The automotive shock absorber is a mechanical or the hydraulic device widely used for absorbing the energy and preventing the vehicle from bouncing. The purpose of a shock absorber is to smoothen the ride of the passenger and decrease the overall effect of rough or the hard terrain. Shock absorber supports the vehicle weight and reduces the overall vibrations, providing the quality ride and vehicle handling capacity. Furthermore, the shock absorbers also enhance the drivability & controllability of vehicles, enabling consumers comfort and consciousness for better riding quality.
According to study, “Global Automotive Shock Absorber Market to reach USD XX billion by 2026” the key companies operating in the global automotive shock absorber market are Thyssenkrupp AG, ZF Friedrichshafen AG, SHOWA Corporation, Hitachi Automotive Systems Ltd., KYB Corporation, KONI BV, Tenneco Inc., Meritor Inc., Gabriel India Ltd., Mando Corp.
Based on type, automotive shock absorber market is segmented as damper shock absorber, air shock absorber, and others. Damper shock absorbers offer various features such as reduction of force capacity by letting out the gas, good adjustable configuration, and easy locking of the position of the dampers. Based on vehicle type, market is segmented as passenger car and commercial vehicle. The commercial vehicle segment holds major share in market owing to rise in demand for pickup trucks and vans for commercial purposes. In addition, based on sales channel, market is segmented as Original equipment manufacturer (OEM) and Aftermarket. The aftermarket segment is projected to witness higher growth due to increase in vehicle production along with rise in demand for premium vehicles during the forecast period.
The automotive shock absorber market is driven by increase in number of developments and demand for better shock absorbers, followed by rise in disposable income, stable economic conditions, rise in awareness regarding vehicle comfort and safety among consumers and increase in investment and research & development (R&D) activities. However, continuous change in technology in suspension system may impact the market. Moreover, growth in technological advancement and product innovations in material & design are key opportunities for market.
Based on geography, the North-American is the leading region in global automotive shock absorber market owing to significant expansion of the auto industry, increase in trends toward utility vehicles and luxury vehicles in the region. Moreover, the rise in number of mergers & acquisitions, collaborations, and joint ventures further initiated expansion and the regional market players to expand their geographical presence and consequently strengthen their position in the global market. Whereas, the Asian-Pacific and European regions are anticipated to shows higher growth rate due to increase in transportation activities and higher adoption rate of comfort-based components over the forecast period. In near future, it is estimated that the global shock absorber market is further expected to reach rise by a quick pace in resulting in rise in the production plants of vehicle coupled with the increase in sales of passenger and commercial vehicles over the forecast period.
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Ankur Gupta, Head Marketing & Communications