The automotive hydraulics system market 2020 can presumably achieve a decent CAGR of close to 6% between 2017 and 2023 (appraisal period), says Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, offering all the key developments that can affect the market post the coronavirus disease outbreak.
Get Latest Sample Report Here @https://www.marketresearchfuture.com/sample_request/5737
Top Boosters and Key Barriers
The COVID-19 outbreak has uprooted every business around the world, disrupting the global economy to a large extent. One of the hardest hit could be the automotive industry, with the major affected divisions expected to be the production lines and the worldwide supply chain. The advent of widespread lockdown, travel restrictions and school closures to curb the spread of SARS-CoV-2 has also been quite detrimental. With the closing down of production lines following the pandemic, automakers are now more focused on becoming agile to address the crisis. Also, the novel coronavirus has presented with the automotive industry with a significant opportunity in the form of digital supply chains. These types of transparency solutions are being increasingly adopted by the leading players, as these help reveal any kind of problems faster and facilitate regular self-reporting with important suppliers.
The COVID-19 impact on the economy has been brutal, weakening the consumer demand and dampening vehicle sales. This has been the short impact of the pandemic, while the long term impact of COVID-19 can be the change in consumer preference, which could be hard to keep up with in the coming years. On the bright side, with governments imposing strict policies pertaining to carbon emissions, the demand for hydraulic systems can spike since these ensure proper functioning of the engine and lower carbon emission. In the SARS-CoV-2 era, the automotive hydraulics system market is also finding respite from the sustained demand for light commercial vehicles, passenger cars and heavy commercial vehicles.
Technological advancements and new product launches seem to some of the top favored growth strategies that the leading players are employing to maintain their market position post the novel coronavirus crisis.
To cite a reference, in June 2020, Nissan has reengineered its Rogue model by adding new features, which includes an Intelligent All-Wheel Drive system that has an advanced electro-hydraulic controlled clutch that can manage the torque more quickly and effectively by foreseeing any front wheel slippage. This provides a more responsive torque distribution at the car’s rear.