Shock Absorber Market to Reach $21.07 Billion by 2030 with 4.7% CAGR Growth
shock absorber market
By vehicle type, the commercial vehicle segment is projected to lead the global shock absorber market
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 22, 2024 /EINPresswire.com/ -- 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.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A10145
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%.
Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market as the region is one of the largest markets for the automobile industry and automotive components. Moreover, surge in demand for electric and hybrid vehicles propels growth of this market.
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.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/75acec2f059a805863003f583b7d05e2
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.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞
Gabriel India Limited (Anand Group)
Hitachi Astemo Ltd.
KONI BV
KYB Corporation
Mando Corp.
Marelli Holdings Co., Ltd
Meritor Inc
Tenneco Inc
Thyssenkrupp AG
ZF Friedrichshafen AG
𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A10145
China dominated the global shock absorber market share in 2020 as China is the largest automotive industry in the world. Moreover, sales of automobiles in China is steadily expanding, owing to need for transportation solutions in China.
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 size 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:
Utility Vehicle Market - https://www.alliedmarketresearch.com/utility-vehicle-market-A12422
Electric Bikes Market - https://www.alliedmarketresearch.com/electric-bikes-market
Electric Vehicle Market - https://www.alliedmarketresearch.com/electric-vehicle-market
Mobility Scooters Market - https://www.alliedmarketresearch.com/electric-mobility-scooter-market
David Correa
Allied Market Research
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