According to analysis by Persistence Market Research, the global automotive shock absorbers market is estimated to be worth US$23.7 Bn in 2021, expanding at a CAGR of over 5% over the forecast period of 2021-2031.
This report provides an in-depth study of the “ shock absorbers market ” using SWOT analysis i.e. strength, weakness, opportunities and threats for the organization. The Shock Absorbers Market report also provides an in-depth survey of the key market players which is based on the various objectives of an organization such as profiling, product outline, production quantity, raw material required, and financial health. of the organization.
Automotive shock absorbers are hydraulic devices that absorb wet shock impulses from vehicles. The increase in vehicle production and the growing vehicle fleet are driving the demand for automotive shock absorbers in all regions. The increased use of advanced dampers such as regenerative dampers is driving the growth of the market. Demand for hydraulic shock absorbers will remain high for the next ten years, with this type holding more than two-thirds of the market share by 2031.
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Key takeaways from the market study
- The global automotive industry has seen significant growth in recent times, which, in turn, has increased the demand for shock absorbers for automobiles. The increase in the number of vehicles on the road and the increase in demand for the level of comfort in vehicles are driving sales in all regions.
- The market is expected to grow significantly in Asia Pacific due to the expansion of the automotive industry in Japan, India and China. India is manufacturing and exporting automobile shock absorbers and struts on a large scale.
- Many manufacturers are using an innovative approach to suspension design. For example: The Lexus ES uses swing-valve automotive shock absorbers that provide adequate damping force even when the slightest movement is experienced in the car’s wheels and suspension.
- Hydraulic shock absorbers for automobiles will continue to be the most requested in the coming years.
- The use of automotive shock absorbers will continue to be the highest in passenger vehicles worldwide.
- Twin-tube design automotive shock absorbers to enjoy more than 80% market share by the end of 2031.
- The US market is expected to expand at a CAGR of around 4% through 2031. For China, Japan, and India, the expected CAGRs are 5.4%, 5.2%, and 6.5%, respectively.
- Due to the COVID-19 pandemic, the demand for automotive shock absorbers has been severely affected, with a growth rate for 2020 of -14.4% and an expected growth rate for 2021 of -6.3%.
“Increasing demand for different types of vehicles in recent years and increasing sales of electric vehicles are driving factors for the automotive shock absorber market,” says an analyst at Persistence Market Research.
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competitive landscape
The market is moderately fragmented and highly dependent on car sales. The leading players contribute a significant market share. Small regional players could make this market even more competitive during the forecast period. Many key players are using the strategy of partnerships and mergers and acquisitions to acquire 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 breakthroughs over the years.
Market projections
This is anticipated to be a fast growing market during the forecast period due to the expected increase in vehicle production and sales. However, since this is a mature market with high competition among manufacturers and suppliers, companies are expected to focus on R&D activities for the development of innovative automotive shock absorbers to suit the requirements of different vehicles. The demand for automobile shock absorbers is increasing in luxury vehicles due to the adoption of electronically controlled adaptive damping systems in them, which brings excellent suspension control to vehicles compared to ordinary automobile shock absorbers.
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More valuable information
The research report analyzes the demand trends for automobile shock absorbers. Global Automotive Shock Absorbers market report is based on COVID-19 impact, macroeconomic factors, market trends and market context. Based on the scope of Persistence Market Research, the market studied and analyzed segments such as vehicle, design, product type, sales channel, and region. The report provides qualitative and quantitative information on automotive shock absorber companies. The report also tracks the market from the supply side and the demand side.
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