Automotive Shock Absorber - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Automotive Shock Absorber Market is accounted for $8.60 billion in 2019 and is expected to reach $15.00 billion by 2027 growing at a CAGR of 7.2% during the forecast period. Some of the key factors propelling the market growth include increase in automobile sales, need for safety and comfort in vehicles, increasing investment and increasing R&D activities and growing automotive aftermarket. However, oil leakage and noise are restraining the market growth.
Automotive shock absorber is a mechanical or hydraulic device that is used to absorb energy and provide a comfort ride to the passenger. The main purpose of a shock absorber is to improve the ride for the passenger and to reduce the bumps created due to rough terrain roads. They support the vehicle weight and reduce vibrations. Furthermore, shock absorbers are also used to enhance the drivability and controllability of vehicles.
By type, damper shock absorbers segment is expected to have significant market growth during the forecast period. Damper shock absorbers offer various features, such as good adjustable configuration, reduction of force capacity by letting out the gas, and easy locking of the position of the dampers (either at the ends or the middle of the stroke). These are generally ensure cost-effective, reliable, and durable operations of the passenger cars, trucks, and light commercial vehicles to provide a stiff ride in some passenger cars, such as Maruti Suzuki Gypsy and Maruti Suzuki WagonR. These factors are projected to drive the demand for damper shock absorbers, especially for passenger cars over the forecast period, which in turn drives the market growth.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, due to rising automotive production and increase in disposable income, especially in regional economies such as China, India, and Japan giving a new way for growth of the market. Moreover, rapid expansion in industrialization and technological advancements in the automotive production sector are anticipated to fuel the market in countries in the region.
Some of the key players in Automotive Shock Absorber Market include Samvardhana Motherson Group (SMG), Magneti Marelli S.p.A., ITT Corporation, Thyssenkrupp AG, ZF Friedrichshafen AG, Hitachi Automotive Systems, Ltd., Mando Corp, Delphi, Robert Bosch GmbH, Continental AG, Gabriel India Limited, Duro Shox Pvt Ltd., Arnott Inc., ACDelco, Inc., Zhejiang Sensen Auto Parts Co., Ltd., SHOWA CORPORATION, KYB Corporation, Tenneco Inc., and Meritor, Inc.
Vehicle Types Covered:
• Heavy Commercial Vehicles (HCV)
• Light Commercial Vehicles (LCV)
• Medium Commercial Vehicles
• Passenger Car
• Two Wheelers
• Damper Shock Absorber
• Air Shock Absorber
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Gas-filled Type Automotive Shock Absorbers
• Hydraulic Type Automotive Shock Absorbers
• Auto Production
• Machine Tools
• Industrial Automation
• Mono Tube Design
• Twin Tube Designs
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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