The key factor favoring the accumulator market is the rising demand for energy conservation and storage energy across various end-use industries, increasing awareness regarding the advantages of frequent maintenance of industrial machinery, and growing demand for alternate resources for energy production. Accumulators can increase efficiency and provide smoother and more economical operations in hydraulic systems, owing to which there is a rise in demand for these devices in hydraulic machinery.
Burgeoning Automotive Industry in Asia-Pacific to Surge the Demand for Accumulators
The Asia-Pacific is estimated to attain a value of USD 195.78 million by 2025, with a healthy CAGR of 4.7%. This can be attributed to the largest plastic industry, growing automotive industry, and rapidly expanding the building and construction sectors. In the past few years, the building and construction industry of the region has witnessed a significant growth due to rapid industrialization and urbanization and favorable government policies to improve the infrastructure.
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Following are some of the initiatives taken by different governments:
The growing automotive industry, especially electric vehicles, is projected to boost the demand for accumulators during the forecast period. China has the world’s largest automotive market for both conventional and electrical vehicles. In 2018, around 45% of the world's electric vehicles were in China, a total of 2.31 million.
Accumulator Market: Segmentation
By Sales Channel
The Middle East
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