Automotive Shock Absorber Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

Published Date : Apr 2020 | No. of Pages : 200 Pages | Category : Automation and Transport

According to the report, the global automotive shock absorber market size is projected to surpass US$ 15 Bn by 2027, and anticipated to grow at a CAGR of 5% during the forecast period 2020 to 2027. This can be attributed to the increase in affordability for vehicles among consumers and transition of people into middle and upper middle income groups. The automotive shock absorber market is mature; however, developments on improving performance of shock absorbers are still boosting the market worldwide.

Expansion of Automotive Shock Absorber Market

Expansion of the automotive industry in Asia Pacific and Latin America is driving the global automotive shock absorber market. The automotive industry in Asia Pacific has been expanding since the last decade. The auto industry in Japan is highly mature; however, China, India, and South Korea have made rapid advances in terms of volume production of vehicles and subsequently, drive the automotive shock absorber market.

Improvement in infrastructure and easy availability of finance in Asia Pacific and Latin America region are likely to boost sales of vehicles and consequently drive the automotive shock absorber market. Moreover, increase in average age of vehicles, globally, is boosting the aftermarket demand for shock absorbers. Average age of vehicles in the U.S. has reached 11.8 years. Owning of vehicles for prolonged periods is set to boost the demand for maintenance and thereby, boost the sales of shock absorbers.

Advancements in Heavy-duty Suspension Technologies Likely to Gain Momentum

Suspension technologies have evolved at a rapid pace since their inception, transforming from mechanical springs to cutting-edge air suspensions with hydraulic shocks. Stakeholders in the automotive shock absorber market continue to allocate significant funds toward improving their suspension systems due to which, automotive shock absorbers are witnessing major developments in terms of design, functional characteristics, etc. Stakeholders in the automotive shock absorber market are focusing on deploying innovative solutions such as damping control, air dumpers, body roll control monitors, air spring ride height sensors, and automatic auxiliary suspensions. The adoption of these solutions is expected to grow at a notable pace during the forecast period, as they continue to mature. The advent of these next-generation suspension technologies will play an integral role in extending maintenance intervals and the overall lifecycle of the vehicle. Moreover, these advanced automotive shock absorber solutions are also likely to enhance the overall handling, improve tire wear, and offer a high degree of safety to vehicles– a factor that will propel the growth of the automotive shock absorber market during the assessment period. Future generation of automotive shock absorbers is likely lighter in weight, as automotive manufacturers are rapidly drifting toward reducing the weight of their vehicles. The adoption of automotive shock absorbers is expected to be higher in passenger vehicles, due to the growing demand for passenger vehicles across the Asia Pacific region. Within the passenger vehicles segment, the demand for automotive shock absorbers will remain high from the SUV category followed by compact automobiles.

Market Segmentation

In terms of OEM, the passenger vehicle segment dominated the global automotive shock absorber market in 2019. Increasing trends toward utility vehicles and luxury vehicles in conjunction with a rise in the demand for comfort and luxury among consumers globally is anticipated to propel the global automotive shock absorber market. Therefore, the OEM segment is anticipated to hold a notable share of the global automotive shock absorber market.

Based on aftermarket, the passenger vehicle segment accounted for a notable share of the market, owing to replacement of shock absorbers due to leakage, compromised damping, and wear & tear. The shock absorber has a shelf life of 50,000 miles; subsequently, its replacement becomes a necessity. This, in turn, is boosting the aftermarket segment.

Regional Analysis

In terms of region, the global automotive shock absorber market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a significant share of the global automotive shock absorber market in 2019 owing to high production of vehicles and rising demand for premium and luxury vehicles among developing countries in the region. The global automotive shock absorber market is directly influenced by vehicle production and sales. Europe followed Asia Pacific, in terms of revenue, in the global automotive shock absorber market, while Europe was followed by North America in terms of share of the global market.

Competition Landscape

  • Key players operating in the global automotive shock absorber market include
    • Brinn Inc., BWI Group
    • Continental AG
    • Datsons Engineering Works Pvt. Ltd.
    • DMA Sales, Inc.
    • Duroshox
    • Endurance Technologies Limited
    • FCS Auto
    • Halla Holdings Corp.
    • Hitachi Automotive Systems, Ltd.
    • Kobe Suspensions
    • KYB, LEACREE Company
    • Magneti Marelli S.p.A.
    • QBAutomotive, Ride Control, LLC
    • Robert Bosch GmbH
    • Samavardhana Motherson Group
    • Tenneco Inc.
    • ZF Friedrichshafen AG

Segmentation

  • Automotive Shock Absorber Market, by OEM
    • Commercial Vehicle
    • Passenger Vehicle
      • Minicompact
      • Supermini
      • Compact
      • Mid-size
      • Executive
      • Luxury
      • MPV (Multi- purpose Vehicle)
      • SUV
      • Sports Car        
  • Automotive Shock Absorber Market, by Aftermarket
    • Commercial Vehicle
    • Passenger Vehicle
      • Minicompact
      • Supermini
      • Compact
      • Mid-size
      • Executive
      • Luxury
      • MPV (Multi- purpose Vehicle)
      • SUV
      • Sports Car        
  • Shock Absorber Market, by Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America

Research Methodology

This VRR report on the automotive shock absorber market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive shock absorber market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive shock absorber market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the automotive shock absorber market, with both a bottom-up and top-down approach.

This detailed assessment of the automotive shock absorber market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive shock absorber market is estimated to expand are based on carefully vetted primary and secondary sources.

Key Questions Answered in this Report on Automotive Shock Absorber Market

  • How much value will the automotive shock absorber market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2027?
  • What are the impact factors and there effects on the market for shock absorber
  • What regions currently contribute the maximum share to the overall automotive shock absorber market?
  • What are the indicators expected to drive the automotive shock absorber market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the automotive shock absorber market to expand their geographic presence?
  • What are the major advancements witnessed in the automotive shock absorber market?
  • How regulatory norms affected the market for automotive shock absorber market?

Featured Research Reports

  • Featured Research Reports

    Electric Vehicle Battery Market (By Battery Type:Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion, Others; By Vehicle Type: Passenger Vehicles, Commercial Vehicles; By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2028

    Read more...
  • Featured Research Reports

    Tire Replacement Market (By Rubber Type: Natural Rubber, Ethylene –Propylenediene Monomer Rubber, Styrene-Butadiene Rubber, Polychlororene, Others; End User: Automotive Sector, Aviation Sector, Construction Sector; By Distribution Channel: Online Distribution Channel, Offline Distribution Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2028

    Read more...
  • Featured Research Reports

    Automotive Fuel Delivery System Market (By Vehicle: Passenger Cars, Commercial Vehicles; By Component: Fuel pump, Fuel injector, Fuel pressure regulator, Fuel filter, Fuel rail, Air control valve, Throttle position sensor; By Fuel: Gasoline, Diesel, Other; By Alternative Fuel Vehicles: CNG, LPG, LNG) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2028

    Read more...
  • Featured Research Reports

    Car Towing Service Market (By Tow Vehicle Type: Flatbed Tow Truck, Integrated Tow Truck, Hook-and-Chain Tow Truck, Wheel-Lift Tow Truck; By Service Provider: Motor Insurer, Auto Manufacturer, Automotive Club, Independent Warranty Provider) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2028

    Read more...
  • Featured Research Reports

    Battery-as-a-Service Market (By Type: Stationary Equipment, Mobile Equipment; By Service: Vehicle-Battery Separation, Battery Subscription, Chargeable, Swappable and Upgradable Batteries; By Application: Automotive and Transport, Energy, Industrial, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022 – 2028

    Read more...