The Shock Absorbers Market to witness an exhilarating CAGR of 5.1% between 2021 and 2031
The global automotive shock absorbers market is estimated to be valued at US$ 23.7 Bn in 2021, expanding at a CAGR of more than 5% over the forecast period of 2021-2031.
Automotive shock absorbers are hydraulic devices that absorb damp shock impulses from vehicles. Increase in production of vehicles and growing vehicle parc are driving demand for automotive shock absorbers across regions. Increased use of advanced shock absorbers such as regenerative shock absorbers is boosting market growth. Demand for hydraulic shock absorbers will continue to remain high over the next ten years, with this type holding more than two-third market share through 2031.
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Key Takeaways from Market Study
- The global automotive industry has seen significant growth in recent times, which, in turn, has increased demand of automotive shock absorbers. Increase in number of vehicles on road and rise in demand for comfort level in vehicles are driving sales across regions.
- The market is expected to grow significantly in Asia Pacific due to expansion of the automobile industry in Japan, India, and China. India is manufacturing and exporting automotive shock absorbers and struts on a large scale.
- Many manufacturers are using an innovative approach for suspension design. For example: The Lexus ES uses Swing Valve Automotive Shock Absorbers that provide an appropriate damping force even when the slightest movement is experienced in the car’s wheels and suspension.
- Hydraulic automotive shock absorbers to remain most sought-after over the coming years.
- Use of automotive shock absorbers to remain highest in passenger vehicles across the world.
- Twin tube design automotive shock absorbers to enjoy over 80% market share by 2031-end.
- The market in the U.S. is expected to expand at close to 4% CAGR through 2031. For China, Japan, and India, expected CAGRs are 5.4%, 5.2%, and 6.5%, respectively.
- Due to the COVID-19 pandemic, demand for automotive shock absorbers has been badly hit, with 2020 growth rate being -14.4%, and 2021 expected growth rate being -6.3%.
“Rising demand for different types of vehicles in recent years and increase in electric vehicle sales are driving factors for the automotive shock absorbers market,’’ says a Persistence Market Research analyst.
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The market is moderately fragmented, and is highly dependent on automotive sales. Leading players contribute significant market share. Small regional players might make this market even more competitive over the forecast period. Many key players are using the strategy of partnerships and mergers & acquisitions for acquiring maximum market share. Some of the key players in the market are KYB Corporation, ZF Friedrichshafen AG, Tenneco Inc., Hitachi Group, and SHOWA Corporation. They are expected to contribute a prominent market share as they have made significant innovative advancements over the years.
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This is projected to be a fast-growing market over the forecast period due to expected increase in vehicle production and sales. However, as this is a matured market with high competition among manufacturers and suppliers, companies are expected to concentrate on research & development activities for the development of innovative automotive shock absorbers to suit the requirements of different vehicles. Demand for automotive shock absorbers is increasing in luxury vehicles due to adoption of electronically controlled adaptive damping systems in them, which gives excellent suspension control to vehicles as compared to ordinary automotive shock absorbers.
More Valuable Insights
The research report analyzes demand trends of automotive shock absorbers. The global automotive shock absorbers market report is based on the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Persistence Market Research’s scope, the market studied and analyzed on segments such as vehicle, design, product type, sales channel, and region. The report gives qualitative and quantitative information of automotive shock absorber companies. The report also tracks the market from both, supply side and demand side.
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