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Automotive Shackle Market Segmented By Vehicle type such as Passenger Cars and Commercial Vehicles having materials such as Stainless Steel, Galvanized Metal and Carbon Steel
The automotive spring shackle is a part of a suspension system which function as swing support in vehicles. It is a type of spring which allows motion between wheels and vehicle. Shackle help to enhance spring flexibility.
Automotive shackles play a crucial role in keeping the vehicle tires in contact with pavement throughout rough terrains. The trucks and cars which are significantly used to ride in treacherous terrains find shackle as a vital part of the suspension system.
Tow and D shaped shackles is used for pulling other vehicles for recovery or in emergency. There are different types of automotive shackles such as bow, hanger, snap, headboard, twist, and threaded. An automotive shackle is also known as gyve is made of metal which is U shaped.
The automotive industry is focusing on public transportation, greener cars, autonomous driving, and smart technology, to meet the demands of customers. Trend of purchasing light commercial vehicle for travel electric vehicles to reduce environmental impact and refurbished cars have opened new growth avenues for automotive shackles market.
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The demand for bus and coaches in travel and tourism industry is growing due to increase in the flow of tourist arrival in countries such as Thailand, Mexico, Germany, UK, Italy and China. Growing consumer trend to experience local culture and cuisine of different countries has accelerated the travel and tourism industry which is an instrumental factor driving the demand for commercial vehicles, thus automotive Shackle.
Logistics plays a crucial role in the industry value chain. Government relaxation on the trade tariff and convenient transit route have increased the logistic services which have triggered the demand for commercial vehicles.
In addition, E-commerce penetration has opened new growth opportunities for light weight commercial vehicles surging the demand for transportation of goods which is anticipated to augment the demand for the automotive shackle.
Increase in number of vehicles on road has surged the number of road accidents according to World Health Organization (WHO) road traffic crashes cost most countries around 3% of their GDP. Application of tow and D ring shackle for pulling other vehicle in emergency or for recovery has increased in past few years due to rise in number of road accidents which is favoring market growth.
The demand for luxury cars with better technology and features remains constant. In China, luxury car brands such as BMW, Porsche, and Mercedes-Benz have witnessed positive sales growth in 2019.
Middle- East is one of the prominent market for luxury car. Continuous demand for luxury car among premium customer keeps the automotive shackle market progressive during the next five years.
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The Asia-Pacific is witnessing increase in public sector investment in automotive industry and purchase of passenger cars which is positively impacting the market. Countries such as China, India, South Korea, and Japan are prominent countries contributing to the growth automotive shackle market.
In North America, the US holds the largest market share, presence of a large number of automotive manufacturers and a huge investment in research & development of the automotive sector which was around USD 19 billion in 2018 has positively impacted the market.
In Europe, the automotive industry is led by Germany, Spain, UK, and France. High demand for German manufactured luxury cars across the globe is one of the key factor driving the demand for automotive shackles in the region.
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Some of the market participants identified in the global automotive shackle market include:
The research report presents a comprehensive assessment of the automotive shackle 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 shackle 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.
