Press release
Automotive Shock Absorber Market Projected to Hit $17.41 Billion by 2027 with a 5.5% CAGR || ZF Friedrichshafen AG, Magna International Inc., Tenneco Inc
Automotive Shock Absorber Market
The Business Research Company's Automotive Shock Absorber Global Market Report 2023 identifies the demand for automobiles is expected to propel the growth of the automotive shock absorber market going forward. Automobiles, commonly known as cars or vehicles, are self-propelled wheeled vehicles designed for road transportation. Automobiles use shock absorbers to control the suspension movement and maintain contact between the tires and the road surface. For instance, in March 2022, according to the European Automobile Manufacturers' Association (ACEA), the lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021.
The global automotive shock absorber market is expected to grow from $13.20 billion in 2022 to $14.06 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive shock absorber market is expected to reach $17.41 billion in 2027 at a CAGR of 5.5%.
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Major competitors in the automotive shock absorber market are ZF Friedrichshafen AG, Magna International Inc., Tenneco Inc., Mare lli Europe S.p.A.,Benteler Automotive Corporation, Mando Corporation, Sumitomo Riko Company Limited, KYB Corporation, Hitachi Astemo Ltd., Continental AG, Moog Inc., Meritor Inc.
A key trend in the automotive shock absorber market includes product innovations. Major companies operating in the automotive shock absorber market are adopting innovative products to sustain their position in the market. For instance, in June 2021, ZF Friedrichshafen AG, a Germany-based provider of auto components for cars, launched an assembly tool kit for automotive shock absorbers. The shock absorber assembly tool kit replaces its assortment of specialized tools.
Read More On The Global Automotive Shock Absorber Market Report Here: https://www.thebusinessresearchcompany.com/report/automotive-shock-absorber-global-market-report
The Automotive Shock Absorber market is segmented -
1) By Type: Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) By Product Type: Hydraulic Type, Gas-Filled Type
3) By Technology: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
6) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive shock absorber market.
The Business Research Company's "Global Automotive Shock Absorber Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Shock Absorber Market Include:
1. Executive Summary
2. Automotive Shock Absorber Market Characteristic
3. Automotive Shock Absorber Market Trends And Strategies
4. Automotive Shock Absorber Market - Macro Economic Scenario
5. Automotive Shock Absorber Market Size And Growth
……………
27. Automotive Shock Absorber Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Shock Absorber Market
29. Automotive Shock Absorber Market Future Outlook And Potential Analysis
30. Appendix
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