Global Automotive Shock Absorber Market
Posted by manisha on April 29th, 2021
Global Automotive Shock Absorber Market was valued US$ XX Mn in 2019 and is expected to grow US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
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Automotive vehicles have evolved at a rapid pace over the past decade. Also, because of the mounting environmental concerns, automotive players are under constant pressure to develop energy-efficient vehicles. Accordingly, automotive manufacturers are gradually focusing on improving the quality of their automotive components. Stakeholders in the current automotive shock absorber market are investing important amounts of resources toward improving the design aspects of their suspension systems to enhance the safety and comfort of their vehicles. Apart from the design, automotive manufacturers are also inclined toward improving the technical aspects of their suspension systems and focus on many parameters, like acceleration, braking distance grip, grip, etc.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Moreover, assessment of technical conditions of suspension systems has gained significant momentum in the past few years. R&D activities are paving the way for better-quality automotive shock absorbers that are expected to substitute the outdated shock-absorbing technologies. As well, as the damping characteristics of shock absorbers play an imperative role in influencing the overall performance of vehicular systems, companies operating in the automotive shock absorber market are focusing on these parameters to gain a competitive edge.
Rising advancements in passenger transportation options, demand for comfortable options in vehicles, and increasing automotive production across the region are the factors expected to drive the automotive shock absorbers market over the forecast period. The growth of automotive production in main regions, such as Asia-Pacific and MEA, is expected to fuel the demand for auto-components, like automotive shock absorbers. Also, with an increase in disposable income, the middle-class population is becoming more attracted to vehicle safety and comfort in the global market. Additionally, increasing production of two-wheelers, exactly in Asia, is expected to fuel demand for automotive shock absorbers over the forecast period.
On the other hand, increasing the adoption of electronic automotive shock absorber systems and high replacement costs associated with gas-filled automotive shock absorbers are some of the factors projected to hinder the global automotive shock absorbers market over the forecast period.
According to the type, in 2019, the damper shock absorber segment held the largest market share followed by air shock absorbers. Damper shock absorbers offer numerous features, like good adjustable configuration, reduction of force capacity by letting out the gas, and easy locking of the position of the dampers. The damper shock absorbers usually ensure lucrative, reliable, and durable operations of the passenger cars, trucks, and light commercial vehicles to provide a stiff ride in some passenger cars, like Maruti Suzuki Gypsy and Maruti Suzuki WagonR. These factors are expected to drive the demand for damper shock absorbers, mainly for passenger cars over the forecast period, which in turn drives the growth of the automotive shock absorber market.
Based on the sales channel, the OEM segment is expected to dominate the global automotive shock absorber market with Y-O-Y growth of 3.6% in 2018. Though, the aftermarket segment is expected to account for above 25% share in the global automotive shock absorber market. But, the potential for automotive shock absorbers aftermarket is expected to remain comparatively low, because of the low replacement rate of automotive shock absorbers in the global market.
Region-wise, Asia-Pacific is expected to lead the global automotive shock absorber market during the forecast period. The Asia Pacific accounted for almost 48% share of the global market in 2019. Growth of the auto industry in Japan, India, China, and South Korea has contributed to the strong position of Asia-Pacific in the global automotive shock absorber market. China is a noticeable aftermarket for the automotive industry and has a well-established network of suppliers. India is a noteworthy manufacturer and exporter of shock absorbers and struts.
Furthermore, Europe is expected to follow the Asia Pacific, in terms of revenue, in the global automotive shock absorber market. The presence of major automakers in Europe in conjunction with agreements between OEMs and automakers for uninterrupted supply is creating a sophisticated supply chain in the region. All these factors are expected to boost the automotive shock absorber market in Europe.
In 2018, Wheel Pros, an aftermarket wheels and accessories supplier, acquired ReadyLIFT Suspension Inc., a designer and distributor of suspension, lift, and leveling kits. Such factors play a key role in increasing the demand for automotive shock absorbers in North America.
In April 2019, Aunger, a leading Australian automotive accessory company launched a new range of affordable shock absorbers that were particularly designed for older car models. Sensing an opportunity to tap into the market for old model of cars, the company is also focusing on pricing strategies.
The report also helps in understanding Global Automotive Shock Absorber Market dynamics, structure by analyzing the market segments and project the Global Automotive Shock Absorber Market size. Clear representation of competitive analysis of key players by application, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automotive Shock Absorber Market make the report investor’s guide.
For more information of visit:https://www.maximizemarketresearch.com/market-report/global-automotive-shock-absorber-market/55709/
Global Automotive Shock Absorber Market, By Type
• Air Shock Absorber
• Commercial vehicle
• North America
• Brinn Inc.
This Report Is Submitted By : Maximize Market Research Company
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About the Authormanisha
Joined: June 26th, 2020
Articles Posted: 99
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