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)
No. of Pages:101
Report Code:
TIPRE00027103
Category:
Automotive and Transportation
Asia Pacific Automotive Composite Leaf Springs Market
The automotive composite leaf springs market in APAC is expected to grow from US$ 25.54 million in 2021 to US$ 42.90 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2021 to 2028.
Electric vehicles account for an emerging trend in the automotive industry as consumers and governments are significantly inclined toward the consumption of green energy in various applications. Electric vehicles hold a lower share in the total vehicle market but have a greater growth rate than fuel-based vehicles. Irrespective of the onset of the COVID-19 pandemic, which led to a significant decline in the performance of the overall automotive industry, electric vehicles still managed to sustain sales with a positive outlook. Electric vehicles are considered the future of the automotive industry, and the integration of composite materials sets the future trends for the composite leaf spring market. Electric vehicle manufacturers are adopting composite materials to reduce vehicle weight as batteries, which helps them compensate for the weight added by batteries, which are getting bulkier with time to increase vehicle range. Aura, a new all-electric, two-seater concept sports car unveiled in September 2021, has been designed using natural fiber composites, which help reduce vehicle weight and add sustainability to the manufacturing processes. Further, a group of researchers in India has published a study of composite leaf springs for electric vehicles to reduce noise, vibration, and harshness. According to it, the composite leaf springs feature 40% lesser weight, 76.39% lower stress concentration, and 50% less deformation than steel graduated leaf.
The containment measures imposed by governments in APAC due to the COVID-19 pandemic have hindered the growth of the automotive and electronics sectors. China is a manufacturing hub and is among the countries that were hit by the COVID-19 pandemic in early stages, which has ultimately impacted the production of automotive and electronics equipment. Furthermore, interruptions in supply chains and logistics have adversely affected the procurement rate of various automotive and electronics equipment, including hardware components of automotive composite leaf springs. India, South Korea, Japan, and Vietnam have witnessed a sharp decline in the production of rear leaf springs and electric vehicles. APAC is also a global manufacturing hub, with countries such as China, Japan, South Korea, and India leading the global manufacturing sector. The ongoing pandemic is anticipated to cause huge disruptions in the growth of various industries in the region. China is the largest raw material supplier to several industrial sectors globally. Thus, delays in the supply of raw materials and components from China and other Asian countries are limiting the growth of the automotive composite leaf springs market.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC automotive composite leaf springs market. The APAC automotive composite leaf springs market is expected to grow at a good CAGR during the forecast period.
APAC Automotive Composite Leaf SpringsMarket Revenue and Forecast to 2028 (US$ Million)
The List of Companies - Asia Pacific Automotive Composite Leaf Springs Market
ARC Suspension
Hendrickson Holding LLC
KraussMaffei
Muhr und Bender KG
Shandong Beiqi Haihua Automobile Parts Co., Ltd.
Frequently Asked Questions
How big is the Asia Pacific Automotive Composite Leaf Springs Market?
The Asia Pacific Automotive Composite Leaf Springs Market is valued at US$ 25.54 Million in 2021, it is projected to reach US$ 42.90 Million by 2028.
What is the CAGR for Asia Pacific Automotive Composite Leaf Springs Market by (2021 - 2028)?
As per our report Asia Pacific Automotive Composite Leaf Springs Market, the market size is valued at US$ 25.54 Million in 2021, projecting it to reach US$ 42.90 Million by 2028. This translates to a CAGR of approximately 7.7% during the forecast period.
What segments are covered in this report?
The Asia Pacific Automotive Composite Leaf Springs Market report typically cover these key segments-
Installation Type (Transversal, Longitudinal)
Location Type (Front Leaf Spring, Rear Leaf Spring)
Process Type (High-Pressure Resin Transfer Molding Process, Prepreg Layup Process)
Vehicle Type (Passenger Car, Light Commercial Vehicles, Medium and Heavy-Duty Vehicles)
What is the historic period, base year, and forecast period taken for Asia Pacific Automotive Composite Leaf Springs Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Composite Leaf Springs Market report:
Historic Period : 2019-2020
Base Year : 2021
Forecast Period : 2022-2028
Who are the major players in Asia Pacific Automotive Composite Leaf Springs Market?
The Asia Pacific Automotive Composite Leaf Springs Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
ARC Suspension
Hendrickson Holding LLC
KraussMaffei
Muhr und Bender KG
Shandong Beiqi Haihua Automobile Parts Co., Ltd.
Who should buy this report?
The Asia Pacific Automotive Composite Leaf Springs Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Composite Leaf Springs Market value chain can benefit from the information contained in a comprehensive market report.
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