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.
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.
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.
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