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The gas spring market is estimated to be valued at US$ 3,000.0 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030. Gas springs are mechanical devices that use compressed gas to store potential energy in the form of pressure that can regenerate force and motion. They are utilized in a variety of industries like automotive, aerospace, marine, medical, furniture etc. for lifting, lowering, opening/closing and positioning of components due to their several advantages over conventional springs like consistent force generation, compact size, nearly frictionless operation and corrosion resistance.
Gas springs find extensive usage in automotive sector for adjustment of seats, trunk lids, bonnets, tailgates and other movable components. The growing demand for premium and luxury vehicles with advanced comfort and convenience features is expected to drive the gas spring market. Additionally, the rising production of commercial vehicles like trucks and buses equipped with gas springs will also support market growth. The global gas spring market is estimated to be valued at US$ 3,000.0 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the gas spring market are Stabilus GmbH, HAHN Gasfedern GmbH, ACE Controls Inc., Suspa GmbH., LANTAN gas spring Co., Ltd., WAN DER FUL CO., LTD., Bansbach Easylift, Dictator Technik GmbH., Changzhou JuTeng Gas Spring Co., Ltd., Vapsint S.R.L., Shunde Huayang Gas Spring Co., Ltd., AVM Industries, Gemini Gas Springs Inc., Alrose Industrial Technologies Pvt. Ltd, Barnes Group, Camloc Motion Control Limited., Metrol Springs Limited, Lesjofors AB (Beijer Alma), and Others.
The growing demand for automobiles owing to rising income levels and changing lifestyles in emerging economies of Asia Pacific and Latin America is driving the consumption of gas springs. Additionally, the surge in sales of premium and luxury vehicles equipped with advanced features is also boosting the gas spring market.
Key players are expanding their manufacturing facilities and distribution network globally especially in Asia Pacific and Latin America to leverage the high growth opportunities. Mergers and acquisitions between large players and small component manufacturers is also a growing trend in the gas spring market.
Market Key Trends
With the increasing electrification of vehicles, carmakers are focusing on lightweighting to enhance vehicle efficiency. Gas springs made of high strength aluminum and titanium alloys provide weight savings compared to steel versions. This increased application of lightweight gas springs in electrical vehicles will be a key trend in the upcoming years. Additionally, the development of gas springs integrated with sensors and actuators for automated liftgates and seats in autonomous vehicles will also offer lucrative opportunities. Manufacturers are investing heavily in R&D to develop smarter and efficient gas springs for evolving automotive applications.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established distribution channels by existing players make the threat low.
Bargaining power of buyers: Large buyers have moderate bargaining power due to availability of substitutes and less switching cost.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and supplier concentration.
Threat of new substitutes: Substitutes like springs, hydraulic and pneumatic cylinders pose moderate threat due to product functionalities.
Competitive rivalry: Intense due to increased product differentiation, growing customer demand and presence of multiple global and regional players.
Geographical Regions
North America holds the largest share in the gas spring market in terms of value due to wide industrial applications in the region.
Asia Pacific is expected to be the fastest growing region during the forecast period owing to rapid industrialization, increasing manufacturing activities and growing construction sector in emerging economies like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
