage of commercial vehicles has increased due to an upsurge in urbanization and the expansion of construction activities, particularly in developing regions like Asia-Pacific. The need for Medium and Heavy Commercial Vehicles (MHCVs) is driving up production in the Asia-Pacific region. To meet this demand, major automobile manufacturers like Tata Motors are concentrating on developing new technologies. For instance, in 2023, Mitsubishi Fuso Truck and Bus Corporation (MFTBC) reported a 1% increase in 2023 group unit sales, with 526,053 trucks and buses sold compared to 520,291 units in 2022. The company sold 3,443 units of battery-electric vehicles, a 277% increase from the previous year. The Trucks Asia business segment also saw a 3% increase, reaching 161,171 units. Daimler Truck CEO Martin Daum expressed confidence in achieving financial ambitions for 2023, with sales of battery-electric vehicles more than tripled. Due to the possibility of reducing noise, vibration, and harshness, several businesses are also concentrating on creating composite leaf springs for LCVs and electric vehicles. Moreover, compared to steel-graded leaf springs, the composite leaf springs deform 50% less and are 40% lighter with a 76.39% lower stress concentration. (http://• https://www.mitsubishi-fuso.com/en/news-main/press-release/2024/01/18/mitsubishi-fuso-majority-shareholder-daimler-truck-increases-group-unit-sales-in-2023/). Furthermore, effectiveness in suspension systems has increased, due to the growth of the global transportation logistics industry and the trend toward sustainability. This is enhancing the dynamic nature of the market. Furthermore, since leaf springs are lightweight and have excellent strength, the aerospace industry uses composite leaf springs to increase aircraft performance and fuel efficiency. The suspension component's strength helps production hubs all over the world. The use of leaf springs in the construction and agricultural industries is fueled by their unique capacity to support enormous loads. In these industries, equipment needs dependable support under harsh circumstances. Consequently, the growing use of leaf springs in a variety of industries highlights their adaptability and increases demand for automobile leaf springs.
A major obstacle confronting the worldwide vehicle leaf spring industry is the increasing rivalry from substitute suspension technologies, namely air suspension systems. For some car categories, air suspension systems might be appealing because they provide better handling, increased comfort, and adjustable ride heights. Leaf spring suppliers are faced with the problem of preserving their market share and relevance in the face of the trend toward sophisticated suspension technology as automakers look into alternative alternatives. For instance, August 2023, Hendrickson, a global manufacturer of suspensions, has launched its innovative air and mechanical suspensions and axles for trailer applications in India. The company, which has a 110-year history in driving technology, has expanded its manufacturing footprint in India since 2006 through a joint venture with Tata AutoComp Systems. The company offers products for various types of trailers, including flat beds, containers, tankers, bulkers, sidewall trailers, and tip trailers. The products include the TA 14 Heavy Duty Air Suspension, Single Axle, and MS 16 Heavy Duty Mechanical Suspension. http://(https://www.motorindiaonline.in/hendrickson-launches-air-and-mechanical-suspensions-and-axles-for-trailer-applications-in-india/)
The development of commercial vehicle technologies, such as those for trucks and buses, presents a sizable opportunity for the leaf spring sector. The requirement for effective people and goods transportation grows as economies grow. These cars' leaf springs are essential parts because they give the necessary stability and load-carrying ability. This need is especially strong in developing nations where the development of infrastructure and logistics is essential to economic expansion. As such, the market is kept competitive and in line with industry trends by the ongoing developments in leaf spring technology and materials. For instance, in March 2020, Fraunhofer ICT developed a cost-effective process for producing lightweight vehicle components using thermoset fiber composites. The thermoplastic resin transfer molding (T-RTM) process, which uses thermosetting matrix systems instead of the monomer ε-caprolactam, has been tested for producing thermoplastic composite leaf springs for automotive applications. The process reduces material costs and ensures the recyclability of components. The T-RTM process requires three to four kilograms of matrix to produce one leaf spring, with ε-caprolactam costing around 50% of epoxy resin. The component is also fully recyclable after its life cycle, with the property profile, material production costs, and energy requirements being decisive factors in the development work. The process has made significant progress in process engineering, with a method to compensate for moisture, making the T-RTM process more robust against external influences. (http://(https://www.pressebox.com/pressrelease/fraunhofer-institut-fuer-chemische-technologie-ict/New-cost-effective-process-for-series-production-of-lightweight-vehicle-components/boxid/998199)
