Shock Absorber Market to Garner $21.07 billion by 2030 | Industry Analysis, Top Companies Business Growth

Surge in need for safety and comfort, increase in need for lightweight automotive shock absorbers

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 26, 2024 /EINPresswire.com/ -- The global 𝐒𝐡𝐨𝐜𝐤 𝐀𝐛𝐬𝐨𝐫𝐛𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭¹ was valued at $12.52 billion in 2020, and is projected to reach $21.07 billion in 2030, registering a CAGR of 4.7%. 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 224 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A10145

Prominent factors that drive growth of the shock absorber market² 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.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/shock-absorber-market/purchase-options

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.

By type, the shock absorber market size³ is segregated into twin tube, and mono tube. The twin tube accounted for the highest revenue in 2020, as twin tube is widely adopted across various vehicle types, owing to their cost-effectiveness.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

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

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A10145

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the mono tube segment is expected to register a significant growth during the forecast period.

By sales channel, the aftermarket segment is projected to lead the global shock absorber market.

By vehicle type, the commercial vehicle segment is projected to lead the global shock absorber market

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10145

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.

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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¹ https://www.alliedmarketresearch.com/shock-absorber-market-A10145
² https://www.prnewswire.com/news-releases/shock-absorber-market-to-reach-21-07-billion-globally-by-2030-at-4-7-cagr-allied-market-research-301503990.html
³ https://www.alliedmarketresearch.com/press-release/shock-absorber-market.html