In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The automotive central lubrication system is used to deliver specific amount of lubricant at different location in machine. It is supplied to moving parts of the machine especially bearings in order to reduce friction. The automotive central lubrication system increases the efficiency and reduces the functioning time of the machine. The proper greasing at specific parts of the machine reduces the maintenance cost. The fully automated system requires less fuel consumption. The various parts of the automotive central lubrication system include controller, pump with reservoir, supply line, metering valves and feed lines.
The global automotive central lubricating system market is anticipated to expand at a CAGR around 5.5% during 2018-2027. It is projected to reach significant market size by 2027. The various factors such as reduction in the time associated with lubrication, lubrication at the location of critical parts, increasing safety of the worker and rising cost associated with the lubrication system is anticipated to drive the market growth during the forecast period.
The global automotive central lubricating system market can be segmented into lubrication type, component type, actuator type and vehicle type. On the basis of lubrication type, it is segmented into oil and grease. Grease sub-segment is anticipated to be the fastest developing sub-segment. It is primarily used in the lubrication of heavy bearing. On the basis of component type, it is segmented into lubrication distributor, lubrication pumps and timers and controllers. On the basis of actuator type, it is sub-segmented into lubrication distributor, lubrication pumps and timers and controllers. On the basis of vehicle type, it is sub-segmented into construction machines, trucks, agricultural machines and floor conveyors.
By region, global automotive central lubricating system market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is the fastest developing region on the account of increasing number of heavy vehicles and industrial components. Europe accounted for the largest share for the global automotive central lubricating system on the account of presence of leading industries such as steel, automotive and electronics. The increasing adoption of energy efficient machinery and enhanced maintenance service in the Europe is driving the automotive central lubricating system market throughout the forecast period.
Our in-depth analysis segmented the global automotive central lubricating system market in the following segments:
Global automotive central lubricating system market is further classified on the basis of region as follows:
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The increasing demand for the industrial vehicles around the globe is major growth driver for the global automotive central lubricating system market. The cost associated with manual lubrication is high which in turn propel the demand for the automotive central lubricating system .This enhances the fuel efficiency and decreases the maintenance costs. The central lubricating system enhances the life of the vehicle for a long period of time. The rising demand from various metal and mineral processing industries is anticipated to boost the global automotive central lubricating system. Moreover, inaccessible areas can also be easily lubricated with help of automotive central lubricating system. This leads to high application of automotive central lubricating system in various vehicles.
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