South America Automotive Composite Leaf Springs Market
No. of Pages: 95 | Report Code: TIPRE00027110 | Category: Automotive and Transportation
No. of Pages: 95 | Report Code: TIPRE00027110 | Category: Automotive and Transportation
Market Introduction
The automotive sector in SAM is witnessing substantial growth due to the presence of many automakers in the region. Brazil benefits from being a potentially large domestic market with low vehicle ownership and a developing economy. Moreover, the rise in automotive production greatly supports the automotive composite leaf springs market in this region. As per OICA, Brazil witnessed a growth of 2.2% Y-o-Y in the total vehicle production in 2019 and produced 2,448,490 cars before the outbreak of COVID-19.
Some of the leading automakers present in this region are General Motors, Volkswagen, Hyundai, Ford, Toyota, Peugeot, and Renault. The national regulatory bodies of various countries in the region have realized the importance of the automotive sector and are taking initiatives to develop the automotive industry. For instance, the Brazilian government has formulated favorable trade investment policies to encourage private investments. The government also has exempted investors from custom duties and other taxes on purchasing specific infrastructure and capital goods. In 2017, the Argentine President Mauricio Macri announced a 1 Million Plan for the automotive industry, under which the country has aimed to produce 750,000 cars annually by 2019 and one million units by 2023. Fiat Chrysler Group plans to invest US$4 billion in May 2019 to reclaim lost market share in the Brazil automobile industry. The company will offer new models and enhance manufacturing capacity at its two regional sites. The government initiatives to support the automotive sector are expected to strengthen the automotive manufacturing industry in the region, in turn, supporting the growth of the SAM automotive composite leaf springs market.
Governments of countries in SAM have taken significant actions to protect their citizens against the spread of novel coronavirus that causes COVID-19. The automotive composite leaf springs market in SAM is anticipated to face a steep decline, as numerous stimulus packages deployed by governments were focused on public healthcare and tax relief. In addition, the online and retail distribution channels faced challenges due to disruptions in supply chains and the unavailability of raw materials. The sharp decline in business activities and product sales is expected to directly impact the sales of passenger and commercial vehicles, which negatively affects the demand for automotive composite leaf springs in this region.
Market Overview and Dynamics
The automotive composite leaf springs market in SAM is expected to grow from US$ 0.84 million in 2021 to US$ 1.15 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The rapid rise of the SAM e-commerce industry is predicted to stimulate demand for light commercial vehicles for order delivery, increasing the market for automotive composite leaf springs. The increased use of lightweight components will reduce vehicle weight and improve vehicle performance. As a result, lightweight pieces are likely to create an opportunity in the global market for automobile leaf springs throughout the forecast period. For instance, automotive Composite leaf springs are being developed to replace steel leaf springs in heavy commercial vehicles.
The automobile sector in South America is driving the region's rapid economic rebound following the global financial crisis. Within two quarters, Brazil's economy could return to positive growth. The development in the region's economy has become a potential market for OEMs to invest in. The trade deals between the governments in SAM countries and other foreign countries are another factor for the region's continued prosperity. For instance, the MERCOSUR trade agreement, signed by Argentina, Brazil, Paraguay, and Uruguay, and the South American Free Trade Agreement (SAFTA), is one of the most important trade deals which have set the SAM automotive sector on a potential growth path.
Key Market Segments
The SAM 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 SAM 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 SAM 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 SAM automotive composite leaf springs market. Based on country, the SAM automotive composite leaf springs market is segmented into Brazil, Argentina, and rest of SAM. Brazil held the largest market share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the automotive composite leaf springs market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are FLEX-FORM; Hendrickson Holding LLC; KraussMaffei; Muhr und Bender KG; SGL Carbon; and Shandong Beiqi Haihua Automobile Parts Co., Ltd.
Reasons to buy report
SAM
Automotive Composite Leaf Springs Market
Segmentation
SAM Automotive Composite Leaf Springs Market -
By Installation Type
SAM Automotive Composite Leaf Springs Market - By
Location Type
SAM Automotive Composite Leaf Springs Market - By Process Type
SAM Automotive Composite Leaf Springs Market - By Vehicle Type
SAM Automotive composite leaf springs Market - By Country
SAM Automotive Composite Leaf Springs Market - Company Profiles
Strategic insights for the South America Automotive Composite Leaf Springs provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 0.84 Million |
| Market Size by 2028 | US$ 1.15 Million |
| Global CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Installation Type
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South America Automotive Composite Leaf Springs refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The South America Automotive Composite Leaf Springs Market is valued at US$ 0.84 Million in 2021, it is projected to reach US$ 1.15 Million by 2028.
As per our report South America Automotive Composite Leaf Springs Market, the market size is valued at US$ 0.84 Million in 2021, projecting it to reach US$ 1.15 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The South America Automotive Composite Leaf Springs Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Automotive Composite Leaf Springs Market report:
The South America Automotive Composite Leaf Springs Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Automotive Composite Leaf Springs Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Automotive Composite Leaf Springs Market value chain can benefit from the information contained in a comprehensive market report.
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