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. As per Persistence Market Research analysis, the global automotive shock absorbers market is estimated to be valued at US$ 23.7 Bn in 2021, expanding at a CAGR of more than 5% over the forecast period of 2021-2031.
To remain ‘ahead’ of your competitors, request for a samples@ https://www.persistencemarketresearch.com/samples/15058
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%.
To connect with our sales representative@ sales@persistencemarketresearch.com
Competitive Landscape
The market is moderately fragmented, and is highly dependent on automotive sales. Leading players contribute significant market share. Small regional players might make this market even more competitive over the forecast period. Many key players are using the strategy of partnerships and mergers & acquisitions for acquiring maximum market share. Some of the key players in the market are KYB Corporation, ZF Friedrichshafen AG, Tenneco Inc., Hitachi Group, and SHOWA Corporation. They are expected to contribute a prominent market share as they have made significant innovative advancements over the years.
For in-depth competitive analysis, buy now@ https://www.persistencemarketresearch.com/checkout/15058
About us: Persistence Market Research
Contact us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com