Report : Middle East and Africa Automotive Composite Leaf Springs Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Installation Type (Transversal and Longitudinal), Location Type (Front Leaf Spring and Rear Leaf Spring), Process Type (High-Pressure Resin Transfer Molding Process, Prepreg Layup Process, and Others), and Vehicle Type (Passenger Car, Light Commercial Vehicles, and Medium and Heavy-Duty Vehicles)
Passenger Cars Segment to Dominate MEA Automotive Composite Leaf Springs Market during 2020–2028
According to a new market research study on “MEA Automotive Composite Leaf Springs Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Installation Type, Location Type, Process Type, and Vehicle Type” is expected to reach US$ 3.24 million by 2028 from 2.18 US$ million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report provides trends prevailing in the MEA automotive composite leaf springs market along with the drivers and restraints pertaining to the market growth. Rising developments in composite materials in electric vehicles is the major factor driving the growth of the MEA automotive composite leaf springs market. However, issues associated with strong market hold of steel leaf springs in automotive industry hinders the growth of MEA automotive composite leaf springs market.
The MEA automotive composite leaf spring market is segmented on the basis of vehicle type, installation type, process type, location type, and country. The market for the passenger cars segment is growing significantly, and the segment is anticipated to register the highest CAGR during the forecast period. By installation type, the market is bifurcated into transversal and longitudinal. In 2020, the transversal segment held a larger market share. In terms of process type, the MEA automotive composite leaf spring market is segmented into high-pressure resin transfer molding, prepreg layup, and others. In 2020, high-pressure resin transfer molding held the largest share in MEA automotive composite leaf spring market. Based on location, the market is bifurcated into front leaf spring and rear leaf spring. In 2020, rear leaf spring segment accounted for the largest share in MEA automotive composite leaf springs market. Based on country, the MEA automotive composite leaf springs market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. South Africa held the largest market share in 2020.
The automotive composite leaf spring market in the MEA is majorly affected by disruptions in the supply chain. Various containment measures enacted by governments, such as travel restrictions, factory shutdown, and lockdown, have hampered the supply and distribution of automobile components. The demand for automotive composite leaf springs has decreased since Q2 2020. The COVID-19 pandemic is anticipated to highly impact the MEA, as oil-based economies are already under pressure due to falling oil prices. In addition, factory and business shutdowns and travel bans are aggravating the economic problems in the MEA. Nevertheless, the economies would rapidly grow during the forecast period.
ARC Suspension; Hendrickson Holding LLC; KraussMaffei; Muhr und Bender KG; and Shandong Beiqi Haihua Automobile Parts Co., Ltd are among the leading companies in the MEA automotive composite leaf springs market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, KraussMaffei has received three awards the Red Dot Design Award, 2nd place in the Industry of Things World Award 2021, and 5th position in the Champions of Digital Transformation benchmarking study for 2021. All three honour remarkable accomplishments in digital services and mechanical engineering.
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