Press release
Shock Absorbers Market Sale is estimated to Reach value of US$ 23.7 Bn by 2030-end
Shock Absorbers Market 2022
As per Persistence Market Research analysis, the global automotive shock absorbers market is estimated to be valued at US$ 23.7 Bn in 2030 and expanding at a CAGR of more than 5% over the forecast period of 2021-2031. Hydraulic Automotive Shock Absorbers to Account for Over Two-third Market Share: Persistence Market Research
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Automotive shock absorbers are hydraulic devices that absorb damp shock impulses from vehicles. Increase in production of vehicles and growing vehicle parc are driving demand for automotive shock absorbers across regions. Increased use of advanced shock absorbers such as regenerative shock absorbers is boosting market growth. Demand for hydraulic shock absorbers will continue to remain high over the next ten years, with this type holding more than two-third market share through 2031.
Key Companies-
• 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.
Complete Report Details@https://www.persistencemarketresearch.com/market-research/shock-absorbers-market.asp
Key Takeaways from Market Study
• The global automotive industry has seen significant growth in recent times, which, in turn, has increased demand of automotive shock absorbers. Increase in number of vehicles on road and rise in demand for comfort level in vehicles are driving sales across regions.
• The market is expected to grow significantly in Asia Pacific due to expansion of the automobile industry in Japan, India, and China. India is manufacturing and exporting automotive shock absorbers and struts on a large scale.
• Many manufacturers are using an innovative approach for suspension design. For example: The Lexus ES uses Swing Valve Automotive Shock Absorbers that provide an appropriate damping force even when the slightest movement is experienced in the car's wheels and suspension.
• Hydraulic automotive shock absorbers to remain most sought-after over the coming years.
• Use of automotive shock absorbers to remain highest in passenger vehicles across the world.
• Twin tube design automotive shock absorbers to enjoy over 80% market share by 2031-end.
• The market in the U.S. is expected to expand at close to 4% CAGR through 2031. For China, Japan, and India, expected CAGRs are 5.4%, 5.2%, and 6.5%, respectively.
• Due to the COVID-19 pandemic, demand for automotive shock absorbers has been badly hit, with 2020 growth rate being -14.4%, and 2021 expected growth rate being -6.3%.
"Rising demand for different types of vehicles in recent years and increase in electric vehicle sales are driving factors for the automotive shock absorbers market,'' says a Persistence Market Research analyst.
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Key Questions Answered in Report
• Which is the most lucrative market for automotive shock absorbers?
• Which is the most preferred sales channel for automotive shock absorbers?
• Which vehicle type has the largest share for automotive shock absorbers?
• Who are some of the leading manufacturers in the automotive shock absorbers market?
Request you to Read More-
Gas-Filled Shock Absorbers Market - https://www.persistencemarketresearch.com/market-research/automotive-gas-charged-shock-absorbers-market.asp
Railway Shock Absorbers Market - https://www.persistencemarketresearch.com/market-research/railway-shock-absorbers-market.asp
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