Automotive shock absorber market to reach USD 21 billion by
New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “automotive shock absorbers market Analysis by Type, Vehicle Type (Passenger Car & Utility Vehicle), Sales Channel (OEM & Aftermarket), and Region – Projected Valuation to 2030 Is About To Reach USD 21 billion by 2027, registering a CAGR of 4.72% throughout the forecast period (2021-2027).
Automotive Shock Absorber Market Overview
The global automotive shock absorber market is expected to experience rapid revenue growth. The significant growth of automotive and OEM sectors globally would drive the market demand for shock absorbers.
Scope of Automotive Shock Absorber Market Report:
|Market size in 2027||$21 billion|
|Growth 2021 to 2027||CAGR of 4.72%|
|Forecast period||2021 to 2027|
|Main suppliers||KYB Corporation (Japan), ZF Friedrichshafen AG (Germany), Thyssenkrupp AG (Germany), Tenneco Inc. (USA), Hitachi Automotive Systems Ltd. (Japan), Mando Corp (South Korea), SHOWA Corporation (Japan), Meritor Inc. (USA), KONI BV (Netherlands) and Gabriel India Ltd. (India)|
|Key market opportunities||Increased presence of distributors, retailers and online distribution partners|
|Key Market Drivers||Increase in car sales|
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In recent years, the automotive industry has seen a continuous increase in sales worldwide. Especially in developing countries such as China, Mexico, India, Japan, Thailand, Indonesia and South Korea, the automation industry is undergoing huge transformations, mainly due to the growing emphasis on vibration reduction to improve vehicle comfort.
Other factors positively influencing the growth of the market include increasing urbanization, rapid economic growth, and improving living standards, especially in emerging regions. Additionally, technological advancements in manufacturing techniques, along with the demand for more efficient manufacturing processes in the rapidly developing regions of APAC and the Middle East, are giving a huge boost to the market revenue.
Shock absorbers, as the name suggests, absorb or dampen the compression and rebound of the springs and suspension. These integral parts of a vehicle’s suspension system control unwanted and excessive spring motion. Over the past few decades shock absorbers have come a long way, providing a perfect solution for large captive applications that demand speed, safety, comfort and convenience.
The shock absorbers provide a smooth ride and guarantee car-like driving dynamics and low noise, vibration and harshness (NVH). Modern automotive suspension systems incorporate cylinder-type shock absorbers. Depending on the type of car/suspension of the car, these shock absorbers can be of the twin tube type or the monotube type.
Double acting type absorbers generate damping forces in the extension and contraction strokes. The shock absorber system includes stock springs and other parts. In addition, shock absorber service procedures are as simple as other OE parts fitted to vehicles.
The shocks are ideal for customers who want to replace worn main bodies and use a combination of the stock main body and sport type spring. However, shock absorbers have a relatively short lifespan compared to other automotive components because the soft rubber used in struts and airbags begins to degrade after years of continuous thermal cycling that causes cracks in the surface. and air leaks.
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Automotive Shock Absorber Market Segments
The report is segmented into Types, Vehicle Types, Sales Channels and Regions. The Type segment includes air shock absorbers, shock absorbers and others. The vehicle type segment includes passenger cars and commercial vehicles. The sales channel segment includes OEMs and aftermarkets. The regional segment includes Americas, Asia-Pacific, MEA, Europe, Americas and Rest of the World.
Automotive Shock Absorber Market Regional Analysis
APAC dominates the global automotive shock absorber market. Factors such as the presence of notable manufacturers and the continued growth of the automotive sector in this region are driving the growth of the market. Also, the growing production and demand for comfort features in vehicles is increasing the market size.
China and India account for significant shares of the regional market with their increased production of auto spare parts. Additionally, continuous efforts to minimize vehicle vibration and rapid growth in the automotive industry are contributing to the growth of the regional market.
Europe is the second largest market for automotive shock absorbers. German OEMs, such as Audi, Mercedes and BMW, create a vast demand for suspension systems, parts and components. Also, growing demand for premium lightweight shock absorbers to improve vehicle comfort levels and growing number of automotive component manufacturers in Germany are increasing the market size.
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North America is a rapidly growing market for automotive shock absorbers and other related components. The market size is driven by the growing demand for vehicle safety and comfort features and the increasing development of advanced suspension technologies.
In addition, the significant presence of Tier 1 automotive component suppliers, including Tenneco Inc., ZF TRW Automotive and Tower International, who also offer their products to aftermarket buyers, such as remanufacturers, rebuilders and recyclers of components. Additionally, the growing number of strategic deals among major market players such as mergers and acquisitions, collaborations, and partnerships are justifying the market shares in the region.
Automotive Shock Absorber Market Competitive Analysis
Highly competitive, the automotive shock absorber market appears fragmented due to the presence of several well-established players. Leading shock absorber manufacturers strive to establish a significant presence in all automotive segments, including OEMs, aftermarkets and exports. To boost the production of shock absorber components, they are expanding their footprints in regions rich in raw material sources and labor, systematically pursuing their strategic realignment.
They also establish robust design and engineering capabilities that can help customers meet the ever-changing technological needs of the industry by creating lighter, fuel-efficient and more durable shock absorbers that ensure the comfort and safety of riders. passengers. These industry players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch to gain an advantage and maintain their position in the market.
For example, on July 31, 2021, KW automotive Group, a leading manufacturer of alloy wheels, announced the acquisition of the Damping Technology business unit from AL-KO Vehicle Technology Group.
AL-KO Damping Technology manufactures shock absorbers for a range of commercial vehicles with different body solutions and chassis types. AL-KO’s modern production facilities in Europe and China and the commercial vehicle experts of the Damping Technology business unit will benefit the KW Automotive Group.
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The Dominant Key Players in the Automotive Shock Absorber Market Covered Are:
- KYB Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- Thyssenkrupp AG (Germany)
- Tenneco Inc. (USA)
- Hitachi Automotive Systems Ltd. (Japan)
- Mando Corp (South Korea)
- SHOWA Corporation (Japan)
- Meritor Inc. (USA)
- KONI BV (Netherlands)
- Gabriel India Ltd. (India)
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