The global automotive spacer ring market is expected to reach USD 565.5 million by 2024, with a projected Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period, eventually attaining a value of USD 2,451.9 million by 2034.
Automotive spacer rings are highly valued for creating a gap between the wheel hub and the rim, ensuring proper alignment and spacing between components, which is crucial for vehicle safety and performance. Typically made from metal or durable plastic, these rings are designed to endure high loads and stresses encountered in vehicles.
By preventing direct contact between press-fitted components, spacer rings reduce wear and tear, prolonging the lifespan of the parts and improving overall vehicle performance. Additionally, they allow better airflow through the exhaust system, further enhancing efficiency.
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Key Takeaways from the Automotive Spacer Ring Market Report:
- 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.
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.
Automotive Spacer Ring Market Segmentation:
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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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