Shock Absorbers Market

Global Market Study on Automotive Shock Absorbers: Increasing Vehicle Production and Parc to Aid Demand Growth Over Coming Years

Automotive Shock Absorbers Market Segmented By Passenger Cars, LCVs, HCVs Two Wheelers Vehicle with Hydraulic Type, Gas-filled Type Product

  • April-2021
  • PMRREP15058
  • 336 Pages
  • Automotive
  • PPT, PDF, WORD, EXCEL

About the Report

Automotive shock absorbers are an integral part of a vehicle’s suspension as they reduce the shocks on the vehicle produced by a rough road surface and provide driving comfort. Globally, increasing automobile demand and production along with rising awareness of vehicle safety is expected to drive demand for automotive shock absorbers. Hydraulic shock absorbers are generally used in vehicles as they are economical as compared to gas-filled shock absorbers. For shock absorbers, passenger cars, which include compact, mid-size, luxury, and SUVs hold the highest market share.

In its latest revised study, Persistence Market Research offers insights about key factors fueling demand for automotive shock absorbers. The report tracks global sales of automotive shock absorbers in high-growth markets, along with analyzing the impact COVID-19 has had on the automotive industry in general, and shock absorbers in particular. This edition (2021-2031) brings readers up-to-date with key market developments, providing analysis on how manufacturers and other stakeholders are reacting to change. The study also expands on the previous competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants.

Find Out More about the Report Coverage

Companies

  • Samvardhana Motherson Group (SMG)
  • Magneti Marelli S.p.A.
  • Tenneco Inc.
  • Meritor, Inc.
  • ZF Friedrichshafen AG
  • Hitachi Automotive Systems, Ltd.
  • SHOWA CORPORATION
  • KYB Corporation
  • ITT Corporation
  • thyssenkrupp AG
  • Gabriel India Limited
  • Duro Shox Pvt Ltd.
  • Arnott Inc.
  • ACDelco, Inc.
  • Zhejiang Sensen Auto Parts Co., Ltd.
  • Others.

Historical Trends Vs. Future Market Outlook

Suspension damping systems have been used in cars since ages. Hydraulic and gas-filled shock absorbers have been the major types used in vehicles since many years, and are installed in front and rear suspension systems. Shock absorber manufacturers are innovating and improving technical aspects of suspension systems, such as the design, acceleration, grip, and smoothness of shock absorbers. Improvement in the quality of automotive components is also an important growth factor for the market. Also, evaluation of technical issues in suspension systems and quick replacement of shock absorbers have gained momentum in the past few years.

Technological advancements in the manufacturing of automotive shock absorbers are accelerating growth of the market. Audi has a prototype in which electromagnetic dampers replace the hydraulic suspension systems used today, which gives a more comfortable ride. Current shock absorbers induce kinetic energy in the car at every bump or pothole, and this kinetic energy is lost in the form of heat. Electromechanical damper systems do not waste this energy, which is used in the electrical system of vehicles. Thus, all the mentioned factors will accelerate demand for shock absorbers, which will increase with growing number of vehicles over the coming years.

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According to Persistence Market Research’s analysis, automotive shock absorber sales have grown at 4.2% CAGR from 2016 and 2020.

Worldwide demand for automotive shock absorbers will increase over the coming years as the number of vehicles on the road increases. Besides, increase in production and demand for vehicles is anticipated to provide major growth opportunities for the global automotive shock absorbers industry. Introduction of cutting-edge technology such as use of regenerative shock absorbers in electric vehicles has contributed to significant increase in the demand for automotive shock absorbers. Factors driving market growth are increase in demand for improving ride quality and vehicle safety from car owners. Many manufacturers recommend replacing the shock absorbers every 50,000 miles.

The COVID-19 pandemic has severely impacted the global economy at numerous stages, and the effect is seen on the vehicle industry as well. Production and supply chain operations have suffered on a large scale due to closing of all manufacturing factories as a result of the current COVID-19 pandemic, but demand will increase as economies pull through after the pandemic's containment era. With a number of end users affected in regions such as North America, East Asia, and Asia Pacific, supply and shortage in demand are projected to result in a major drop in Y-O-Y growth. Yet, Persistence Market Research expects the global automotive shock absorbers market to expand at over 5% CAGR through 2031.

