According to research report titled ‘Global Vibration Control System Market Size study, by Type (Motion Control And Vibration Control), by Application (Automotive, Aerospace & Defense, Manufacturing, Electrical & Electronics, Healthcare, Oil & Gas and Others), and Regional Forecasts 2021-2027’, available with Market Study report LLC, global vibration control system market was valued at USD 4.56 billion in 2020 and is projected to amass USD 7.09 billion during 2021-2027, garnering a compound annual growth rate of 6.5% throughout.
 

Research findings state that, government initiatives promoting the sales of electric vehicles, and flourishing transportation industry are the major factors driving global vibration control system market growth.
 

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Moreover, increasing efforts by industry players to develop cost-effective and innovative products is also expected to stimulate the overall industry outlook. , To cite an example, Hutchinson S.A. launched new generation of vibration control systems consisting of two new thermoplastic material systems for reducing vehicle weight and improving acoustic performance.
 

For the record, under the union budget of 2019-20, the Indian government declared an income tax deduction of approximately USD 2,146 (Rs 1.5 Lakh) on the interest on loans taken to purchase EVs. Similar financial incentives in the other emerging economies will likely enhance the industry growth in the upcoming years
 

Despite the lucrative prospects, high cost of installation and maintenance may hamper industry development over the forecast period of 2021-2027.
 

On the regional front, the global vibration control system market report analyses Asia Pacific, Europe, Latin America, and North America. North America market accounted for a significant share in the recent past and is expected to continue growing at a remarkable pace during the forecast period. This can be credited to the thriving oil and gas transportation industry in the region.
 

Meanwhile, Asia Pacific industry is slated to register robust growth over the forecast period 2021-2027, owing to rapid industrialization in developing countries such as China, India, and Japan.
 

Key contenders in the global vibration control system market sphere are Vicoda GmbH, Fabreeka International Inc., Hutchinson S.A., ContiTech A.G., Lord Corp., Resistoflex Pvt. Ltd., Trelleborg A.B., Sentek Dynamics Inc., Isolation Technology Inc., and Kinetics Noise Control Inc.