The rapid spread of the COVID-19 pandemic in 2020 led to the temporary closure of automobile manufacturing facilities across the world.
This can be attributed to the increased purchasing power of consumers, which is increasing the importance of various aspects such as vehicle safety, ease of driving, comfort, and convenience.
This is due to the benefits offered by hydraulic actuators such as more ruggedness, less power loss, high-pressure generation suitable for high force applications, and overall better power-to-weight ratio.
North America held the largest market share in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in MEA.
Daimler AGThe company develops and produces vehicles in a global network under the Mercedes Benz, Freightliner, Western Star, FUSO, and BharatBenz brands.
Ltd.The company offers products under categories such as automotive lighting, cabin comfort, electric powertrain, thermal solutions, ride dynamics, and electronics.
This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.