Press release
Shock Absorbers Market Is Progressing Towards A Strong Growth By 2025
On the basis of application, shock absorbers available in the market vary in shape and size. All current shock absorbers work on the principle that the faster the suspension moves, the more resistance the shock absorber provides; they are velocity sensitive hydraulic damping devices.
The worldwide market for automotive shock absorbers is witnessing significant growth, owing to growing global automotive production, focus on driving comfort, and vehicle parc. Low rate of shock absorber replacement over the lifetime of the vehicle is expected to lever up the demand for automotive shock absorbers. In the global shock absorbers market, key manufacturers focus on the design of shock absorbers, as they vary widely in their detail design, if not in their external appearance.
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Key growth drivers for this market are growth in automotive demand, and vehicle parc and production. The increasing focus of manufacturers to improve travel comfort and increase the average miles travelled per year is estimated to fuel growth of the global shock absorbers market.
Moreover, growth in shock absorber applications, such as in aircraft, for industrial purposes, and in buildings & bridges is estimated to drive growth of the global shock absorbers market.
In general, extended product life and low rate of replacement are estimated to hamper the aftermarket growth of automotive shock absorbers. Consumers replace shock absorbers only when they show signs of deterioration. Additionally, the quality of shock absorbers has increased to a great extent during the past few years, which has adversely impacted the replacement market.
The Asia-Pacific shock absorbers market is estimated to remain dominant over the forecast period, owing to its major share in automotive production and vehicle parc. Countries, such as China and India are estimated to be growth drivers in the Asia-Pacific shock absorbers market.
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Europe and North America regions are estimated to grow at a stable rate in the shock absorbers market, due to high product maturity. The Japan shock absorbers market is forecasted to grow at a significant rate, owing to high technological advancements in the automotive industry. Latin America and Middle-East & Africa markets are estimated to witness high growth potential over the forecast period.
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