February 22, 2024

Projected growth in automotive industry to boost the growth of the Global Gas Spring Market

Gas springs are mechanical devices that use compressed gas to absorb shock and generate assist force for industrial and automotive applications. They provide cost effective and efficient method of motion control by facilitating functions such as lift assistance, positioning, lowering and closing of various components. Gas springs find applications in automobile seats, liftgates, trunk lids, vehicle hoods and doors. They are also extensively used in furniture industry for chairs, tables and other products that require up and down motion. Gas springs are maintenance free and can withstand harsh environment over long periods of time.

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:
One of the key trends in the gas spring market is the growing demand from automotive industry. Automotive sector is undergoing transformation with increasing sales of passenger and commercial vehicles globally. According to OICA, global passenger car production increased by 4.6% to reach over 77.6 million units in 2019. Rising automotive production is fueling the demand for gas springs that are used in vehicle doors, hoods, trunk and seats. Manufacturers are focusing on development of lightweight and durable gas springs with longer operation life to meet stringent standards of automobile OEMs. In addition, increasing demand for adjustable office chairs and industrial machineries is also driving the sales of gas springs.

Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate as gas spring manufacturing requires high capital investment and technological expertise. However, new companies can leverage advanced manufacturing technologies and serve niche applications.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the availability of various gas spring substitutes and manufacturers. However, product quality and reliability increase buyer loyalty towards established brands.
Bargaining power of suppliers: Gas spring suppliers have moderate bargaining power due to the availability of raw material substitutes in the industry. However, suppliers of specialized components and patented technologies may exert high influence.
Threat of new substitutes: The threat of new substitutes is moderate as alternative actuation technologies provide certain performance improvements over gas springs. However, gas springs offer diverse functionality, durability, and improved return action.
Competitive rivalry: Competition in the gas spring market is high owing to intense pricing pressure from regional and global suppliers.

Key Takeaways:
The global gas spring market size is expected to reach US$ 4,500.0 Mn by 2030, expanding at a CAGR of 6.6% during the forecast period. Increasing demand for gas springs from end-use industries including automotive, aerospace, marine, healthcare, and furniture & equipment is fueling the market growth.

Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead through 2030. Presence of major automobile manufacturers and rising aerospace & defense expenditure in the US and Canada are driving the regional market. Asia Pacific is projected to witness the fastest growth during the forecast period with China, India, Japan, and South Korea emerging as high potential countries.

Key players: 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 is one of the dominant players accounting for over 10% of the global market

*Note:

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