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Gas springs are widely used in automotive applications such as bonnets, boots, seat adjustment, and liftgate doors owing to their lightweight and compact nature. The growing automotive production is expected to drive the demand for gas springs in the industry. The global Gas Spring Market is estimated to be valued at US$ 3,000.0 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of gas springs across various industries such as automotive, aerospace, marine, and furniture is one of the major trends that is driving the growth of the global gas spring market. Within the automotive industry, gas springs are increasingly being used in applications such as bonnet pops, boot lids, seat adjusters, and rear hatch doors. Their lightweight and compact nature makes them an ideal solution for automakers to replace other spring systems. Moreover, gas springs offer benefits such as stroke length adjustment, resistance adjustment, and energy storage in a compact package. This makes them a desirable option for automakers. The growing automotive production across regions will continue to drive the demand for gas springs over the forecast period.
Segment Analysis
The global gas spring market is dominated by the industrial gas spring segment. Industrial gas springs are widely used across manufacturing equipment used in industries like automotive, aerospace, electronics, and material handling to automate processes. They provide vibration damping and shock absorption and facilitate smooth operation of mechanical assemblies. This makes them suitable for various lifting, lowering, closing, and positioning applications in industrial machinery.
Key Takeaways
The global gas spring market is expected to witness high growth over the forecast period of 2023 to 2030. Rapid industrialization and growth of the manufacturing sector globally are driving demand for industrial machinery that relies on gas springs.
Regional analysis: The Asia Pacific region currently dominates the global gas spring market and is expected to witness the fastest growth. Countries like China, India, Japan, and South Korea have large and growing manufacturing industries. Increasing domestic manufacturing and expansion of international OEMs in these countries is propelling the demand for gas springs. The presence of a large number of gas spring manufacturers also makes Asia Pacific a key manufacturing hub.
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. Stabilus GmbH and HAHN Gasfedern GmbH are recognized as technology leaders in gas springs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