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Which Factors are Driving Sales of Automotive Shock Absorbers?

Leading manufacturers are implementing innovative production technologies and techniques to eliminate operational issues and provide end users with high-quality shock absorbers. Growing demand for shock absorbers for use in electric vehicles is creating numerous opportunities for manufacturers and suppliers. Increase in demand for luxury vehicles is also a growth factor for the market. Increasing urbanization and smart cities, and rising daily commuting distances, are some important factors driving demand for new vehicles, indirectly impacting the growth of the automotive shock absorbers market in a positive way. 

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Country-wise Insights      

How Large is the Opportunity in the U.S. for Automotive Shock Absorber Manufacturers?

Persistence Market Research has estimated the U.S. to remain one of the most rewarding markets throughout the course of the projection period. One of the key factors is growing vehicle numbers and aftermarket for shock absorbers due to increase in vehicle miles travelled in the country.

As the U.S. is one of the largest automotive markets, it has a high number of OEMs and huge aftermarket production. With integration of various technologies and innovations, the U.S. remains one of the largest markets for automotive shock absorbers in the world, which consistently makes it a lucrative pocket for manufacturers.

Will Germany’s Strong Automotive Market Boost Prospects Market Players?

Germany has many leading OEMs as well as aftermarket part providers. To cater to growing demand for vehicles, shock absorber manufactures are increasing their production volumes day by day. Increase in vehicle age and rising awareness of vehicle safety features have resulted in increase in early replacement of shock absorbers in the country, giving boost to the aftermarket. Also, major technological advancements such as evolution of electrical generator suspensions are accelerating market growth in Germany.

What’s the Outlook of Automotive Shock Absorbers in India?

India has a prominent growth rate in the South Asia & Pacific in the two wheelers segment. Bad condition of the roads in the country is increasing aftermarket demand for shock absorbers, which is a major growth driver for the market. With increase in the number of both, personal and commercial vehicles in India, demand for shock absorbers is also increasing, which has led to promising growth forecasts for the market in the country for the forecast period.

Is China a Lucrative market for Automotive Shock Absorbers?

Rise in annual growth of vehicle parc and increasing demand for shock absorbers in the aftermarket are benefitting shock absorber manufacturers in China. China is a large supplier of shock absorbers along with many local manufacturers partnering with international companies. The replacement aftermarket is also growing due to increasing car ownership and vehicle age in the country. China is a lucrative market for shock absorbers, as manufacturers are using the merger and acquisition strategy to capture maximum market share.

How are GCC Countries Faring in the Automotive Shock Absorbers Landscape?

GCC countries such as Saudi Arabia, the United Arab Emirates, and Kuwait reported 696,542 units of new vehicles sales in 2020. GCC countries will create significant opportunities for automobile manufactures with increasing demand for luxury and SUVs in the region, which, in turn, creates significant opportunities for manufacturers of automotive shock absorbers in the Middle East & Africa region.

Category-wise Insights

Which Vehicle Type is Expected to Experience the highest CAGR for Automotive Shock Absorbers?

The two wheelers segment is projected to experience significant CAGR regarding the use of automotive shock absorbers. Over the forecast period, the segment is estimated to grow at a steady rate in terms of both, value and volume. Rising emphasis on electric and hybrid vehicles will create key opportunities for manufacturers. Companies such as KYB Corporation, Tenneco Inc., ZF Friedrichshafen AG, and Hitachi Automotive Systems are providing automotive shock absorbers for distinct vehicle types with various designs for greater efficiency.

What is the Most Used Design in Automotive Shock Absorbers?

Twin tube designs and mono tube designs are mostly used in shock absorbers. Twin tube shocks have two cylinders where oil flows between both cylinders and provides a damping force. Mono tube twin shocks use a single cylinder where it is filled with oil, which is separated by a piston valve. Compared to twin tube shocks, mono tube shocks have high damping ability and offer better ride quality. But as mono tube shocks cost more, twin tube shocks are mostly preferred by many manufacturers.

