LONDON, May 15, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the specialty devices market forecats the market size to increase from $35.3 billion in 2022 to $41.0 billion in 2023, at a compound annual growth rate (CAGR) of more than 16%. Furthermore, it is expected to reach $69.2 billion in 2027 at a CAGR of more than 13%. The Asia-Pacific region was the largest market for specialty devices in 2022.
One of the driving factors behind the growth of the specialty devices market is the rise in demand for vehicle safety and autonomous driving. As customers prefer vehicles that offer comfortable, enjoyable, and productive experiences, specialty devices that provide in-car functions and are tailored to serve a specific purpose have gained prominence in production and manufacturing procedures as well as inside automobiles.
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Technological advancement is the key trend that is gaining popularity in the market. Leading companies in the market are focusing on developing new technological solutions for motion control and other specialized products to strengthen their market position.
For example, India-based company TEXSPIN® Bearings Limited recently introduced new technological breakthroughs in the automotive sector through its technology-driven platforms. The platform involves bearings that are ‘green products’ that help to reduce pollution, vehicle friction, and fuel consumption, thereby offering value-added innovative solutions.
Major specialty devices companies are American Autowire, AAMP Global, A&A International Co. Ltd., A&E Tools, GForce Engineering LLC, Ginetta Cars, Ablaze Grilles Inc., ProSpeed Autosports, Accelerated Racing Products LLC, ACCEL Technology Corp., Acme Manufacturing Co., Qingdao Aonuo Tyre Co. Ltd., Gorilla Automotive Products, and Great Plains Industries Inc.
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The global specialty devices market is segmented as-
1) By Equipment: Construction Equipment, Machinery Manufacturing Equipment, Medical Equipment, Office Equipment, Outdoor Equipment, Technology-Communications Equipment, Transportation Equipment
2) By Supply Chain: Manufacturer, Distributor, Retailer
The specialty devices market report provides a in depth overview of the industry, including its driving factors and trends. With the Asia-Pacific region being the largest market for specialty devices in 2022, the report provides insights into the performance of various regions across the globe.
Specialty Devices Global Market Report 2023 by The Business Research Company provides insights on the specialty devices market size, specialty devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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