Shock Absorber Market

Asia-Pacific contributed for the most revenue in 2020, and is expected to maintain its dominance by the end of the forecast period

PORTLAND, OR, US, February 2, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Shock Absorber Market by type, sales channel, and vehicle type: global opportunity analysis and industry forecast, 2021–2030,” the global shock absorber market was valued at $12.52 billion in 2020, and is projected to reach $21.07 billion in 2030, registering a CAGR of 4.7%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A10145

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.

Prominent factors that drive growth of the shock absorber market 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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/shock-absorber-market/purchase-options

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.

By type, the shock absorber market 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.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

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

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10145

Sales of shock absorbers is directly associated with automotive production and sales activities across the globe. COVID-19 crisis is causing uncertainty in the shock absorber market by delaying supply chains, hampering business growth and generating uncertain demand scenarios.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

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.

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.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Automotive Adaptive Front Lighting Market - https://www.globenewswire.com/en/news-release/2022/11/16/2557531/0/en/Automotive-Adaptive-Front-Lighting-Market-to-Garner-4-2-Billion-by-2031-Allied-Market-Research.html

Asia-Pacific Automotive Performance Tuning and Engine Remapping Services Market - https://www.globenewswire.com/news-release/2023/02/01/2599073/0/en/Asia-Pacific-Automotive-Performance-Tuning-and-Engine-Remapping-Services-Market-to-Generate-8-69-Billion-by-2031-Allied-Market-Research.html

Automotive Lightweight Materials Market - https://www.prnewswire.com/news-releases/automotive-lightweight-materials-market-to-reach-126-76-bn-globally-by-2030-at-7-1-cagr-allied-market-research-301351980.html

David Correa
Allied Market Research
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