The automotive spacer rings market is expected to propel with a robust CAGR of 15.8% from 2022 to 2032 owing to the growing urge to reduce carbon emissions. North America is expected to dominate the automotive spacer ring market over the forecast period
NEWARK, Del., July 28, 2022 /PRNewswire/ — The global automotive spacer market is estimated to create an absolute dollar opportunity with a valuation exceeding US$853.2 million in 2032. The Automotive Struts Market is expected to reach US$421.7 million in 2022, according to an IMF report. The market is expected to show steady growth at a CAGR of 15.8% during the forecast period of 2022 to 2032.
Growing investments by governments of various countries in the development of the automotive sector are expected to propel the sales of automotive space rings during the assessment period. Ongoing technological advancements to manufacture innovative automotive systems bode well for the global market.
Automotive spacers are widely used to protect multiple automotive parts from all kinds of wear. These spacers also allow for specific positioning for the operational stability of a vehicle. Depending on the size of the gap to be filled, the formation of automotive spacer rings takes place
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Key points to remember
- With the increased use of automotive spacers in dual pipe exhaust systems, wheel mounting and camshaft, the demand for automotive spacers is expected to grow at a rapid rate in the coming years.
- The ability of automotive spacers to maintain a particular distance between two intermediate automotive parts is another vital factor expected to drive the growth of the global market.
- Automotive struts are designed to divide two parts of a vehicle to achieve the desired performance due to which they are considered a secondary component in automobiles.
- The easy availability of automotive spacers made of many materials, such as nickel bronze, aluminum and stainless steel, should bode well for the global market.
- An increase in sales for the automotive spacer rings market is predicted owing to the growing demand for passenger cars and commercial vehicles across the globe.
- Rising per capita income of people in developing countries and growing use of luxury passenger cars in developed countries for high comfort levels are also expected to propel the market.
- The increasing number of e-commerce and construction activities around the world is expected to increase the need for smooth transportation of materials. With an increase in sales of commercial vehicles, the global market for automotive spacer rings is also propelled.
Sick AG, WADE Drains, Crane Cams, Mondello Performance Products, Inc., KnitMesh Technologies, SPIROL, Eaton Corporation, Competition Cams, Inc., ARaymond, L. Huyett (Shims) are some of the major companies featured in the full version of the report.
Major players in the global market are increasingly focusing on research and development activities to launch new products and expand their customer base. Some of the other key players are aiming to expand their manufacturing facilities, as well as partner with start-ups to develop innovative products in the market.
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More insights into the Automotive Spacer Rings Market
According to IMF analysis, North America is expected to dominate the global automotive spacer ring market, accounting for the largest share of the evaluation period.
Government regulations imposed in the United States and Canada compel the automotive industry to reduce greenhouse gas emissions and address the carbon emissions problems caused by the combustion of diesel fuel. Therefore, automakers are investing more in the development of electric trucks to replace diesel trucks.
A leading automotive company showcased its latest North American Class 8 battery-electric project trucks at an exclusive event at California. The company plans to sell its electric trucks across North America for construction operations, as well as urban transport. Due to the increasing number of new product launches in United States should bode well for the market.
The continued expansion of the industrial automation sector in developing countries like India and China is one of the crucial factors that will increase the demand for spacer rings in the Asia Pacific.
The increasing transition of several freight transportation companies to electric-powered vehicles due to the adoption of green transportation systems is also expected to support growth.
Growing government initiatives in terms of tax breaks and subsidies are expected to boost commercial vehicle sales across the country. Asia Pacific Region. Overall commercial vehicle sales increased from 568,559 to 716,566 units. These numbers are expected to increase at a rapid rate in Indiathus promoting the Asia Pacific market.
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Key segments profiled in the Automotive Spacer Rings industry survey
By type of vehicle:
- Passenger car
- Medium sized
- Light commercial vehicle
- heavy duty vehicle
- Electric and hybrid vehicle
- Two wheels
By type of material:
- Stainless steel
- Carbon steel
- Stainless steel
- copper brass
By sales channel:
- Original Equipment Manufacturer (OEM)
- Secondary market
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Product life cycle analysis
3.5. Supply chain analysis
The table of contents continues..!
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