Automotive Shackle Market: Introduction
The automotive spring shackle is a part of a suspension system which function as swing support in vehicles. It is a type of spring which allows motion between wheels and vehicle. Shackle help to enhance spring flexibility. Automotive shackles play a crucial role in keeping the vehicle tires in contact with pavement throughout rough terrains. The trucks and cars which are significantly used to ride in treacherous terrains find shackle as a vital part of the suspension system. Tow and D shaped shackles is used for pulling other vehicles for recovery or in emergency. There are different types of automotive shackles such as bow, hanger, snap, headboard, twist, and threaded. An automotive shackle is also known as gyve is made of metal which is U shaped.
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Automotive Shackle Market: Dynamics
The demand for bus and coaches in travel and tourism industry is growing due to increase in the flow of tourist arrival in countries such as Thailand, Mexico, Germany, UK, Italy and China. Growing consumer trend to experience local culture and cuisine of different countries has accelerated the travel and tourism industry which is an instrumental factor driving the demand for commercial vehicles, thus automotive Shackle.
Logistics plays a crucial role in the industry value chain. Government relaxation on the trade tariff and convenient transit route have increased the logistic services which have triggered the demand for commercial vehicles.
In addition, E-commerce penetration has opened new growth opportunities for light weight commercial vehicles surging the demand for transportation of goods which is anticipated to augment the demand for the automotive shackle.
Increase in number of vehicles on road has surged the number of road accidents according to World Health Organization (WHO) road traffic crashes cost most countries around 3% of their GDP. Application of tow and D ring shackle for pulling other vehicle in emergency or for recovery has increased in past few years due to rise in number of road accidents which is favoring market growth.
Automotive Shackle Market: Segmentation
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Automotive Shackle Market: Regional Outlook
The Asia-Pacific is witnessing increase in public sector investment in automotive industry and purchase of passenger cars which is positively impacting the market. Countries such as China, India, South Korea, and Japan are prominent countries contributing to the growth automotive shackle market.
In North America, the US holds the largest market share, presence of a large number of automotive manufacturers and a huge investment in research & development of the automotive sector which was around USD 19 billion in 2018 has positively impacted the market.
In Europe, the automotive industry is led by Germany, Spain, UK, and France. High demand for German manufactured luxury cars across the globe is one of the key factor driving the demand for automotive shackles in the region.
Automotive Shackle Market: Key Players
Some of the market participants identified in the global automotive shackle market include:
- Van Beest
- Utkal Engineers
- R .S. Auto Industries
- GSAUTO
- Transpo International
- Viral Engineers
- Owen Springs
- Chandawalla Auto Industries
- Godson Auto Pvt. Ltd
- GXS (National Manufacturing Company Jalandhar)
- Archers Auto Springs
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