New York, US, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Shock Absorber Market Analysis by Type, Vehicle Type (Passenger Car and Commercial Vehicle), Sales Channel (OEM and Aftermarket) and Region - Forecast till 2030” valuation is poised to reach USD 21 Billion by 2027, registering 4.72% CAGR throughout the forecast period (2021–2027).
Automotive Shock Absorber Market Overview
The global automotive shock absorber market is expected to witness rapid revenue growth. Significantly growing automotive and OEM sectors worldwide would drive the market demand for shock absorbers.
Automotive Shock Absorber Market Report Scope:
| Report Metric | Details |
| Market Size in 2027 | USD 21 Billion |
| Growth 2021 to 2027 | 4.72% CAGR |
| Base Year | 2020 |
| Forecast Period | 2021 To 2027 |
| Key Vendors | KYB Corporation (Japan), ZF Friedrichshafen AG (Germany), Thyssenkrupp AG (Germany), Tenneco Inc. (US), Hitachi Automotive Systems Ltd. (Japan), Mando Corp (South Korea), SHOWA Corporation (Japan), Meritor Inc. (US), KONI BV (Netherlands), and Gabriel India Ltd. (India) |
| Key Market Opportunities | Increase in the presence of distributors, retailers, and online channel partners |
| Key Market Drivers | Increase in sales of automobiles |
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Over recent years, the automotive industry has been witnessing continually rising sales worldwide. Especially in developing countries such as China, Mexico, India, Japan, Thailand, Indonesia, and South Korea, the automation industry is undergoing tremendous transformations mainly due to the growing emphasis on reducing vibrations to increase vehicle comfort.
Additional factors positively influencing the market growth include rising urbanization, rapid economic growth, and improving the standard of living, especially in emerging regions. Also, technological advancements in manufacturing techniques, alongside the demand for more efficient manufacturing processes in the rapidly developing APAC and the Middle East regions, provide huge impetus to market revenues.
Shock absorbers, as the name suggests, absorb or dampen the compression and rebound of the springs and suspension. These integral parts of a vehicle's suspension system control the unwanted and excess spring motion. Over the past few decades, shock absorbers have come a long way, offering a perfect solution for important captive-based applications that demand speed, safety, comfort, and convenience.
Shock absorbers assure a smooth ride and guarantee car-like driving dynamics and low noise, vibration, and harshness (NVH). Modern automotive suspension systems incorporate cylinder-type shock absorbers. Depending on the type of car/the car's suspension, these shock absorbers can be either the twin-tube type or mono-tube type.
Double-acting type absorbers generate damping forces in both the extending and contracting strokes. The shock absorber system comprises genuine springs and other parts. Besides, maintenance procedures for shock absorbers are as easy as other genuine parts fitted in vehicles.
Shock absorbers are ideal for customers who want to replace worn main bodies and use a combination of the genuine main body and sport-type spring. However, shock absorbers relatively have a short life than other auto components, as the soft rubber used in the struts and airbags starts degrading after sustaining for years to continual heat cycling that causes cracks in the surface and air leakage.
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Automotive Shock Absorber Market Segments
The report is segmented into types, vehicle types, sales channels, and regions. The type segment comprises air shock absorbers, damper shock absorbers, and others. The vehicle type segment comprises passenger cars and commercial vehicles. The sales channel segment comprises OEMs and aftermarkets. The region segment comprises the Americas, Asia Pacific, MEA, Europe, America, and the-rest-of-the-world.
Automotive Shock Absorber Market Regional Analysis
APAC dominates the global automotive shock absorber market. Factors such as the presence of notable manufacturers and continuous growth in the automotive sector in this region drive the market growth. Besides, the increasing production and demand for comfort features in vehicles boost the market size.
China and India account for sizable shares in the regional market with their increased production of automobiles aftermarket parts. Also, continuous efforts to minimize vehicle vibrations and the rapid growth in the automotive industry contribute to the regional market growth.
Europe is the second-largest market for automotive shock absorbers. German OEMs, such as Audi, Mercedes, and BMW, create a vast demand for suspension systems, parts, and components. Besides, the growing demand for premium-quality, lightweight shock absorbers to enhance vehicle comfort levels and rising numbers of automotive component manufacturers in Germany boost the market size.
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North America is a rapidly growing market for automotive shock absorbers and other related components. The market size is fostered by the rising demand for vehicle safety and comfort features and the increasing development of advanced suspension technologies.
Additionally, the large presence of tier-1 auto component suppliers, including Tenneco Inc., ZF TRW Automotive, and Tower International, who also offer their products to aftermarket buyers, such as component remanufacturing, rebuilding, and recycling firms. Also, growing numbers of strategic deals among leading market players, such as mergers & acquisitions, collaborations, and partnerships, substantiate the region's market shares.
Automotive Shock Absorber Market Competitive Analysis
Highly competitive, the automotive shock absorber market appears to be fragmented due to the presence of several well-established players. Leading manufacturers of shock absorbers strive to establish a significant presence across all automotive segments, including OEMs, aftermarkets, and exports. To boost the production of shock absorber components, they expand their footprints in regions rich in raw material sources and workforces, systematically continuing with their strategic realignment.
They also establish robust design and engineering capabilities that can help customers to meet evolving technological needs of the industry by creating lighter, fuel-efficient, and more enduring shock abs that ensure passenger comfort & safety. These industry players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch to gain an advantage and maintain their position in the market.
For instance, on July 31, 2021, KW automotive Group, a leading alloy wheel manufacturer, announced the acquisition of the Damping Technology business unit of the AL-KO Vehicle Technology Group.
AL-KO Damping Technology manufactures shock absorbers for a range of commercial vehicles with varying body solutions and chassis types. AL-KO's modern production facilities in Europe and China and the Damping Technology business unit's commercial vehicle experts will benefit KW automotive Group.
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Dominant Key Players on Automotive Shock Absorber Market Covered are:
- KYB Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- Thyssenkrupp AG (Germany)
- Tenneco Inc. (US)
- Hitachi Automotive Systems Ltd. (Japan)
- Mando Corp (South Korea)
- SHOWA Corporation (Japan)
- Meritor Inc. (US)
- KONI BV (Netherlands)
- Gabriel India Ltd. (India)
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