Automotive Gas Springs Market Size, Share, Growth, and Industry Analysis by Type (Lift Gas Spring (Non-locking), Lockable Gas Springs), by Application (OEM, Aftermarket), and Regional Forecast By 2032

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Automotive Gas Springs Market Report Overview

The global automotive gas springs market size was USD 1.202 billion in 2023 & the market is expected to reach USD 1.61 billion in 2032, exhibiting a CAGR of 3.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with automotive gas springs market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

An automotive gas spring is a device that is used to compress gas contained inside a sealed system. It is growing as an essential energy storage equipment in automotive industry owing to its easy movement and lubrication. With a growing emphasis on ergonomics and operator ease, the demand for gas springs in adaptable and ergonomic equipment, including office chairs, height-adjustable desks, and hospital beds, is rising expressively. Companies of gas springs are focusing on increasing their product offerings to meet the exact desires of the industries. Gas spring are used in numerous aerospace and defence applications including aircraft seats, canopies, and cargo section. The aerospace industry is undergoing growth due to growing air travel and defence investment, presenting numerous opportunity. The automotive industry grants a substantial opportunity for the automotive gas springs market as springs find widespread usage across varied automotive applications. With growing sales and manufacture of vehicles globally there is a rising demand for gas spring to enhance the functionality and suitability of automobile constituents. Gas springs normally have a limited temperature range within which they can operate efficiently. Industries that function harsh environment require specific gas springs to resist the temperature. Gas springs are broadly used in automotive hoods and trunks to support in their opening and closing operation. Spontaneously increase the demand for the aftermarket parts such as automotive springs, and others at a very vigorous rate. These rising activities in the OEM and aftermarket are estimated to generate the enormous opportunities for the growth of the automotive gas springs over the upcoming years in the market internationally. Constant technological progressions in gas spring design, resources, and business procedures are estimated to drive market development. The growing importance on lightweight products in various industries, including automotive and aerospace, is anticipated to drive the demand for gas springs made from lightweight resources. The gas spring market is extremely competitive, with several companies operating worldwide. Continuous technological improvements in products such as adjustable gas springs such as gas pistons that offer ease while driving also motivates this industry. Moreover, growing demand for luxury vehicles, spare parts, and growing vehicle production is estimated to fuel the growth of automotive gas springs over the forecast period.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

COVID-19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Automotive sector had significant drop due to oil price fluctuation and economic slowdown in the region. The supply chain got affected as there was shortage of raw material, labours. The automotive gas springs market will continue to grow due to the strict security rules forced by regulatory administrations and governments.

Latest Trends

"Use of innovative technology to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the downstream market. Technological advancement will improve performance and propel the automotive gas springs market growth. As the demand for automotive in developing markets is projected to rise in the future, the demand for automotive gas spring will also upsurge. Technological developments and modernisation are estimated to play a crucial role in improving the performance of the product and growing its uses in several industries.

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Automotive Gas Springs Market Segmentation

• By Type Analysis

According to type, the market can be segmented into lift gas spring (Non-locking), lockable gas springs

Lift gas spring (Non-locking) capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into OEM, aftermarket.

Automotive gas springs market players cover segment as OEM will dominate the market share during forecast period.

Driving Factors

"Technological improvement to upsurge the market growth"

Developments in gas spring market such as the progress of new materials, enhanced sealing systems, and improved checking are increasing the application areas of gas springs. This technological improvement is furthering the market growth. Customer likings tend to support automotive gas spring companies as the demands are mainly motivated toward better safety and comfort.

"Rising awareness to drive the demand in market."

With growing construction activities and infrastructure across the world have enlarged the demand for material transportation which straight away prompted the demand for commercial vehicles which is fuelling the demand of automotive gas spring market. Rising awareness regarding fitness conditions from environmental population caused by vehicle release will impel the automotive gas springs use in electric vehicle.

Restraining Factors

"Fluctuation in raw material to hamper the market growth "

Fluctuations in raw material prices can affect production costs and profitability for automotive gas spring manufacturers. Raw materials used in gas spring manufacturing are steel, aluminium, and several types of seal thus, fluctuation in price and hamper the market. Price fluctuation can increases the overall cost and maintenance. Thus this may affect the growth factor and show negative effects.

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Automotive Gas Springs Market Regional Insights

"North America to dominate the region due to improved standard of living "

North America is further expected to witness growth in the automotive gas springs market share. The growth in this region can be credited to the factors such rising disposable income and improved standard of living of people. This region is projected to witness a high demand for automotive gas spring market as rising uses in the industries led to rising demand for nitrogen gas springs. Due to huge growth in automotive sector this region held leading share.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

LIST OF TOP AUTOMOTIVE GAS SPRINGS COMPANIES

• Stabilus (Germany)
• Suspa (Germany)
• American Gas Springs (AGS) (U.S.)
• Bansbach (Germany)
• Lesjofors (Finland)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas.