AUTOMOBILE LIQUID ACCUMULATOR MARKET ANALYSIS

Automobile liquid accumulator market is estimated to be valued at US$ 1,806.2 Mn in 2023 and is expected to reach US$ 2,680.1 Mn by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% between 2023 and 2030. Liquid accumulators are crucial components that are used in various systems within vehicles, such as air conditioning, hydraulic systems, suspension systems, and power steering systems. These accumulators store and regulate the flow of liquid, thus ensuring proper functioning and performance of these systems.

Liquid accumulators play a vital role in automotive applications by maintaining stable pressure levels and preventing pressure fluctuations. They help optimize the performance and efficiency of systems that rely on liquid flow, thereby ensuring smooth operation and reliable performance of vital automotive functions.

Automobile Liquid Accumulator Market Regional Insights

• North America: North America has a significant presence in the automotive industry, with countries like the U.S. and Canada being major automobile manufacturers. The region has a strong demand for liquid accumulators due to the large number of vehicles on the road. Stringent emission regulations in North America drive the need for advanced hydraulic systems, including liquid accumulators, in order to improve fuel efficiency and reduce emissions. This region holds a substantial percentage of the market share, accounting for approximately 30%.
• Europe: Europe is another important region in the automotive industry, with countries like Germany, France, and Italy known for their automobile manufacturing prowess. The European market for liquid accumulators is driven by factors such as the demand for luxury vehicles, growing adoption of electric and hybrid vehicles, and the implementation of strict emission regulations like the Euro 6 standards. Europe holds around 20% of the market share.
• Asia Pacific: The Asia Pacific region is a significant market player in the global automobile Liquid Accumulator market. Countries like China, Japan, and South Korea have large automotive manufacturing industries. The region's growing population, rising disposable incomes, and increasing urbanization contribute to the demand for automobiles and subsequently, liquid accumulators. Adoption of electric vehicles in countries like China drives the need for hydraulic systems, including liquid accumulators. Asia Pacific accounts for approximately 25% of the market share.

Figure 1. Automobile Liquid Accumulator Market Share (%), By Region, 2023

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Analyst Viewpoint of the Automobile Liquid Accumulator Market: The automobile liquid accumulator market is expected to witness steady growth over the next five years. The rising sales and production of passenger cars and commercial vehicles globally will drive demand for liquid accumulators that are used in various automotive fluid systems. The growth of the electric vehicles segment also creates opportunities for accumulators that help manage hydraulic fluids in brake systems. However, strict emissions norms may push OEMs (Original Equipment Manufacturer) to develop alternative braking technologies like electric parking brakes that can restrain the market to some extent.

Automobile Liquid Accumulator Market Drivers:

• Increasing vehicle production: The growth of the automobile liquid accumulator market is closely tied to the production and sales of vehicles. As the automotive industry continues to expand and vehicle production increases, the demand for liquid accumulators also rises. Growing global population, rising disposable incomes, and urbanization are key drivers behind the increasing demand for automobiles.

According to the IEA (International Energy Agency), in 2022, Global Electric Vehicle Outlook, sales of electric vehicles are predicted to increase by another 35% this year 2023 to reach 14 Mn , from the more than 10 Mn that were sold globally in 2022.

• Focus on energy efficiency and sustainability: The automotive industry is placing a significant emphasis on energy efficiency and environmental sustainability. Stricter emission regulations and the need to reduce fuel consumption led to the development of more efficient vehicles. Liquid accumulators contribute to energy efficiency by optimizing fluid flow and reducing system inefficiencies, resulting in improved fuel economy and reduced emissions. According to the International Energy Agency, the global stock of electric passenger cars exceeded 10 Mn in 2020 and is estimated to grow to 145 Mn by 2030. The Agency's 2021 Global EV Outlook report predicts electric cars will account for over 60% of new passenger vehicle sales globally by 2040.

Automobile Liquid Accumulator Market Opportunities:

• Advancements in energy storage systems: The development of advanced energy storage systems, such as high-capacity batteries and fuel cells, creates opportunities for the automobile liquid accumulator market. These systems require efficient and reliable liquid accumulators for fluid management and pressure regulation. As energy storage technologies evolve, there is a need for liquid accumulators that can support their optimal performance. According to the International Renewable Energy Agency (IRENA), in 2022, worldwide energy storage capacity additions increased by 27% to reach 8.5 GW in 2020.
• Integration with advanced driver assistance systems (ADAS): Integration of advanced driver assistance systems, including adaptive cruise control, lane-keeping assist, and collision avoidance systems, presents opportunities for liquid accumulators. These systems often rely on hydraulic or pneumatic components that require fluid regulation and pressure Liquid accumulators play a crucial role in ensuring the smooth operation of these systems, thus providing opportunities for component manufacturers.

According to projections from the United Nations' World Forum for Harmonization of Vehicle Regulations, the number of vehicles globally with autonomous driving capabilities is expected to increase from around 10 million in 2020 to over 85 million by 2023.

