High-Pressure Resin Transfer Molding Process Segment to Dominate APAC Automotive Composite Leaf Springs Market during 2020-2028

According to a new market research study on “APAC 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$ 42.90 million by 2028 from 25.54 US$ million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the APAC automotive composite leaf springs market along with the drivers and restraints pertaining to the market growth. Rising implementations of composite materials in electric vehicles is the major factor driving the growth of the APAC automotive composite leaf springs market. However, issues associated with strong market hold of steel leaf springs in automotive industry hinders the growth of APAC automotive composite leaf springs market.  

The APAC 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 APAC 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 APAC 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 APAC automotive composite leaf springs market. Based on country, the APAC automotive composite leaf springs market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.

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.

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 APAC 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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