Smoother Rides Ahead: Shock Absorber Market worth USD 21.07B by 2030 at 4.7% CAGR

According to a recent report published by Allied Market Research, titled, "shock absorber market by type, sales channel, and vehicle type: global opportunity analysis and industry forecast, 2021-2030," the global shock absorber market was valued at $12.52 billion in 2020, and is projected to reach $21.07 billion in 2030, registering a CAGR of 4.7%.

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Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market as the region is one of the largest markets for the automobile industry and automotive components. Moreover, surge in demand for electric and hybrid vehicles propels growth of this market.

Major determinants of the market growth

Rise in demand for safety and comfort, surge in need for lightweight automotive shock absorbers, and expansion of the automotive aftermarket industry have boosted the growth of the global shock absorber market. However, high maintenance cost of advanced suspension systems and fluctuations in cost of raw materials hinder the market growth. On the contrary, technological advancements in shock absorber and growth of the electric vehicle industry would unlock new opportunities in the future.

Prominent factors that drive growth of the shock absorber market include increase in demand for safety and comfort from customers and rise in demand for lightweight suspension. Countries such as China, India, and Brazil are growing economies. Thus, the vehicle manufacturing and automotive component manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the shock absorber market in the region.

The twin tube segment dominated the market growth

By type, the twin tube segment held the largest share in 2020, accounting for nearly two-thirds of the global shock absorber market, as it is widely used in vehicles for its cost-effectiveness. However, the mono tube segment is expected to manifest the highest CAGR of 5.5% during the forecast period, due to increase in use in luxury and mid-priced vehicles.

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The aftermarket segment to manifest the highest CAGR through 2030

By sales channel, the aftermarket segment is projected to register the highest CAGR of 5.3% during the forecast period, due to inclination toward the installation of advanced shock absorbers to improve comfort and safety of the vehicle. However, the OEM segment held the largest share in 2020, contributing to more than three-fourths of the global shock absorber market, due to importance of shock absorbers in vehicle and advent of advanced suspension solutions.

Asia-Pacific, followed by Europe and North America, held the largest share

By region, the market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 5.3% from 2021 to 2030, owing to the expansion of transportation & logistics industry in the region. On the other hand, the global shock absorber market across North America is expected to register the highest CAGR of 4.4% during the forecast period.

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Major market players

Gabriel India Limited (Anand Group)
KONI BV
Hitachi Astemo Ltd.
Mando Corp.
KYB Corporation
Meritor Inc
Marelli Holdings Co., Ltd
Thyssenkrupp AG
Tenneco Inc
ZF Friedrichshafen AG.

Similar Reports We Have on Automotive Industry:

https://www.alliedmarketresearch.com/advanced-suspension-control-system-market-A08440 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/automotive-monoshock-suspension-system-market-A13956 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/boat-hydraulic-suspension-market-A10335 - Global Opportunity Analysis and Industry Forecast, 2023-2032 - Global Opportunity Analysis and Industry Forecast, 2023-2032

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