Automotive Shock Absorber Market Projected to Reach USD 23.75 billion, with a CAGR of 4.90% by 2030 – Report by Market Research Future (MRFR)
Automotive Shock Absorber Market Growth Boost By Rising Demand And Advancement In Suspension Technology For Heavy-Duty Vehicles
New York, US, April 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Shock Absorbers Market Research Report Information by Technology, Region, and Application - Forecast Till 2030, the global Automotive Shock Absorbers market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 4.90%. The reports further project the market to attain a valuation of around USD 23.75 billion by the end of 2030. As per the reports, the Automotive Shock Absorbers market was worth nearly USD 16.2 billion in 2021.
Automotive Shock Absorbers Market Overview:
The global automotive shock absorbers market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in sales of automobiles around the world. Furthermore, the rising automotive aftermarket is also considered one of the crucial parameters supporting the development of the market.
Competitive Analysis
The listing of the prominent leaders across the global market for Automotive Shock Absorbers includes players such as:
Magnetti Marelli S. P. A. (Italy)
Meritor Inc (US)
ITT Corporation (US)
ZF Friedrichshafen (Germany)
Duro Shox Pvt Ltd (India)
Gabriel India Ltd. (India)
Zhejiang Sensen Auto Parts Co Ltd (China)
Hitachi Automotive Systems (Japan)
Arnott Inc. (US)
Showa Corporation (Japan)
Mando Corp. (South Korea)
Tenneco Inc. (US)
KYB Corporation (Japan)
Thyssenkrupp AG (Germany)
Among others.
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Automotive Shock Absorbers Market USP Covered
Market Drivers
The global market for Automotive Shock Absorbers has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in sales of automobiles around the world. Furthermore, the rising automotive aftermarket is also considered one of the crucial parameters supporting the development of the market. Moreover, the rising Demand for Safety and Comfort is also projected to boost the market's expansion over the review era. In addition, the increased demand for better automotive shock absorbers is projected to improve the market's growth over the coming years.
Report Scope:
Report Metrics | Details |
Market Size 2030 | 2030: USD 23.75 billion |
CAGR during 2022-2030 | 4.90% CAGR |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Technology, Application, and Region |
Key Market Opportunities | Advancement in suspension technology for heavy-duty vehicles |
Key Market Dynamics | Growing adoption of electric vehicles in emerging countries led by government support Increasing demand for safety and comfort |
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Market Restraints
On the other hand, certain aspects may impede the market's growth. High initial capital investment is the primary parameter restricting the market's growth.
Automotive Shock Absorbers Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Automotive Shock Absorbers market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Automotive Shock Absorbers Market Segment Analysis
Among all the technologies, the damping shock absorber segment secured the leading position across the global automotive shock absorption market in 2021. The damper shock absorbers usually guarantee the stable, reliable, and cost-effective operations of passenger cars, light commercial vehicles, and trucks to generate a stiff ride in some passenger cars, such as Maruti Suzuki WagonR and Maruti Suzuki Gypsy.
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Among all the application areas, the passenger car segment ensured the leading position across the global automotive shock absorption market in 2021. The escalating demand for pickup trucks and vans for commercial use is considered the primary parameter supporting the segment's expansion. Furthermore, the rising demand for commercial vehicles is anticipated to boost the production of automobile parts and components, such as steering and suspension, powertrain parts, transmissions, and high-volume engines.
Automotive Shock Absorbers Market Regional Analysis
The global Automotive Shock Absorbers market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the Asia-Pacific region secured the top position across the global Automotive Shock Absorbers market in 2021 with the largest contribution of around USD 7.11 billion. The regional market is anticipated to exhibit substantial growth over the coming years. The main parameter supporting the development of the regional market is the annual increase in vehicles on the road. Furthermore, the increase in demand for shock absorbers in the aftermarket is also projected to help the automotive shock absorber producers in China. The country is a substantial supplier of automotive shock absorbers, with several domestic producers working with foreign businesses, which in turn is also projected to enhance the performance of the regional market over the coming years.
The North American regional market for automotive shock absorbers is anticipated to secure the second spot across the globe over the review timeframe, given mainly to the fact that the United States is one of the world's largest automobile markets, flourishing a sizeable OEM and aftermarket sector.
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The European regional market for automotive shock absorbers is predicted to grow substantially over the review era, given the numerous well-known OEMs and producers of aftermarket parts, more awareness of vehicle safety features, and increasing vehicle age.
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