Automobile Liquid Accumulator Market Trends:

• Shift towards integrated systems: There is an increasing trend towards the integration of liquid accumulators with other automotive systems. This integration enables better performance, efficiency, and space optimization within vehicles. For example, liquid accumulators may be integrated with power steering systems, suspension systems, or regenerative braking systems to enhance overall system performance.

According to the International Energy Agency, electric car sales rose by 43% in 2020 alone. While they still make a small share of overall car sales, countries like China, Germany, Norway have shown strong EV adoption. IEA predicts electric cars may comprise over 50% of new car sales by 2040 if governments implement right policy measures.

• Increasing demand for autonomous features: Rise of autonomous driving features in vehicles is driving the need for advanced liquid accumulator systems. These systems are required to provide precise control and reliable operation of various vehicle functions, such as braking and suspension. The trend towards autonomous driving is influencing the development of liquid accumulators that can meet the unique requirements of autonomous vehicle systems. In 2021, according to a report by the United Nations Economic Commission for Europe, over 75% of new passenger vehicles sold in Europe are fitted with at least one advanced driver assistance system.

According to the U.S. Department of Transportation In 2022, estimates that compliant, pre-crash automatic emergency braking systems will be standard in 50% of new vehicles by 2022.

Automobile Liquid Accumulator Market Restraints:

• Fluctuating automotive industry: The automobile liquid accumulator market is closely tied to the automotive industry, which is subject to cyclical fluctuations. Economic downturns, changes in consumer demand, and global events can affect vehicle production and sales. Such fluctuations can lead to a decrease in the demand for liquid accumulators, impacting market growth.

Counterbalance: The fluctuating automotive industry significantly impacts the automobile liquid accumulator market. The liquid accumulator is a crucial component in vehicles, thus playing a vital role in the hydraulic and cooling systems. Economic downturns or instability can lead to decreased consumer expenditure on automobiles, thereby impacting the demand for automobile liquid accumulators.

• Limited awareness and adoption: The awareness and understanding of the importance of liquid accumulators may vary among vehicle manufacturers and end users. Some may not fully grasp the benefits of utilizing high-quality liquid accumulators or may prioritize cost over performance. Limited awareness and understanding can create challenges in promoting the adoption of advanced liquid accumulator technologies.

Counterbalance: Many consumers and even some automobile manufacturers may not be fully aware of the benefits of using advanced liquid accumulators in vehicles. This lack of awareness can limit the market growth.

• Environmental impact and sustainability: The automotive industry is under increasing pressure to reduce its environmental impact and promote sustainability. This includes improving fuel efficiency, reducing emissions, and adopting eco-friendly manufacturing practices. Liquid accumulator manufacturers need to address these sustainability challenges and develop products that align with environmental goals.

Counterbalance: Stricter environmental regulations can pose challenges for manufacturers in the automobile liquid accumulator market. These regulations often require manufacturers to reduce the environmental impact of their products, which can increase production costs.

Recent Development

• Continental AG: Continental, a leading automotive supplier, launched a new generation of hybrid liquid accumulators for electric and hybrid vehicles. These accumulators are designed to enhance the cooling efficiency of battery systems, thereby optimizing the performance and lifespan of electric vehicle batteries.
• Bosch: In April, 2023, Bosch, a global technology company, introduced numerous new products from Bosch Rexroth for industrial automation, networked hydraulics, and mobile machine electrification which will be on display.

Acquisition and partnerships

• Nok And Estoh Co., Ltd: In 2023, Nok Corporation, a comprehensive rubber components manufacturer, announced completes acquisition of Estoh Co., Ltd. This acquisition will make Estoh a consolidated subsidiary of NOK Corporation, and it will be reported in the company's consolidated financial results.
• Denso and Aisin Seiki: In 2020, Denso, a global automotive supplier, and Aisin Seiki, a major automotive components manufacturer, announced a partnership to develop and commercialize electrification driving modules. While the focus is primarily on electrification components, the collaboration may extend to other automotive systems, including liquid accumulator technologies.

Figure 2. Automobile Liquid Accumulator Market Share (%), By Type, 2023

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Top Companies in Automobile Liquid Accumulator Market

• Bosch Rexroth AG
• Parker Hannifin Corporation
• HYDAC International GmbH
• Eaton Corporation
• WABCO Holdings Inc.
• NOK Corporation
• Continental AG
• Denso Corporation
• ZF Friedrichshafen AG
• Aisin Seiki Co., Ltd.
• HELLA GmbH & Co.

Definition: An automobile liquid accumulator is a crucial component used in automotive systems to store and regulate the flow of liquid, thus ensuring the proper functioning and performance of various vehicle systems. It plays a vital role in maintaining stable pressure levels and preventing pressure fluctuations, optimizing the performance and efficiency of systems such as air conditioning, hydraulic systems, suspension systems, and power steering systems. By storing and controlling the liquid flow, automobile liquid accumulators contribute to the smooth operation and reliable performance of essential automotive functions.