Major determinants of the market growth
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.
As per the report, the global shock absorber industry was accounting for $12.52 billion in 2020, and is expected to reach $21.07 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
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Shock absorbers are used in cars and light trucks with standard suspension systems. Shock absorbers provide resistance by forcing hydraulic fluid through valves in the piston as it moves up and down, which dampens movement of springs as they compress and rebound during transit. The amount of resistance depends on rate of movement of the suspension. Without shock absorbers, vehicles would bounce continuously, which makes it difficult to control a vehicle. Shock absorbers not only provide a comfortable ride but also ensure contact of tires with the road for better stability and control.
Major 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.
The twin tube segment dominated the market growth
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.
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The aftermarket segment to manifest the highest CAGR through 2030
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.
Asia-Pacific, followed by Europe and North America, held the largest share
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.
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By Type
- Twin Tube
- Mono Tube
By Sales Channel
- OEM
- Aftermarket
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