Automotive Shock Absorber Market
Automotive Shock Absorber Market (OEM: Commercial Vehicle and Passenger Vehicle (Minicompact, Supermini, Compact, Mid-size, Executive, Luxury, MPV, SUV, and Sports Car); and Aftermarket: Commercial Vehicle and Passenger Vehicle (Minicompact, Supermini, Compact, Mid-size, Executive, Luxury, MPV, SUV, and Sports Car)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Automotive Companies Focus on Improving Technical Aspects of Suspension Systems
Automotive vehicles have evolved at a rapid pace over the past decade. In addition, due to the mounting environmental concerns, automotive players are under continual pressure to develop energy-efficient vehicles. As a result, automotive manufacturers are increasingly focusing on improving the quality of their automotive components. Stakeholders in the current automotive shock absorber market are investing significant amounts of resources toward improving the design aspects of their suspension systems to enhance safety and comfort of their vehicles. Apart from the design, automotive manufacturers are also inclined toward improving the technical aspects of their suspension systems and focus on various parameters such as acceleration, braking distance grip, grip, etc.
Moreover, assessment of technical conditions of suspension systems has gained significant momentum in the past few years. Research and development activities are paving the way for improved automotive shock absorbers that are expected to replace the outdated shock absorbing technologies. Additionally, as the damping characteristics of shock absorbers play an imperative role in influencing the overall performance of vehicular systems, companies operating in the automotive shock absorber market are focusing on these parameters to gain a competitive edge. Within the current market landscape, the advent of electric vehicles is likely to influence the future generation of automotive shock absorbers– a factor that is anticipated to impact the growth of the automotive shock absorber market during the forecast period. Thus, the global automotive shock absorber market is expected to attain a market value of ~US$ 15 Bn by the end of 2027.
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Advancements in Heavy-duty Suspension Technologies Likely to Gain Momentum
Suspension technologies have evolved at a rapid pace since their inception, transforming from mechanical springs to cutting-edge air suspensions with hydraulic shocks. Stakeholders in the automotive shock absorber market continue to allocate significant funds toward improving their suspension systems due to which, automotive shock absorbers are witnessing major developments in terms of design, functional characteristics, etc. Stakeholders in the automotive shock absorber market are focusing on deploying innovative solutions such as damping control, air dumpers, body roll control monitors, air spring ride height sensors, and automatic auxiliary suspensions. The adoption of these solutions is expected to grow at a notable pace during the forecast period, as they continue to mature. The advent of these next-generation suspension technologies will play an integral role in extending maintenance intervals and the overall lifecycle of the vehicle. Moreover, these advanced automotive shock absorber solutions are also likely to enhance the overall handling, improve tire wear, and offer a high degree of safety to vehicles– a factor that will propel the growth of the automotive shock absorber market during the assessment period. Future generation of automotive shock absorbers is likely lighter in weight, as automotive manufacturers are rapidly drifting toward reducing the weight of their vehicles. The adoption of automotive shock absorbers is expected to be higher in passenger vehicles, due to the growing demand for passenger vehicles across the Asia Pacific region. Within the passenger vehicles segment, the demand for automotive shock absorbers will remain high from the SUV category followed by compact automobiles.
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Innovations and Development of Future-centric Shock Absorbers to Drive Global Market
Participants operating in the current automotive shock absorber market landscape are expected to focus on launching improved shock absorber technologies that will align with the requirements of the future generation of vehicles. While hybrid and electric vehicles continue to gain popularity across the world, automotive shock absorber companies are likely to manufacture improved versions of shock absorbers during the course of the assessment period. In addition, a few companies are also offering their products on e-Commerce platforms to improve sales.
In April 2019, Aunger, a leading Australian automotive accessory company launched a new range of affordable shock absorbers that were particularly designed for older car models. Sensing an opportunity to tap into the market for old model of cars, the company is also focusing on pricing strategies.
Stakeholders in the current market landscape are also assessing various materials that are likely to augment the performance of automotive shock absorbers, including steel and aluminum.
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The global automotive shock absorber market is projected to grow at a CAGR of ~5% during the forecast period. The market growth can be attributed to a range of factors including technological advancements, rising focus on innovative designs, significant growth of the automotive sector in developing regions such as the Asia Pacific and Latin America, and exponential rise in the number of miles driven. In addition, amidst mounting environmental concerns, automotive manufacturers are increasingly focusing on developing lightweight vehicles wherein suspension systems made from lightweight materials, including aluminum and steel are expected to be used.
Automotive Shock Absorber Market: Overview
- The global automotive shock absorber market is expected to expand at a CAGR of ~5% between 2020 and 2027
- Economic growth witnessed across Asia Pacific, Latin America, and Middle East & Africa is increasing per capita income of the population, which in turn is anticipated to boost vehicle sales across countries in the regions mentioned above. This, in turn, is propelling the global automotive shock absorber market.
