April 21, 2024
Automobile Liquid Accumulator Market

The Automobile Liquid Accumulator Market is Estimated to Witness High Growth Owing to Rising Vehicle Production

The automobile liquid accumulator market involves the manufacture and sales of hydraulic accumulators that store liquid under pressure for later use in automotive systems such as brakes, suspension, and drivetrain. Automobile liquid accumulators offer advantages like consistent brake pedal feel, vibration damping, and shock absorption. The growing automotive industry has led to increased demand for high-quality hydraulic components in vehicles.

The Global automobile liquid accumulator market is estimated to be valued at US$ 2080.75 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Automobile Liquid Accumulator market are Liebherr-International AG, Shanghai Zhenhua Heavy Industries Co., Ltd., Wison Group, Konecranes, Kalmar, Kranunion GmbH, Sany Group Co., Ltd., Noell Crane Systems (China) Limited, Anupam Industries Limited, and MAC PORT Macchine Operatrici Portuali s.r.l. The major players are focusing on new product developments and adopting partnership and acquisition strategies to gain competitive advantage in the market.

The automobile liquid accumulator market provides various opportunities such as the growing demand for electric vehicles. Electric vehicles use more hydraulic accumulators than conventional vehicles due to additional systems like regenerative braking. Accumulators help improve the driving range and performance of electric vehicles.

Global expansion of the automobile liquid accumulator market is driven by the rising production and sales of vehicles worldwide. Emerging economies like China, India, Brazil, and Mexico are contributing significantly to the growth of the automotive industry. Manufacturers are investing heavily in these regions to capitalize on the market potential.

Market drivers

The growth of the Automobile Liquid Accumulator Market Size is driven by the rising vehicle production worldwide. According to OICA, global vehicle production increased from around 77 million units in 2010 to more than 95 million units in 2019. Developing countries accounted for more than 50% of the total vehicle production during this period. The growing middle-class population and rising disposable incomes in emerging markets have boosted automotive sales and supported the demand for hydraulic components like liquid accumulators. Strengthening commercial vehicle and off-road equipment industries have further expanded the growth opportunities for automobile liquid accumulator manufacturers.

PEST Analysis

Political: The governmental regulations regarding vehicle emissions and safety standards directly impact the demand for liquid accumulators in automobiles. Stricter norms tend to increase the adoption of these devices.

Economic: A growing economy positively influences consumer spending power. This augments the sales of automobiles and associated components like liquid accumulators. Higher vehicle production raises the need for quality accumulators.

Social: Factors such as increasing urbanization and preference for private transport boost the demand for personal vehicles. This creates additional requirement for liquid accumulators across various automobile segments.

Technological: Advancements in accumulator design help improve efficiencies, reduce maintenance needs, and enable integration with automated automotive systems. Adoption of eco-friendly materials aids sustainable manufacturing.

The regions of North America and Europe hold a major share of the global automobile liquid accumulator market in terms of value. Stringent emission standards and high vehicle production in countries such as the US, Canada, Germany, France, and the UK drive large scale demand. Asia Pacific is projected to emerge as the fastest growing regional market between 2024 and 2031. This can be attributed to surging automobile sales led by China, India, Indonesia, and other developing economies in the region. Overall, Asia Pacific is anticipated to attain the highest market size by 2031 as manufacturing activity shifts towards lower-cost venues.

The major geographical area focused for expansion by market participants is Latin America. Initiatives by governments to boost local automotive manufacturing present lucrative prospects. Initiatives like the Pacific Alliance aimed at economic integration also support trade and investment flows within the region involving Mexico, Colombia, Peru and Chile. Another region exhibiting high growth potential is the Middle East and Africa. Government efforts to decrease oil dependence and diversify economies into manufacturing are attracting component suppliers to set up local facilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it