Gas Spring Market Share, Size, Trends, Industry Analysis Report, By Product (Gas Springs, Dampers, and Others); By Mounting Orientation; By Application; By Sales Channel; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3673
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global gas spring market was valued at USD 2940.24 million in 2023 and is expected to grow at a CAGR of 5.50% during the forecast period.
The increasing adoption of automation across industries and widespread usage of gas springs in automated machinery and equipment to provide controlled force and motion, along with the rising number of people becoming aware of the benefits of ergonomics and the trend towards lightweight vehicles to improve the overall efficiency are primary factors driving the market growth. Additionally, the growing focus of market players on introducing gas springs with noise and vibration reduction capabilities, as many industries seek products that offer controlled and smooth movement with less noise, is further likely to enhance the growth opportunities in the forecast period.
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For instance, in June 2023, Albert Jagger announced its partner at the Bansbach and unveiled a new and innovative development in gas-spring technology in the form of mini gas springs. The new range of springs will be available in sizes with three or 4-mm diameter pistons & maximum stroke of 150 mm.
Furthermore, technological advancements in gas spring design and manufacturing processes, like integrating smart technologies, such as sensors and actuators, into gas springs that can enable monitoring, control, and optimization of performance, present growth potential for the market. Additionally, advancements in materials, surface treatments, and sealing technologies could also enhance gas springs' durability, corrosion resistance, and overall efficiency.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the gas spring market. The rapid emergence of the deadly coronavirus across the globe resulted in delays in business operations and the closure of manufacturing facilities across various end-use industries, including automotive, aerospace, and industrial equipment. The pandemic also led to huge disruptions in global supply chains due to lockdowns, restrictions on movement, and factory closures, which have had a negative impact on product sales.
Industry Dynamics
Growth Drivers
Rising concern regarding environmental friendly solutions
As sustainability becomes a key focus across various end-use industries, manufacturers of gas springs are developing environmentally friendly solutions, which include using eco-friendly materials, coatings, and production processes to reduce the environmental impact along with the advancements in gas spring designs, improving energy efficiency, reducing energy consumption, and minimizing waste in manufacturing and usage, are prominent factors boosting the market.
Furthermore, the rising penetration towards introducing IoT in gas springs sparked highly precision applications in industrial automation to improve efficiency, quality, and productivity and the growing incorporation of technologies or systems like microprocessor-based control systems, allowing for repeatable and precise motion control, is contributing towards the growth of the market in a positive way.
Report Segmentation
The market is primarily segmented based on product, mounting orientation, application, sales channel, and region.
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By Product |
By Mounting Orientation |
By Application |
By Sales Channel |
By Region |
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By Product
Gas springs segment held the significant market share in 2022
The gas springs segment held a significant market share in 2022 and is exhibiting a healthy growth rate over the coming years, mainly attributable to its emergence as an essential component in the automotive industry to provide smooth and controlled motion for a wide range of applications, including hood lifting, seat adjustments, and sunroof operations. Additionally, as customers demand more advanced and innovative vehicle features, such as power seats and automatic truck openings, the need and adoption of the product is growing drastically across the globe.
The dampers segment is anticipated to grow considerably over the study period because of its extensive use in automobile applications like tailgates, trunks, and hoods. It has also gained huge traction and popularity in recent years, as it helps control the speed and motion of moving parts, minimize vibration, and enhance overall operational efficiency.
By Mounting Orientation
Horizontal gas springs segment is projected to hold substantial market share
The horizontal gas springs segment is projected to account for substantial market share in terms of revenue over the anticipated period, which is mainly driven by widespread usage of these gas springs in numerous industrial applications including automotive, furniture, aerospace, machinery, and healthcare among others. Apart from this, with the growing emphasis on comfort, adjustability, and user-friendly designs for gas springs across the globe that facilitate smooth and effortless horizontal movements, is likely to positively influence the market over the years.
By Application
Automotive segment accounted for the largest market share in 2022
The automotive segment accounted for the largest market share in 2022 and is likely to retain its market position throughout the forecast period; that is largely attributed to the increasing number of vehicles produced and sales across the globe and the surging focus of automakers to reduce the weight of vehicles to enhance fuel efficiency and meet stringent emission regulations.
The increasing adoption of electric and hybrid vehicles worldwide will likely create lucrative market opportunities. As these vehicles often have unique requirements for gas springs due to the different configurations and operational characteristics, thereby gas springs are used in applications like battery compartments, charging ports, and engine hoods in electric and hybrid vehicles.
By Sales Channel
OEM segment is expected to witness highest growth during the forecast period
The OEM segment is expected to grow at the highest CAGR during the anticipated period, mainly due to exponential growth in several industrial and manufacturing sectors, including machinery, equipment, and furniture, and huge adoption rate, as a result of technological advancements in terms of designs, materials, and manufacturing processes. In addition, OEMs often require customized gas springs that meet their specific requirements and integrate seamlessly into their products. Thus, the manufacturers or market players offering customizable product offerings will likely boost their revenue growth in the projected period.
Regional Analysis
North America region dominated the global market in 2022
The North American region dominated the global market with a substantial share in 2022 and is projected to maintain its dominance over the study period. The regional market growth can be highly accelerated by the growing prevalence of integrating gas springs into various industrial sectors, particularly in healthcare and aerospace applications, coupled with the increase in customers demanding high convenience and comfort in their vehicles. Besides this, the rising popularity of e-commerce and online shopping across the region has increased demand for warehouse automation and material handling equipment, propelling the market.
The Asia Pacific region is likely to emerge as the fastest growing region with a healthy CAGR during the projected period, owing to rapid industrialization and manufacturing growth in countries like China, India, Japan, and South Korea and the increasing awareness of energy-efficient solutions in industries and the need to comply with environmental regulations have boosted the demand for gas springs at a rapid pace.
Competitive Insight
The gas spring market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- ACE Controls Inc.
- Ameritool Manufacturing
- AVM Industries
- Bansbach Easylift,
- Barnes Group
- DICTATOR Technik GmbH
- Hahn Gasfedern
- IGS Italia
- Industrial Gas Springs
- Lantan Gas Spring Co. Ltd.
- Metrol Springs Ltd.
- Showa Corporation
- Shunde Huayang Gas Spring Co. Ltd.
- Stabilus GmbH
- Suspa GmbH
- Wan Der Ful Co. Ltd.
- Winco Stamping
Recent Developments
- In January 2021, ASRaymond announced the production of new Gas Springs to its extensive product portfolio. It consists of the pre-engineered gas springs that suit various applications. With the launch of over 12,000 gas springs, customers can now easily identify a strut to fit their unique application needs and also allow customers to meet their high-durability requirements.
- In June 2022, Lesjofors announced that the company had signed a strategic agreement to acquire the operations & assets of John Evans’ Sons. With this acquisition, the company will strengthen its market position and create new scalable US opportunities.
Gas Spring Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 3096.37 million |
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Revenue forecast in 2032 |
USD 4,748.34 million |
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CAGR |
5.50% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Mounting Orientation, By Application, By Sales Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
key companies in gas spring market are ACE Controls Inc., Ameritool Manufacturing, AVM Industries, Bansbach Easylift, Barnes Group.
The global gas spring market is expected to grow at a CAGR of 5.5% during the forecast period.
The gas spring market report covering key segments are product, mounting orientation, application, sales channel, and region.
key driving factors in gas spring market are rising concern regarding environmental friendly solutions.
The global gas spring market size is expected to reach USD 4,748.34 million by 2032.
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