Press release
Global Automotive Shock Absorbers Market to Register a Value CAGR of 3.7% During 2018 – 2026
The estimated value of the automotive shock absorbers market in 2018 is US$ 61,042.7 Mn, which is expected to expand at a CAGR of 3.7% and reach US$ 81,792.0 Mn by the end of 2026. In addition, the automotive shock absorbers market is projected to create incremental $ opportunity worth US$ 20,749.3 Mn during the forecast period.
Automotive Shock Absorbers Market Dynamics
Growing advancements in passenger transportation options and rising demand for comfortable options in vehicles are the factors projected to drive the automotive shock absorbers market over the forecast period. Moreover, rising automotive production across the region is also expected to drive the automotive shock absorbers market over the forecast period. The growth of the automotive production in key regions, such as SEA & Pacific China and MEA, is estimated to fuel the demand for auto-components, such as automotive shock absorbers. Furthermore, with increase in disposable income, the middle-class population is becoming more attracted towards vehicle safety and comfort in the global market. Moreover, increasing production of two wheelers, specifically in Asia, is estimated to fuel demand for automotive shock absorbers over the forecast period
On the flip side, increasing adoption of electronic automotive shock absorber systems and high replacement cost associated with gas filled automotive shock absorbers are some of the factors projected to hamper the global automotive shock absorbers market over the forecast period.
Automotive Shock Absorbers Market Forecast
By region, China is projected to dominate in the global automotive shock absorbers market over the forecast period. China, followed by Europe, is estimated to remain the most opportunistic region in the automotive shock absorbers market. In terms of value, China is projected to create incremental $ opportunity worth US$ 5,837.2 Mn in the global automotive shock absorbers market during the forecast period.
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By product type, the hydraulic type segment is projected to dominate with a value US$ 37,166 Mn in 2018. However, the gas-filled segment is projected to account for ~ 41.3% share in the global automotive shock absorbers market during the forecast period. In terms of growth, gas-filled automotive shock absorbers are projected to grow with modest growth rate during the latter half of the forecast period.
By design segment, the twin tube design is projected to dominate in the global automotive shock absorbers market. In terms of volume, the demand for twin tube segment is projected to be pegged at 273.3 Mn units by the end of 2026. In terms of value, the mono-tube segment is projected to create incremental $ opportunity worth US$ 2,912.7Mn in the global automotive shock absorbers market over the forecast period. Under twin tube design segment, the gas charged sub-segment is expected to grow with remarkable growth rate in the global automotive shock absorbers market due to increasing demand for gas-filled automotive shock absorbers.
By sales channel, the OEM segment is projected to dominate the global automotive shock absorbers market with year-over-year growth of 3.6% in 2018. However, aftermarket segment is projected to account for more than 25% share in the global automotive shock absorbers market. However, the potential for automotive shock absorbers aftermarket is expected to remain relatively low owing to low replacement rate of automotive shock absorbers in the global market.
By vehicle type, the passenger cars segment is projected to dominate the global automotive shock absorbers market over the forecast period. In terms of volume, the demand for automotive shock absorbers for passenger cars is projected to reach up to 162.4 Mn units by the end of 2026. Under the passenger cars segment, the automotive shock absorbers market has also been categorized into OEM and Aftermarket. Further, these segment has also been categorized into twin tube and mono-tube. The mono-tube automotive shock absorbers for compact car segment is projected to be valued at US$ 569.2 Mn in 2018 and this value is projected to reach up to US$ 845.1 Mn by the end of 2026.
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Automotive Shock Absorbers Market: Competitive Landscape
Some of the key players involved in the manufacturing of Automotive shock absorbers and included in this study are Samvardhana Motherson Group (SMG), Magneti Marelli S.p.A., Tenneco Inc., Meritor, Inc., ZF Friedrichshafen AG, Hitachi Automotive Systems, Ltd., SHOWA CORPORATION, KYB Corporation, ITT Corporation, thyssenkrupp AG, Gabriel India Limited, Duro Shox Pvt Ltd., Arnott Inc., ACDelco, Inc., Zhejiang Sensen Auto Parts Co., Ltd.
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