The Automobile Liquid Accumulator Market is estimated to be valued at US$ 1,806.2 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automobile liquid accumulators function as storage tanks for hydraulic liquids and provide additional capacity needed for engine braking, variable assist power steering, suspension systems and air conditioning compressors in vehicles. They help maintain consistent pressure and flow rates in hydraulic systems even when the demand fluctuates. Accumulators are vital components for any vehicle hydraulic system as they store pressurized liquids and provide a reliable source of energy for safety-critical braking and steering functions.
Market Dynamics:
Rising demand for compact yet powerful hydraulic components in passenger and commercial vehicles represents a key driver for the market. Accumulators allow designers to reduce the size of hydraulic pumps and motors without compromising vehicle performance. Moreover, growing adoption of hybrid and electric vehicles is augmenting market growth. Since electric vehicles lack mechanical braking assist from internal combustion engines, accumulators play an important role in providing pressure for braking functions. Additionally, expanding application of active safety systems such as collision avoidance, dynamic stability control and rollover prevention in vehicles requires high-pressure hydraulics, thus driving accumulator adoption. New vehicle models are increasingly incorporating advanced driver-assistance systems which further drive the need for efficient hydraulic energy sources like accumulators.
Segment Analysis
The Global Automobile Liquid Accumulator Market is dominated by the hydraulic segment. This segment currently holds around 70% of the total market share. The hydraulic segment is dominating as hydraulic accumulators are commonly used in heavy commercial vehicles and agricultural equipment where heavy liquid pressure is required.
PEST Analysis
Political: Stable political environment and supportive government policies towards automobile industry growth in many countries is positively impacting the market.
Economic: Growing global economy and rising disposable incomes are increasing automobile demand which is driving the need for advanced accumulator systems.
Social: Changing lifestyle and preference for personal mobility options is fueling the sales of passenger vehicles worldwide.
Technological: Developments in accumulator design materials to improve efficiency and develop compact accumulators suitable for hybrid and electric vehicles provide growth opportunities.
Key Takeaways
The global automobile liquid accumulator market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing global automobile production and sales. Asia Pacific is expected to emerge as the fastest growing region owing to large automotive manufacturing hub in China and India.
Regional analysis: Asia Pacific region holds around 35% share in the global automobile liquid accumulator market and is expected to maintain dominance over the forecast period. Higher automobile production in China and India is driving the growth.
Key players operating in the automobile liquid accumulator market are Bosch Rexroth AG, Parker Hannifin Corporation, HYDAC International GmbH, Eaton Corporation, WABCO Holdings Inc., NOK Corporation, Freudenberg Sealing Technologies, Continental AG, Denso Corporation, Magneti Marelli S.p.A., ZF Friedrichshafen AG, Schrader International Inc., Rheinmetall Automotive AG, Aisin Seiki Co., Ltd., and HELLA GmbH & Co. KGaA. Major players are focusing on new product innovations to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
