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The Global Automobile Liquid Accumulator Market Is Driven By Increasing Demand For Heavy-Duty Cranes

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Sneha
The Global Automobile Liquid Accumulator Market Is Driven By Increasing Demand For Heavy-Duty Cranes

The global automobile liquid accumulator market comprises accumulator type hydraulic systems that are an integral part of hydraulic systems used across construction, mining, and material handling equipment such as heavy-duty cranes and bulk material handling equipment. Automobile liquid accumulators help in energy accumulation and dissipation in hydraulic systems, reducing pressure fluctuations caused due to motion of hydraulic cylinders and movement of load. They play a vital role in efficient transmission of power from hydraulic pumps to hydraulic cylinders and heavy-duty lifting and moving systems. Accumulators come equipped with a bladder or piston that separates the compressed air or nitrogen from hydraulic fluid inside the accumulator body. Key types of accumulators used are bladder accumulators and piston accumulators. 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.


Key Takeaways

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.. The global automobile liquid accumulator market is expected to witness significant growth over the forecast period owing to growing demand for high load-bearing, durability, and efficiency requirements in material handling and construction equipment sectors. Key players are focusing on geographic and capacity expansion plans to leverage growth opportunities in emerging markets in Asia Pacific and Middle East & Africa.


The global automobile liquid accumulator market is expected to be driven by growing demand for heavy-duty cranes and material handling equipment across various end-use industries such as construction, shipping & port operations, mining, and manufacturing. Increasing construction of infrastructure projects, new plant setups, and expansion of manufacturing facilities are fueling the demand for high load-bearing and reliable lifting and excavation equipment. This in turn is driving the demand for efficient hydraulic power transmission components such as accumulators. In addition, rapid growth of the e-commerce sector is propelling the demand for warehousing and material handling equipment globally.


Market drivers

Rising demand for heavy construction machinery and material handling equipment from emerging economies is a key growth driver for the global automobile liquid accumulator market. Developing nations in Asia Pacific and Middle East regions are witnessing significant investments in infrastructure, industrial, and commercial construction projects which is boosting the demand for loaders, excavators, cranes, and bulk material handling equipment. This is positively impacting the growth of the automobile liquid accumulator market.


The current geopolitical situation is impacting of the Automobile Liquid Accumulator Market Growth. Rising tensions between major economies are disrupting global supply chains and trade flows. This is negatively affecting the production and distribution of automobile liquid accumulators across key markets. Manufacturers are facing difficulties procuring raw materials and components due to restrictions imposed on trade with certain countries. The market growth is also hampered due to declining vehicle demand in some countries amid economic uncertainties arising from geo-political issues.


To overcome these challenges, accumulator manufacturers will need to diversify their supply sources, establish localized production facilities, and optimize inventory management. Collaborating with local partners can help gain better access to raw materials and components. Automakers also need to focus on building resilient supply networks that can withstand disruptions. Adopting advanced technologies like 3D printing for producing accumulators can reduce dependencies on global supply chains. Investing in R&D of lightweight and durable accumulator designs suited for electric vehicles will be a key future strategy to capitalize on growing demand.


In terms of value, the North American region holds the largest share in the global automobile liquid accumulator market and is estimated to surpass US$ 780 million by 2024. This is attributed to strong demand for vehicles and presence of leading accumulator manufacturers in the US and Canada. The region is also witnessing rapid electrification of vehicles which is propelling the demand for automobile liquid accumulators used in braking and suspension systems of EVs.


The automobile liquid accumulator market in Asia Pacific region is projected to grow at the fastest rate during the forecast period. China accounts for a major chunk of accumulator production and consumption in the region. Expanding automotive manufacturing clusters and rising vehicle parc in China, India and ASEAN countries are catalyzing the accumulator market growth in Asia Pacific. Government initiatives to promote indigenous manufacturing will further support the regional market.

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