Shock Absorber Market Analysis 2022, Global Size, Share, Technology Developments, Top Companies and Forecast 2030

Shock Absorber Market is expected to be valued at USD 21 Billion with a CAGR of 4.72% Forecast by 2027.

Shock Absorber Market Overview

The global shock absorber market is very dynamic market and is expected to witness a steady growth over the forecast period. The growth of the shock absorber market is driven by various factors such as increase in automobile sales, need for safety and comfort in vehicles, and growing automotive aftermarket. However, the growth of the market can be hindered due to oil leakage and noise.

The increasing focus on introducing innovative and efficient printing materials to provide lightweight spare parts, reducing material wastage and lowering the turnaround time is driving the expansion of the global Shock Absorber market. The increasing government support for research and development in 3D printing technology is likely to impact positively on the growth of the global Shock Absorber market.

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Globally Major key Players accelerates the Shock Absorber Market are,

• ZF Friedrichshafen AG (Germany)
• KYB Corporation (Japan)
• Thyssenkrupp AG (Germany)
• Hitachi Automotive Systems Ltd. (Japan)
• Tenneco Inc. (US)
• Mando Corp (South Korea)
• Meritor Inc. (US)
• SHOWA Corporation (Japan)
• KONI BV (Netherlands)
• and Gabriel India Ltd. (India).

Most important Segments of Shock Absorber market covered in this report are,

The global Shock Absorber market is segmented based on type, vehicle type, sales channel, and region.

On the basis of type, the global Shock Absorber market is segmented into air shock absorber, damper shock absorber, and others. The damper shock absorber segment accounted for the largest market share of 75.4% in 2018, with a market value of USD 12,005.4 million; the market is expected to register a CAGR of 4.45% during the forecast period. The air shock absorber segment was the second largest, valued at USD 3,257.4 million; it is projected to register the highest CAGR of 6.02%.

On the basis of vehicle type, the global Shock Absorber market can be divided into passenger car and commercial vehicle. The passenger car segment accounted for the larger market share of 74.6% in 2018, with a market value of USD 11,873.4 million; the market is expected to register a CAGR of 4.46% during the forecast period. The commercial vehicle segment was valued at USD 4,046.8 million; it is projected to register the higher CAGR of 5.48%.

On the basis of sales channel, the global Shock Absorber market can be divided into OEM and Aftermarket. The OEM segment accounted for the larger market share of 64.8% in 2018, with a market value of USD 10,321.6 million; the market is expected to register a CAGR of 3.91% during the forecast period. The aftermarket segment was valued at USD 5,598.6 million; it is projected to register the higher CAGR of 6.12%.

Shock Absorber Industry Influence of the global market report:

• Comprehensive assessment of all opportunities and risks in the Shock Absorber Market.
• Shock Absorber Market recent innovations and major events.
• A detailed study of business strategies for the growth of the Shock Absorber Market market-leading players.
• Conclusive study about the growth plot of Shock Absorber Market for forthcoming years.
• In-depth understanding of Shock Absorber Market, market-particular drivers, constraints, and major micro markets.
• Favorable impression inside vital technological and market latest trends striking the Shock Absorber Market.

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The global Shock Absorber market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.

Shock Absorber Market Regional Analysis

On the basis of region, the global market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is anticipated to lead the Shock Absorber market during the forecast period, followed by Europe and North America. Europe is expected to witness significant growth in the Shock Absorber market during the forecast period, owing to the growing demand for suspension systems, parts, and components from premium OEMs, such as Mercedes, Audi, and BMW, is pushing global market players to enhance and develop their operation network in Europe. North America is one of the key markets for shock absorber and other related components used in the automotive industry. The market in the region is driven by factors such as the rising demand for safety and comfort in vehicles and the increasing development of advanced suspension technologies.

Shock Absorber market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.

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