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Automotive Gas Spring Market Segmented By Types such as Lock and Non-lock having Vehicle Type includes Passenger Cars and Commercial Vehicles
The automotive gas spring supports four-wheeler vehicles in the opening and closing of automotive engine compartment hoods and rear gates using gas reaction force. It helps in smooth opening and closing of doors, bonnet, and sunshade reducing the abrasion and vibration. Automotive gas spring finds application in car bonnet, trunk, rear hatch door, and sunshade.
The emerging trend of autonomous and electric vehicles in the automotive sector has opened new growth avenues for automotive gas spring products. Shifting consumer focus towards new growth opportunities led by rise in young population and middle-income group people are factors augmenting the growth of the automotive industry. Besides, an increase in credit availability and economic growth have resulted in strong product demand.
Automotive gas spring is growing as an essential energy storage equipment in the automotive industry owing to its easy movement and lubrication. Further, growth in the automotive industry attributed to the rise in sales of lightweight vehicles is anticipated to surge automotive gas spring demand.
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Increasing preferences for shared mobility among younger and tech-savvy population is projected to increase the penetration of autonomous vehicles. The urban areas are anticipated to witness the widespread propagation of electric and shared vehicles. Such trends exhibit that global demand for automotive gas spring will increase during the forecast period.
The industrial revolution has surged the commercial operation in logistic services which has strongly influenced the sales of heavy commercial vehicles. The manufacturing sector is expected to expand in the coming years owing to the positive economic outlook which is likely to accelerate the sales of commercial vehicles, thus the automotive gas spring market.
Rising infrastructure and construction activities across the globe have increased the demand for materials transportation. Also, e-commerce penetration and flourishing travel industry have triggered the demand for light and heavy commercial vehicles which is positively driving the demand for automotive gas spring.
Stringent government regulation on vehicle emission has opened new growth opportunities for electric vehicle manufactures. Further, rising awareness among consumers regarding health ailments from the environment population caused by vehicle emission will propel the automotive gas spring application in electric vehicles.
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North America is anticipated to witness a high demand for automotive gas spring products from the used car industry. The trends of purchasing a refurbished car in the US has increased phenomenally due to budgetary constrain among consumers who have switched the product demand from OEM to aftermarket segment. Europe is anticipated to witness around 55% of the new car from the electric vehicle segment.
China is projected to be the leading market for the automotive industry, electric vehicle and luxury car sales are contributing to market growth. The Middle East and Africa are anticipated to witness healthy growth in commercial vehicle sales due to the high demand for transportation services in the construction and retail industry.
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Some of the market participants identified in the global Automotive Gas Spring market include:
The research report presents a comprehensive assessment of the Automotive Gas Spring market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The report also contains projections using a suitable set of assumptions and methodologies.
The Automotive Gas Spring market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with the market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
