Automotive Spacer Ring Market is expected to be valued at US$ 853.2 Mn in 2032, likely to surge at a vigorous 15.8% CAGR during forecast period 2022-32
NEW YORK, NEW YORK, UNITED STATES OF AMERICA, June 16, 2022 /EINPresswire.com/ — The global automotive spacer ring market size is expected to be valued at US$ 853.2 Million in 2032. Automotive spacer rings are extensively used to protect various auto parts from wear and tear, as well as to gain specific positioning for operational stability of a vehicle.
The global automotive spacer ring market is anticipated 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.
For the efficient working of two intermediate automotive parts, sometimes, they are needed to maintain a specific distance from each other which is done by an automotive space ring. Automotive spacer ring is a secondary automotive component that is designed to separate two parts of a vehicle at a specific known amount in order to generate the desired output. Automotive spacer ring are used to achieve specific positioning for operational stability of an automobile, and to protect the auto parts from wear and tear. The size of the automotive ring spacer is decided on the basis of size of the gap that needs to be filled. Automotive spacer rings are mostly used in the camshaft, wheel mounting, and dual pipe exhaust system.
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Automotive Spacer Ring Market: Drivers and Opportunities
The increasing globalization, industrialization, and urbanization across the world are enhancing the demands for vehicles in the market which is projected to accelerate the demand for automotive spacer ring. From the last decade, the automotive industry has been witnessing an increasing investment in the automotive sector. Such investments are leading towards the technological development of the automotive and automotive components front.
Technological development translates to produce new generation automotive systems which is anticipated to drive the automotive component market. This new generation automotive system is projected to propel the growth of automotive spacer ring market. The growing economy is expected to impact the per capita income of every individual. This fact is estimated to make a positive scenario for the automotive all over the world, which in turn, will significantly progress the growth of the overall automotive spacer ring market. The increasing demand for high performance and luxury vehicles across the world is anticipated to drive the growth of the automotive spacer ring market.
All over the world, the automotive fleet is increasing day by day which is constantly in need of maintenance and replacement of automotive components. The frequent maintenance and replacement of automotive components is stipulated to positively impact the automotive spacer ring market. The automobile manufacturers are reducing the level of copper and heavy metals as a raw material, thereby, growing the inclination towards advanced lightweight and efficient materials which is expected to increase the demand for automotive spacer rings.
Automotive Spacer Ring Market: Regional Outlook
In the automotive spacer ring market, North America is estimated to be the leading consumer with the highest market share amongst all regions. North America has experienced a growth in the manufacturing and consumption of automotive spacer ring due to volume sales of automobiles and automotive parts and components. In terms of revenue share, Europe is expected to follow North America and generate significant demand for remanufactured automotive spacer ring in the coming years. In terms of growth rate, China will likely lead the automotive spacer ring market in the remanufacturing segment.
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Automotive Spacer Ring Market: Key Participants
Examples of some of the market key players operating in the global automotive spacer ring market are:
• WADE Drains
• Mondello Performance Products, Inc.
• Eaton Corporation
• Sick AG
• KnitMesh Technologies
• L. Huyett (Shims)
• Crane cams
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Automotive Spacer Ring Market: Segments
The Automotive Spacer Ring Market can be segmented on the basis of automobile type, material, Sales channel and region.
On the basis of the vehicle type, the Automotive Spacer Ring Market can be segmented as:
• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Electric and Hybrid Vehicle
• Two Wheelers
On the basis of the material type, the Automotive Spacer Ring Market can be segmented as:
• Nickel bronze
• Stainless Steel
• Carbon Steel
• Stainless Steel
• Brass & Copper
On the basis of the sales channel, the Automotive Spacer Ring Market can be segmented as:
• OEM (Original Equipment Manufacturer)
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• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth automotive spacer ring market segmentation
• Historical, current, and projected automotive spacer ring market size in terms of volume and value
• Recent industry trends and developments
• Automotive spacer ring market: Competitive landscape
• Strategies of key players and products offered in Automotive spacer ring market
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on automotive spacer ring market performance
• Must-have information for automotive spacer ring market players to sustain and enhance their market footprint
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