by An automobile liquid accumulator is a component used in hydraulic brake systems of automobiles to store hydraulic fluid and maintain uniform vehicle brake pressure. It helps in absorbing pressure variations caused due to movement of pistons during braking operations. Growing automotive production and sales globally have fueled the demand for automobile liquid accumulators.
The global Automobile Liquid Accumulator Market is estimated to be valued at US$ 2080.75 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for automobiles propelled by rise in disposable incomes and rapid urbanization has been a major factor driving the growth of the automobile liquid accumulator market. As per various industry estimates, global automobile sales reached over 93 million units in 2020 and are expected to cross 100 million units by 2024. This surge in automobile sales has translated into increased demand for automobile components including liquid accumulators to ensure smooth braking operations, thereby positively impacting the market growth.
SWOT Analysis
Strength: The automobile liquid accumulator has wide applications in automotive such as in braking systems, suspension systems, and transmission systems. It provides smooth operation and protects hydraulic systems from shock loads.
Weakness: Higher costs associated with liquid accumulators as compared to traditional hydraulic equipment. Require regular maintenance and replacement of parts to ensure optimal performance.
Opportunity: Growing automotive production across the world particularly in Asia Pacific countries provides major growth opportunities. Increasing focus on passenger safety and comfort drives the demand for advanced braking and suspension systems.
Threats: Volatility in raw material prices can increase the overall costs. Presence of local and cheap substitutes in certain markets pose pricing challenges.
Key Takeaways
The global automobile liquid accumulator market demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Automobile Liquid Accumulator Market is estimated to be valued at US$ 2080.75 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Asia Pacific region dominates the market currently due to large automobile production hubs in China, India, and Japan. The automobile liquid accumulators find wide usage in braking systems, suspension systems, and transmission systems of vehicles owing to benefits such as smooth operation and protection of hydraulic systems from shock loads.
Key players
operating in the automobile liquid accumulator market are Liebherr-International AG, Shanghai Zhenhua Heavy Industries Co., Ltd., Wison Group, Konecranes, Kalmar, Kranunion GmbH, Sany Group Co., Ltd., Noell Crane Systems (China) Limited, Anupam Industries Limited, and MAC PORT Macchine Operatrici Portuali s.r.l. Asia Pacific region is expected to maintain its dominance during the forecast period owing to higher automobile production in China, Japan and India. The demand is driven by the growing need for safety and ride comfort features in vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
