ID: MRFR/AM/3462-CR | July 2019 | Region: Global | 120 pages
Global Automotive Shock Absorber Market is expected to grow at a CAGR of 4.72% during the forecast period. The global shock absorber market is very dynamic market and is expected to witness a steady growth over the forecast period. The growth of the shock absorber market is driven by various factors such as increase in automobile sales, need for safety and comfort in vehicles, and growing automotive aftermarket. However, the growth of the market can be hindered due to oil leakage and noise.
The global automotive shock absorber market, by region, has been segmented as North America, Europe, Asia-Pacific, and Rest of the World. Geographically, in 2018, the global automotive shock absorber market was led by Asia-Pacific in terms of revenue followed by Europe and North America region. Furthermore, Asia-Pacific is the fastest growing region in the global market.
North America is one of the key markets for shock absorbers and other related components used in the automotive industry. The market in the region is driven by factors such as the rising demand for safety and comfort in vehicles and the increasing development of advanced suspension technologies. This region is characterized by the presence of tier-1 motor vehicle component suppliers, such as ZF TRW Automotive, Tenneco Inc., and Tower International, who also sell their products to aftermarket buyers, such as component remanufacturing, rebuilding, and recycling firms. The growing number of mergers and acquisitions, collaborations, and joint ventures initiated by the regional market players are expected to increase their geographical presence and consequently strengthen their position in the market. For instance, in 2018, Wheel Pros, an aftermarket wheels and accessories supplier, acquired ReadyLIFT Suspension Inc., a designer and distributor of suspension, lift, and leveling kits. Such factors play a key role in increasing the demand for automotive shock absorbers in North America.
In 2018, Europe held the second largest market share in the global automotive shock absorber market owing to the growing demand for suspension systems, parts, and components from premium German OEMs, such as Mercedes, Audi, and BMW, is pushing the global market players to enhance and develop their operation network in Europe. For instance, the increasing demand for lightweight shock absorbers by premium companies has led KYB Corporation, a Japanese automotive component manufacturer to establish its development center in Germany for automotive parts and components under the name KYB Europe.
The global automotive shock absorber market is segmented based on type, vehicle type, sales channel, and region. On the basis of type, the global automotive shock absorber market is segmented into air shock absorber, damper shock absorber, and others. On the basis of vehicle type, the global automotive shock absorber market can be divided into passenger car and commercial vehicle. On the basis of sales channel, the global automotive shock absorber market can be divided into OEM and Aftermarket.
On the basis of type, in 2018, the damper shock absorber segment held the largest market share followed by air shock absorbers. Damper shock absorbers offer various features, such as good adjustable configuration, reduction of force capacity by letting out the gas, and easy locking of the position of the dampers (either at the ends or the middle of the stroke). The damper shock absorbers generally ensure cost-effective, reliable, and durable operations of the passenger cars, trucks, and light commercial vehicles to provide a stiff ride in some passenger cars, such as Maruti Suzuki Gypsy and Maruti Suzuki WagonR. These factors are projected to drive the demand for damper shock absorbers, especially for passenger cars over the forecast period, which in turn drives the market growth.
On the basis of vehicle type, the commercial vehicle segment is projected to grow at a rapid pace during the forecast period. The major factor that is driving the commercial vehicles segment in the global automotive shock absorber market is the increasing demand for pickup trucks and vans for commercial purposes. Furthermore, the growing road freight transportation, across the globe, is expected to increase the production of commercial vehicles, leading to the necessity of auto parts and components, including steering and suspension, high-volume engines, transmissions, and powertrain parts. Together, such factors are expected to increase the demand for shock absorbers in commercial vehicles during the forecast period.
On the basis of sales channel, in 2018, the global automotive shock absorber market was led by the OEM segment. The aftermarket segment is projected to witness higher growth than OEM segment during the forecast period due to the increasing vehicle production, along with the growing demand for premium vehicles and the rising demand for commercial vehicles for industrial applications is expected to drive the aftermarket segment. Additionally, the increase in the presence of distributors, retailers, and online channel partners globally is expected to enhance the scope for automotive parts sales. Such factors help create opportunities for aftermarket players to cater to the growing needs of the automotive industry, across the globe.
The key players of the global automotive shock absorber market are ZF Friedrichshafen AG (Germany), KYB Corporation (Japan), Thyssenkrupp AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tenneco Inc. (US), Mando Corp (South Korea), Meritor Inc. (US), SHOWA Corporation (Japan), KONI BV (Netherlands), and Gabriel India Ltd. (India).
On the basis of region, the global automotive shock absorber market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).
Global Automotive shock absorber Market, by Region, 2018
Source: MRFR Analysis
The growth of the auto component manufacturing industry in Asia-Pacific is mainly driven by the growing automobile manufacturing industry, especially in countries, such as China, India, and Malaysia. Additionally, the aftermarket industry for wear and tear components and other related products accounted for nearly half of the total automotive aftermarket component sales in the region. Due to this, the global automotive component manufacturers have established their production plants and distribution networks in Asia-Pacific.
The rest of the world (RoW) includes regions, such as South America and the Middle East & Africa. The growth of the shock absorber market in the region can be primarily attributed to the presence of major automotive OEMs, such as Honda, FCA, Mazda, KIA, Toyota, Nissan, and Volkswagen, which increases the demand for auto parts and components. Moreover, the growth of the market can also be attributed to the increase in the annual average import capabilities of automobiles in the region.
The global automotive shock absorber market is segmented based on type, vehicle type, sales channel, and region. In 2018, the global market was led by Asia–Pacific and is projected to be dominant throughout the forecast period, whereas Europe is projected to witness a significant growth rate from 2019 to 2025.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
The global automotive shock absorber market is predicted to grow at a 4.72% CAGR between 2019-2025.
The global automotive shock absorber market is predicted to reach USD 21,830.1 million by 2025.
Asia Pacific will lead the global automotive shock absorber market.
Increase in sales of automobiles and growing automotive aftermarket are driving the global automotive shock absorber market growth.
Key contenders profiled in the global automotive shock absorber market include ZF Friedrichshafen AG (Germany), KYB Corporation (Japan), Thyssenkrupp AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tenneco Inc. (US), Mando Corp (South Korea), Meritor Inc. (US), SHOWA Corporation (Japan), KONI BV (Netherlands), and Gabriel India Ltd. (India).