Shock Absorbers Market

Shock Absorbers Market – Overview

The global shock absorbers market is expected to grow at a healthy rate from 2021 to 2031 (forecast period). The global shock absorbers market is projected to witness growth due to the increasing demand for automobiles. Moreover, factors such as the increased need for safety and comfort, growth of the automotive aftermarket industry, and increased demand for lightweight automotive shock absorbers are likely to fuel the global shock absorber market growth. Technological improvements in shock absorbers and the rising electric vehicle industry are expected to provide market participants with lucrative growth prospects during the forecast period.

Furthermore, the growing need for cost-effective automotive shock absorbers is expected to provide opportunities for new entrants in the global shock absorbers market.

Shock Absorbers Market – Competitive Landscape

Key players operating in the global shock absorbers market are Hitachi Group, KYB Corporation, ZF Friedrichshafen AG, Tenneco Inc., SHOWA Corporation, Samvardhana Motherson Automotive Group, ThyssenKrupp AG, Duro Shox Pvt Ltd., ITT Corporation, Arnott Inc., BMW Group, Endurance Complete Solutions, BWI Group, Magneti Marelli S.p.A., Zhejiang Sensen Auto Parts Co., Ltd, Gabriel India Limited, Meritor, Inc., and ACDelco, Inc.

The global shock absorbers market is very competitive, with a plethora of competitors supplying cost-effective automotive shock absorbers. Manufacturers are creating strategic alliances with regional distributors and OEMs to meet the necessity of rising vehicle production. Moreover, new players face challenges due to brand awareness and strong marketing. Furthermore, the introduction of online distribution platforms is expected to boost demand for shock absorbers.

Shock Absorbers Market – Trends and Opportunities

The global demand for shock absorbers is projected to rise in the years ahead due to the increasing number of vehicles on the road. Moreover, increased vehicle production and demand are expected to generate significant development possibilities for the worldwide shock absorbers market. The employment of cutting-edge technology in electric vehicles, such as regenerative shock absorbers, is projected to contribute to the rising demand for shock absorbers.

Furthermore, the increase in demand for vehicle safety and better ride quality among car owners is one of the major factors expected to boost the global shock absorbers market. Many manufacturers recommend that shock absorbers be replaced every 50,000 miles. Thus, the shock absorbers market is anticipated to witness significant growth during the forecast period.

The COVID-19 pandemic has had a significant influence on the world economy at multiple levels, and the effect is being seen in the automotive industry as well. Production and supply chain activities have suffered significantly as a result of the current COVID-19 pandemic. However, demand is expected to improve when economies recover post COVID-19 pandemic.

Shock Absorbers Market – Regional Landscape

The Asia Pacific shock absorbers market is expected to grow during the forecast period. Factors such as expanding vehicle production and increased disposable income, particularly in emerging nations such as India, China, and Japan, are setting the stage for the market to expand in new directions. Moreover, rapid development and technological improvements in the automotive production industry are expected to propel the market in the region's countries. Furthermore, as the automotive business becomes more competitive, premium and luxury car manufacturers are focusing more on high-performance vehicles. Manufacturers are concentrating their efforts on developing enhanced devices with lightweight components, which is projected to drive market growth.

The North America shock absorbers market is anticipated to experience considerable growth during the forecast period. This United States is among the world's largest vehicle markets, with a big number of OEMs and an aftermarket business. Moreover, due to the integration of multiple technologies and improvements, the United States remains one of the world's largest markets for shock absorbers, making it a profitable area for manufacturers. This is a major aspect projected to boost the shock absorbers market in North America.