Drivers of Automotive Shock Absorber Market
- Rapid rise in the middle class population in Asia Pacific is estimated to drive the automotive industry and in turn boost the demand for shock absorbers. Asia Pacific is a dynamic region given the large domestic consumer base and low manufacturing cost, making it a lucrative region for export supplies. China, India, Japan, and South Korea have attracted auto production that was earlier concentrated in Western countries. High rate of vehicle production in Asia Pacific is the primary driver of the global shock absorber market.
- Increased penetration of advanced shock absorbers, such as active shock absorbers and shock absorbers with electric motor and pump and continuous damping control valves, is further boosting the automotive shock absorber market
- Total vehicle miles traveled (VMT) is increasing at a steady pace, globally. Per capita VMT is rising as well. A vehicle is prone to wear & tear, especially shock absorbers, which leads to the replacement of shock absorbers at regular intervals and fuels the VMT and more kilometers covered by the vehicle. This, in turn, is anticipated to increase the replacement of shock absorbers around the globe.
Challenges for Automotive Shock Absorber Market
- Manufacturers recommend replacing shock absorbers every 50,000 miles; however, several customers prolong shock absorber replacement, which hampers the aftermarket segment
- It is recommended that shock absorbers be replaced in pairs, i.e., each axle be equipped with a new set of shock absorbers due to wear and tear, leakage or ineffective damping. Replacement of shock absorbers in pairs ensures proper ride handling and safety. However, due to high cost associated in replacing two shock absorbers, consumers generally replace only one, which hampers the sale of aftermarket shock absorbers.
Automotive Shock Absorber Market: Segmentation
- Based on OEM, the passenger vehicle segment held a leading share of the global automotive shock absorber market in 2019. Consumers are increasingly opting for a personal vehicle over commercial transport vehicles, subsequently increasing sale of passenger vehicles. Furthermore, as automakers have reduced the prices of vehicles in order to reduce the losses occurred during global slowdown of automobile industry in 2018 and 2019. This, in turn, is anticipated to increase the sale of vehicles globally, subsequently propelling the expansion of the global automotive shock absorber market.
- Based on aftermarket, the passenger vehicle segment held a dominant share of the global market. Shock absorbers undergo wear & tear and require periodic replacement post 50,000 miles. Rise in consumer awareness about periodic replacement and expansion of aftermarket retailers and dealers are anticipated to further propel the demand for aftermarket shock absorbers. Furthermore, shocks and struts are generally replaced and recommended to be replaced in pairs on the same axle. This, in turn, further propels the demand for shock absorbers in the aftermarket.
Automotive Shock Absorber Market: Regional Analysis
- In terms of region, Asia Pacific is anticipated to lead the global automotive shock absorber market by the end of the forecast period. Asia Pacific accounted for nearly 48% share of the global market in 2019. Expansion of the auto industry in Japan, India, China, and South Korea has contributed to the strong position of Asia Pacific in the global market. China is a prominent aftermarket for the automotive industry and has well-established network of suppliers. India is a notable manufacturer and exporter of shock absorbers and struts.
- Europe is expected to follow Asia Pacific, in terms of revenue, in the global automotive shock absorber market. Presence of major automakers in Europe in conjunction with agreements between OEMs and automakers for uninterrupted supply is creating a sophisticated supply chain in the region. All these factors are anticipate to propel the automotive shock absorber market in Europe.
Automotive Shock Absorber Market: Competition Landscape
- Key players operating in the global automotive shock absorber market include
- Brinn Inc., BWI Group
- Continental AG
- Datsons Engineering Works Pvt. Ltd.
- DMA Sales, Inc.
- Endurance Technologies Limited
- FCS Auto
- Halla Holdings Corp.
- Hitachi Automotive Systems, Ltd.
- Kobe Suspensions
- KYB, LEACREE Company
- Magneti Marelli S.p.A.
- QBAutomotive, Ride Control, LLC
- Robert Bosch GmbH
- Samavardhana Motherson Group
- Tenneco Inc.
- ZF Friedrichshafen AG
Automotive Shock Absorber Market – Scope of the Report
Transparency Market Research’s recent report on the automotive shock absorber market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the automotive shock absorber market analyzes the scenario for the period of 2020 to 2027, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the automotive shock absorber market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive shock absorber market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the automotive shock absorber market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive shock absorber market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in this Report on Automotive Shock Absorber Market
- How much value will the automotive shock absorber market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2027?
- What are the impact factors and there effects on the market for shock absorber
- What regions currently contribute the maximum share to the overall automotive shock absorber market?
- What are the indicators expected to drive the automotive shock absorber market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the automotive shock absorber market to expand their geographic presence?
- What are the major advancements witnessed in the automotive shock absorber market?
- How regulatory norms affected the market for automotive shock absorber market?
This report answers these questions and more about the automotive shock absorber market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Automotive Shock Absorber Market: Research Methodology
This TMR report on the automotive shock absorber market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive shock absorber market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive shock absorber market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive shock absorber market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive shock absorber market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive shock absorber market is estimated to expand are based on carefully vetted primary and secondary sources.
Automotive Shock Absorber Market – Segmentation
This report on the automotive shock absorber market provides information on the basis of OEM, aftermarket, and region.