Due to factory closures and a decrease in car manufacturing during the initial lockdowns, the COVID-19 pandemic had a detrimental effect on the market. But as regulations loosened in the first half of 2021, the market picked up steam again. Since the majority of consumers began using personal vehicles to suit their daily commuting demands, used car sales and consumer propensity toward vehicle maintenance have been the primary drivers of consumer demand in the automotive sector. For instance, Global auto sales fell to 63.8 million in 2020; a small recovery is anticipated in 2021, when sales are expected to reach 66 million. The United States, China, and Europe are predicted to have the fastest rise in light vehicle sales between 2021 and 2022, although this will not make up for the region's 21% decline in sales between 2019 and 2020. The decrease in the auto production thus decreased the demand for automotive composite leaf springs market. This had a major impact on the growth of the market during the pandemic. (http://(https://www.statista.com/topics/1010/electric-mobility/#topicOverview). While the COVID-19 pandemic has led to an increase in consumer interest in the EV market, recent studies in the United States found that around four-fifths of the country’s states were not considered accessible markets for consumers interested in purchasing an EV. To curb these accessibility issues, some governments have put financial subsidies at purchase in place, though the effectiveness of these programs also depends on customers’ access to them.
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Leading producers of automobile leaf springs are spending a lot of money on new suspension technologies and composite leaf spring developments in order to improve the performance of heavy-duty vehicle parts. One of the market trends for automobile leaf springs is the increasing use of improved designs and materials to expand the range of applications and satisfy the growing demand from a changing green transportation industry. For instance, in November 2023, Tenneco's Öhlins Racing has introduced a new portfolio of ultra-premium suspension systems for truck and SUV enthusiasts. The Öhlins ÖRX portfolio features leading-edge technologies and features preferred by racing champions and enthusiasts. The products are designed to help truck and SUV owners explore the full capabilities of their vehicles in on-road and challenging off-road environments. The Öhlins ÖRX line includes an ultra-high-strength 2.65-inch-diameter shock engineered to thrive in challenging off-road terrain. Key design and construction enhancements include multi-adjustability, race-proven valving, sizeable dimensions, lightweight aluminum construction, and finned reservoirs. The shocks also have ultra-precise three-way tuning capability via three external "clicker" knobs. Öhlins ÖRX shocks deliver superior confidence and comfort for racers and enthusiasts, regardless of on- or off-road conditions, vehicle load, or roadholding demands.
Top Companies Market Share in Automotive Composite Leaf Springs Industry: (In no particular order of Rank)
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According to Cognitive Market Research Asia-Pacific region is the primary market for automotive composite leaf springs, accounting for over XX% of global revenue. The market is expected to grow at a CAGR of XX% from 2024 to 2031 due to increased vehicle production and rising demand for passenger cars and commercial vehicles. The auto sector expansion in countries like China and India is also driving demand for these products. In 2024, India's passenger vehicles industry experienced a 75% increase in inventory, while China's vehicle industry reached record production and sales in 2023, indicating potential for growth. Factors such as lower interest rates, rapid urbanization, and stable economic conditions are expected to further catalyze regional market growth for automotive composite leaf springs.
