Automotive Spacer Ring Market to Propel with Robust CAGR of 15.8% Throughout 2022 to 2032 Due to Increasing Urge to Reduce Carbon Emissions. North America is set to lead the automotive spacer ring market in the forecast period
NEWARK, Del., July 28, 2022 /PRNewswire/ — The global automotive spacer ring market is estimated to create an absolute dollar opportunity with a valuation surpassing US$ 853.2 Million in 2032. The automotive spacer market is estimated to reach US$ 421.7 Million in 2022, as per a report by FMI. The market is projected to exhibit steady growth at a CAGR of 15.8% in the forecast period from 2022 to 2032.
Rising investments by governments of various countries in the development of the automotive sector are set to propel sales of automotive space rings in the assessment period. Ongoing technological advancements to manufacture innovative automotive systems is likely to augur well for the global market.
Automotive spacer rings are widely used to protect multiple auto parts from all sorts of wear and tear. These spacer rings also help to gain specific positioning for the operational stability of a vehicle. Based on the size of the gap that requires to be filled, the formation of automotive spacer rings takes place
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Key Takeaways
- With the increased usage of automotive spacer rings in dual pipe exhaust systems, wheel mounting, and camshaft, the demand for automotive spacer rings is anticipated to grow at a rapid pace in the upcoming years.
- The ability of automotive spacer rings to maintain a particular distance between two intermediate auto parts is another vital factor that is set to spur growth in the global market.
- Automotive spacer rings are designed to divide two parts of a vehicle in order to gain the desired output due to which they are considered to be a secondary component in automobiles.
- The easy availability of automotive spacer rings made of numerous materials, such as nickel bronze, aluminum, and stainless steel is expected to augur well for the global market.
- Spike in sales for the automotive spacer rings market is projected owing to the increasing demand for passenger cars and commercial vehicles across the globe.
- The rising per capita income of people in developing countries and increasing usage of luxury passenger cars in developed countries for high levels of comfort are also expected to propel the market.
- The surging number of e-commerce and construction activities all over the world are anticipated to push the need for smooth material transportation. With an increase in the sales of commercial vehicles, the global automotive spacer rings market is also propelling.
Competitive Landscape
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 key companies profiled in the full version of the report.
Leading 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 broaden their manufacturing facilities, as well as join hands with start-up companies to develop innovative products in the market.
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More Insights into the Automotive Spacer Ring Market
According to FMI analysis, North America is projected to dominate the global automotive spacer ring market, accounting for the largest share in the evaluation period.
Government regulations imposed in the U.S. and Canada are forcing the automotive industry to cut short the greenhouse gas emissions and tackle carbon emission problems caused by diesel fuel combustion. Therefore, automakers are investing more in the development of electric trucks to replace diesel trucks.
A leading automotive company exhibited its latest North American Class 8 battery-electric project trucks at an exclusive event in California. The company is planning to sell its electric trucks across North America for construction operations, as well as urban transportation. Owing to the increasing number of new product launches in the United States is anticipated to auger well for the market.
The ongoing expansion of the industrial automation sector in developing countries like India and China is one of the crucial factors that will auger the demand for spacer rings in the Asia Pacific.
The rising shift of several goods transportation companies towards electric propulsion-based vehicles owing to the adoption of green transportation systems is also likely to aid growth.
Rising government initiatives in terms of tax rebates and subsidies are anticipated to drive high sales of commercial vehicles across the Asia Pacific region. The overall commercial vehicle sales grew from 568,559 to 716,566 units. These numbers are expected to increase at a rapid pace in India, thereby fostering the Asia Pacific market.
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Key Segments Profiled in the Automotive Spacer Ring Industry Survey
By Vehicle Type:
- Passenger Car
- Mid-size
- Compact
- Luxury
- SUVs
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric and Hybrid Vehicle
- Two Wheelers
- Scooters
- Motorcycles
By Material Type:
- Nickel Bronze
- Stainless Steel
- Carbon Steel
- Stainless Steel
- Aluminum
- Brass & Copper
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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SOURCE Future Market Insights
