Transversal Segment to Dominate North America Automotive Composite Leaf Springs Market during 2020–2028     

According to a new market research study on “North America 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$ 20.93 million by 2028 from 13.49 US$ million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the North America automotive composite leaf springs market along with the drivers and restraints pertaining to the market growth. Rising need for composite materials in automotive industry is the major factor driving the growth of the North America automotive composite leaf springs market. However, issues associated with steel leaf springs giving tough competition hinders the growth of North America automotive composite leaf springs market.  

The North America 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 North America 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 North America 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 North America automotive composite leaf springs market. Based on country, the North America automotive composite leaf springs market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.

An exponential rise in COVID-19 cases forced governments in North American countries to impose lockdown. The shutdown of many manufacturing plants, the slow functioning of municipalities, and the discontinuation of operations in the automotive industry adversely affected the North America automotive composite leaf spring market in 2020. North America accounts for a major share of automotive composite leaf spring sales, and declining sales of automotive components could affect the growth of the automotive composite leaf spring industry players in this region. The short-term effect of COVID-19 pandemic would not impact the recovery of the overall sales performance of the automotive industry; this is mainly attributed to the continuous promotion of passenger vehicles by various companies in North America. However, the automotive sector is regaining its pace with the resumption of operations at manufacturing units, which would boost the adoption of automotive composite leaf springs in the coming years.

Additel; FLEX-FORM.; Hendrickson Holding LLC; KraussMaffei; M.W. Industries, Inc.; Muhr und Bender KG; SGL Carbon; and Shandong Beiqi Haihua Automobile Parts Co., Ltd. are among the leading companies in the North America 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, Hendrickson has completed the acquisition of Dayton, Ohio-based Liteflex Composite Springs. Under the name Hendrickson Composites, the Company will operate as a branch of Hendrickson. Hendrickson's product folio is bolstered with more composite spring technology.   

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