The current report Scope analyzes Automotive Composite Leaf Springs Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Automotive Composite Leaf Springs Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automotive Composite Leaf Springs Industry growth. Automotive Composite Leaf Springs market has been segmented with the help of its Type, Installation Type Spring Location Type, and others. Automotive Composite Leaf Springs market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, based on type, the market is bifurcated into Mono-leaf springs and Multi-leaf springs. The multi-leaf type segment dominates the largest market share of xx during the forecast period because for cars towing large loads, multi-leaf springs are preferable over mono-leaf springs. Instead of being composed of a single leaf, multi-leaf springs are made up of many leaves piled together. They become a more robust and adaptable choice for transporting as a result. In addition, it also implies that not all of them will break when one does, which makes driving safer. It is simple to improve and modify multi-leaf springs that help to increase their load capacity and height. Furthermore, Multi-leaf springs have a greater weight capacity than mono-leaf springs overall. The reason for the segment growth is the increased usage of multi-leaf springs in HCVs and LCVs due to their improved load-carrying ability.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Automotive Composite Leaf Springs Industry. Request a Free Sample PDF!
According to Cognitive Market Research, based on installation type, the market is bifurcated into Transversal and Longitudinal. The Transversal installation type segment dominates the largest market share of xx during the forecast period. Transversal is the most common installation type for composite leaf springs in the automotive industry because transversal springs are lightweight, have more durability, and have better fuel economy. In addition, Transversal springs join the wheels on one side of the car by being positioned horizontally which makes it more efficient to longitudinal springs.
Moreover, single transverse-mounted leaf springs are being used by a growing number of automakers. There are fewer components and lower weight with a transverse leaf spring composed of composite materials and the conventional steel components for transverse leaf springs are removed, including coil springs, two control arms, and antiroll bar 26 mounts and links. Furthermore, composite structures are more dependable than longitudinal leaf springs because of their dampening, which reduces the amount of vibration noise that is transmitted to nearby structures. For instance, in January 2023, KTM developed a composite rear leaf spring suspension system for motocross bikes, offering more adaptability and less weight. Leaf springs have been used in muscle cars and motorcycles, but their lack of sophistication is not due to the spring itself. The new design adopts a nearly vertical orientation, tight against the rear of the engine to clear space normally filled by a coilover. The top and bottom of the spring are firmly clamped to the end of linkages, with the upper linkage pivotally mounted on the bike's main frame and the lower linkage pivoting from a bracket under the swingarm. A conventional damper would be used to control the rear suspension, but it would need to be more compact or mounted differently to take advantage of the leaf spring benefits. http://(https://www.cycleworld.com/motorcycle-news/ktm-developing-leaf-spring-suspension/)
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Automotive Composite Leaf Springs market report 2024 Edition by contacting our team.
According to Cognitive Market Research, based on the Shape, the market is bifurcated into Parabolic, Elliptical, and others. The Parabolic shape segment dominates the largest market share of xx during the forecast period because Parabolic springs offer better flexibility, lighter weight, better-distributed stress, reduced wear on suspension systems, less noise due to reduced friction, and increased ground clearance due to fewer layers, compared to leaf springs.