Which Sales Channel is Preferred for Automotive Shock Absorbers?

Demand for shock absorbers is prominent from OEMs, as millions of new vehicles are equipped with shock absorbers year-on-year. There is steady demand from OEMs for shock absorbers, whereas, in the replacement market, demand is steady; however, it holds one-third share of overall shock absorber sales.

Competitive Landscape

The market is highly competitive, with the presence of a large number of players offering cost-competitive automotive shock absorbers. To meet the requirement of increasing vehicle production and parc, manufacturers are forming strategic partnerships with OEMs and regional distributors. Brand consciousness and aggressive marketing make it challenging for new entrants in this space. Furthermore, launch of online distribution platforms is projected to increase demand for shock absorbers.

For instance,                    

  • ZF announced the start of a new shock absorber production line in India. This new production line will be a part of its growth and expansion strategy in the region. The plant in Chakan, Pune, has a production capacity 0.7 M units per year.
  • KYB announced the launch of mass production for KADS, which is an electronically controlled suspension system for motorcycles that integrates control technology and hydraulic technology.

Some of the leading companies operating in the market are:

  • KYB Corporation
  • ZF Friedrichshafen AG
  • Tenneco Inc.
  • Hitachi Group
  • ThyssenKrupp AG
  • SHOWA Corporation
  • Samvardhana Motherson Automotive Group
  • BMW Group
  • ITT Corporation
  • Gabriel India Limited
  • Meritor, Inc.
  • Endurance Complete Solutions
  • BWI Group
  • Magneti Marelli S.p.A.
  • Duro Shox Pvt Ltd.
  • Arnott Inc.
  • ACDelco, Inc.
  • Zhejiang Sensen Auto Parts Co., Ltd.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report                    

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Oceania
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Vehicle
  • Product Type
  • Sales Channel
  • Design
  • Region.

Key Companies Profiled

  • KYB Corporation
  • ZF Friedrichshafen AG
  • Tenneco Inc.
  • Hitachi Group
  • ThyssenKrupp AG
  • SHOWA Corporation
  • Samvardhana Motherson Automotive Group
  • BMW Group
  • ITT Corporation
  • Gabriel India Limited
  • Meritor, Inc.
  • Endurance Complete Solutions
  • BWI Group
  • Magneti Marelli S.p.A.
  • Duro Shox Pvt Ltd.
  • Arnott Inc.
  • ACDelco, Inc.
  • Zhejiang Sensen Auto Parts Co., Ltd.

Report Coverage

  • Market Forecasts
  • Brand Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Market Segmentation by Category

  • By Vehicle
    • Passenger Cars
    • LCVs
    • HCVs
    • Two Wheelers
  • By Product Type
    • Hydraulic Type
    • Gas-filled Type  
  • By Sales Channel
    • OEMs
    • Aftermarket
  • By Design
    • Twin Tube Design
    • Mono-Tube Design
  • By Region
    • North America
    • Latin America
    • Europe
    • South Asia & Pacific
    • East Asia
    • Middle East & Africa

Key Questions Answered in Report

Q1. Which is the most lucrative market for automotive shock absorbers?

East Asia currently leads the global market share for automotive shock absorbers. East Asia will account for more than one-third of total demand throughout the forecast period.

Q3. Which is the most preferred sales channel for automotive shock absorbers?

Automotive shock absorbers see significant demand from the automobile industry, which is expected to remain high in the near future, especially due to increased demand from electric vehicles with wide range variants.

Q3. Which vehicle type has the largest share for automotive shock absorbers?

Passenger cars and light commercial vehicles have the highest share in the demand for automotive shock absorbers.

Q4. Who are some of the leading manufacturers in the automotive shock absorbers market?

Some of the leading companies manufacturing automotive shock absorbers are KYB Corporation, Tenneco Inc., ZF Friedrichshafen AG, Hitachi Automotive Systems, Ltd., ThyssenKrupp AG, and SHOWA Corporation.

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Is this research conducted by Persistence Market Research?

Yes, the research has been conducted by expert analysts of Persistence Market Research through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Persistence Market Research?

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