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.
The market growth can be attributed to a range of factors including technological advancements, rising focus on innovative designs, significant growth of the automotive sector in developing regions such as the Asia Pacific and Latin America, and exponential rise in the number of miles driven. In addition, amidst mounting environmental concerns, automotive manufacturers are increasingly focusing on developing lightweight vehicles wherein suspension systems made from lightweight materials, including aluminum and steel are expected to be used.
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. Economic growth witnessed across Asia Pacific, Latin America, and Middle East & Africa is increasing per capita income of the population, which in turn is anticipated to boost vehicle sales across countries in the regions mentioned above. This, in turn, is propelling the global automotive shock absorber market.
Drivers of Automotive Shock Absorber Market
Challenges for Automotive Shock Absorber Market
This study on the automotive shock absorber market analyzes the scenario for the period of 2020 to 2027, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This VRR study on the automotive shock absorber market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive shock absorber market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the automotive shock absorber market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive shock absorber market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Automotive Companies Focus on Improving Technical Aspects of Suspension Systems
Automotive vehicles have evolved at a rapid pace over the past decade. In addition, due to the mounting environmental concerns, automotive players are under continual pressure to develop energy-efficient vehicles. As a result, automotive manufacturers are increasingly focusing on improving the quality of their automotive components. Stakeholders in the current automotive shock absorber market are investing significant amounts of resources toward improving the design aspects of their suspension systems to enhance 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 various parameters such as acceleration, braking distance grip, grip, etc.
Moreover, assessment of technical conditions of suspension systems has gained significant momentum in the past few years. Research and development activities are paving the way for improved automotive shock absorbers that are expected to replace the outdated shock absorbing technologies. Additionally, 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. Within the current market landscape, the advent of electric vehicles is likely to influence the future generation of automotive shock absorbers– a factor that is anticipated to impact the growth of the automotive shock absorber market during the forecast period.
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.
Innovations and Development of Future-centric Shock Absorbers to Drive Global Market
Participants operating in the current automotive shock absorber market landscape are expected to focus on launching improved shock absorber technologies that will align with the requirements of the future generation of vehicles. While hybrid and electric vehicles continue to gain popularity across the world, automotive shock absorber companies are likely to manufacture improved versions of shock absorbers during the course of the assessment period. In addition, a few companies are also offering their products on e-Commerce platforms to improve sales.
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.
Stakeholders in the current market landscape are also assessing various materials that are likely to augment the performance of automotive shock absorbers, including steel and aluminum.
Automotive Shock Absorber Market: Competition Landscape
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
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