Through its tapered form, a parabolic spring distributes the vehicle's weight more evenly throughout a suspension system. A smoother ride is guaranteed because of the parabolic spring's more equal and smooth flexing. Moreover, the spring's design allows for a wider range of motion than other spring varieties, such as more conventional leaf springs. Furthermore, parabolic springs are used in the suspension systems of a wide variety of vehicle models such as Buses, SUVs, Light trucks, Off-road vehicles and passenger cars. They can keep the vehicle’s wheels in contact with the ground over rougher terrain than when leaf springs are used. Therefore, they are ideally suited for off-road vehicles. For instance, in March 2021, Mack has enhanced its mRIDE spring leaf over rubber block suspension, providing improved stability and traction for vocational customers on jobsites. The suspension offers weight savings for increased payload when paired with Mack axles, reducing the total cost of ownership. The mRIDE's parabolic springs provide superior traction and clamp load area strength, while its spring leaf design and V-shaped torque rods ensure stability. The suspension is fully integrated with Mack MP engines, transmissions, and axles and can be spec'd in various models. Mack has also extended its standard axle warranty for Model Year 2022 Mack models. http://(https://www.volvogroup.com/en/news-and-media/news/2021/mar/mack-mride-suspension-paired-with-mack-axles-delivers-weight-savings-increased-payload.html)
According to Cognitive Market Research, based on the sales channel, the market is bifurcated into OEMS, Aftermarket, and others. The Aftermarket sales channel segment dominates the largest market share of xx during the forecast period. The market's growth is being driven by the existence of a huge worldwide network of distributors, retailers, suppliers, and manufacturers. Customers may easily find and purchase bias tires for their cars in such a situation, irrespective of remote areas or places that have limited tire selections. Bias tires are still used in some areas because of regional laws and preferences. Their market demand is further increased by the fact that these are compatible with older machines and cars. For instance, December 2023, Japan's JTEKT has opened its first aftermarket sales office in Africa, aiming to strengthen its sales network in the region. The new branch, JTEKT Sales Middle East (JSME), will be responsible for sales of bearings and other aftermarket-related products for automobile and industrial use. The move follows JTEKT's launch of an aftermarket business headquarters in April 2021 and its expansion of sales of automotive parts and bearings. The company believes that with the East African region's economic development, customer needs will diversify and various issues will increase. http://(https://aftermarketinsight.ihsmarkit.com/news/2745/japans-jtekt-establishes-first-aftermarket-sales-office-in-africa)
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Automotive Composite Leaf Springs Market is witnessing significant growth in the near future.
In 2023, the Mono-Leaf Springs segment accounted for noticeable share of global Automotive Composite Leaf Springs Market and is projected to experience significant growth in the near future.
The Transversal segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies • Rassini , L.L.C and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Mono-Leaf Springs, Multi-Leaf Springs |
Installation Type | Transversal, Longitudinal |
Spring Location Type | Front Leaf Spring, Rear Leaf Spring |
Shape | Parabolic, Elliptical, Others |
Vehicle Type | Passenger Car, Light Commercial Vehicle, Medium and Heavy Duty Vehicles |
Sales Channel | OEM and Aftermarket |
List of Competitors | • Rassini, • Hendrickson USA, L.L.C, • Jamna Auto Industries Limited, • Dongfeng Motor Corporation, • NHK Spring Co. Ltd, • Pontiac Ventura, • IFC Composite GmbH, • ARC Suspension, • FLEX-FORM, • Heathcote Industrial Plastics, , • KraussMaffei, • Sogefi SpA, • Emco Industries, • Muhr und Bender KG, • SGL Group SE, • Frauenthal Group |
This chapter will help you gain GLOBAL Market Analysis of Automotive Composite Leaf Springs. Further deep in this chapter, you will be able to review Global Automotive Composite Leaf Springs Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Automotive Composite Leaf Springs Market Trends North America Automotive Composite Leaf Springs Technological Road Map North America Automotive Composite Leaf Springs Market Drivers North America Automotive Composite Leaf Springs Market Restraints North America Automotive Composite Leaf Springs Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Installation Type Analysis 2019 -2031
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Chapter 12 Market Split by Spring Location Type Analysis 2019 -2031
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Chapter 13 Market Split by Shape Analysis 2019 -2031
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Chapter 14 Market Split by Vehicle Type Analysis 2019 -2031
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Chapter 15 Market Split by Sales Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Automotive Composite Leaf Springs market
Chapter 16 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Mono-Leaf Springs have a significant impact on Automotive Composite Leaf Springs market? |
What are the key factors affecting the Mono-Leaf Springs and Multi-Leaf Springs of Automotive Composite Leaf Springs Market? |
What is the CAGR/Growth Rate of Transversal during the forecast period? |
By type, which segment accounted for largest share of the global Automotive Composite Leaf Springs Market? |
Which region is expected to dominate the global Automotive Composite Leaf Springs Market within the forecast period? |
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