Rockville, MD, Nov. 04, 2024 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR, a market research and competitive intelligence provider, the global automotive vibration control system market is expected to reach a valuation of US$ 271.59 Bn by the end of 2034 while expanding at a CAGR of 3.6% over the same period.
Convergence in the automobile industry promises a positive stance and dynamic changes in demand. Additionally, the momentum of core factors are driving the shift of consumer preference, including economical, demographical and social disruption, with the aid of technological advancements. Dynamically shifting consumer preference towards elite and luxurious vehicles owing to surge in disposable income and global per capita GDP plays a vital role in the industry.
Luxurious vehicle demand has witnessed a swift and steady recovery from the COVID-19 pandemic and has reached the pre-COVID trajectory. Luxury automobiles account for roughly 13% of total global car sales, and are expected to hold a market share of around 16-18% over the decade. As such, growing demand for luxury vehicles will subsequently drive the sales of vibration control systems.
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Key Takeaways from Market Study
- The global automotive vibration control system market is poised to expand at a CAGR of 3.6% through 2034.
- On the basis of type, the market is projected to be dominated by body & chassis with 70% market share by 2034
- North America is likely to an attractive region from the demand side. The region is projected to utilize more than 2,154.6 Mn units of automotive vibration control systems by the end of 2034.
- By vehicle category, commercial vehicles are likely to account for 3% of revenue share in the global market and create an absolute $ opportunity of US$ 40.4 Bn over the assessment period.
- The OEM sales channel is projected to grow 1.5X by value, while the aftermarket segment is set to grow by 1.3X during the forecast period.
- The European region is expected to register a CAGR of 3% over the forecast period and be valued at US$ 60.7 Bn by 2034-end.
“Passenger vehicles are likely to be the most attractive segment in this market and attract manufacturers for investments during the assessment period” says a Fact.MR analyst
Leading Players Driving Innovation in the Automotive Vibration Control System Market:
Key players in the automotive vibration control system market are Continental AG, Parker Hannifin Corp., Bridgestone Corporation, ZF Friedrichshafen, Trelleborg AB, HUTCHINSON, DynaTronic Corporation Ltd., Cooper Standard, GERB, Technical Manufacturing Corporation, LORD Corporation, Trelleborg AB, Farat Ltd., Bridgestone Corporation, Fukoku Co., Ltd., VICODA GmbH, MUPRO Services GmbH, Kinetics Noise Control, Inc.
Winning Strategy:
East Asia is likely to be the most prominent region from the demand side. Capital expansion and strong supply chain network in East Asia will open new doors for manufacturers during the assessment period.
In addition to this, market players have several opportunities to follow inorganic growth strategies such as mergers, partnerships, and collaborations to expand in the East Asia region.
Adoption of inorganic growth strategies will lead to a strong consumer base, which is poised to help cash flow generation in the near future.
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Automotive Vibration Control System Industry News:
- As part of a joint venture to execute predictive maintenance across its tanker fleet, Norwegian ship owner Solvang deployed SKF's Enlight ProCollect, a new manual vibration monitoring system, in January 2021.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive vibration control system market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2024-2034.
The study divulges essential insights on the market on the basis of type (engines & powertrains (damper pulleys, engine mounts, center bearing support and differential mounts), body & chassis (suspension bushing, air springs, strut mounts, dynamic dampers, cab mounts and frame & sub frame mounts), exhaust mounts, radiator mounts, and interiors (mounts and air springs), vehicle category (industrial vehicles (construction equipment, mining equipment, material handling equipment, agriculture & forestry equipment, industrial trucks, commercial vehicles (LCVs, HCVs, and buses & coaches), rolling stocks (locomotive, passenger, and freight) and passenger vehicles), and sales channel (OEM, aftermarket (online sales (company-owned websites, e-Commerce websites), offline (auto-parts stores and authorized dealers), and others), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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