by The global Automobile Liquid Accumulator Market is estimated to be valued at US$ 1,806.2 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automobile liquid accumulators are energy storage devices used in automobile suspension and braking systems. They help in absorbing pressure spikes and damp shocks caused during braking, steering and shock absorption. Automobile liquid accumulators are typically electrohydraulic cylinders filled with compressible hydraulic fluids. They offer advantages like improved vehicle stability, increased passenger safety and enhanced ride quality. Growing demand for enhanced safety features in automobiles is expected to drive the growth of automobile liquid accumulator market.
Market key trends:
One of the key trends in the automobile liquid accumulator market is the growing adoption of electronically controlled accumulators. Electronically controlled accumulators help in regulating fluid pressure more precisely as compared to conventional accumulators. They offer benefits like improved vehicle handling during braking and enhanced brake pedal feel for the driver. Furthermore, increasing production of electric vehicles is also expected to boost the demand for automobile liquid accumulators as EVs require precise fluid pressure control systems for optimal performance. Growing consumer preference for vehicles with advanced driver assistance systems and enhanced safety is expected to further fuel the demand for automobile liquid accumulators over the forecast period.
Porter’s Analysis
Threat of new entrants: The Global Automobile Liquid Accumulator Market Size is highly competitive. It requires large investments and economies of scale to compete effectively. This makes it difficult for new companies to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the presence of multiple established brands. However, switching costs are relatively low.
Bargaining power of suppliers: A few large suppliers dominate the Automobile Liquid Accumulator Market. This gives them significant bargaining power over manufacturers.
Threat of new substitutes: There exists a low threat from substitutes currently, since there are no close substitutes for Automobile Liquid Accumulators.
Competitive rivalry: The Automobile Liquid Accumulator Market witnesses intense competition among existing players. They compete based on product features, quality, pricing, and innovation.
Key Takeaways
The global Automobile Liquid Accumulator market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for automobiles across the world.
The Asia Pacific region is expected to dominate the global Automobile Liquid Accumulator market during the forecast period. Presence of rapidly developing economies like China and India which are witnessing high sales of automobiles. Increasing disposable income and growing middle class population are driving the growth of the regional market.
Key players operating in the Automobile Liquid Accumulator market include Bosch Rexroth AG, Parker Hannifin Corporation, HYDAC International GmbH, Eaton Corporation, WABCO Holdings Inc., NOK Corporation, Freudenberg Sealing Technologies, Continental AG, Denso Corporation, Magneti Marelli S.p.A. (now part of Calsonic Kansei Corporation), ZF Friedrichshafen AG, Schrader International Inc. (part of Sensata Technologies), Rheinmetall Automotive AG, Aisin Seiki Co., Ltd., and HELLA GmbH & Co. KGaA.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
