Shock Absorber Market to Reach $21.07 Billion, Globally, by 2030 at 4.7% CAGR: Allied Market Research

Surge in need for safety and comfort, increase in need for lightweight automotive shock absorbers, and expansion of the automotive aftermarket industry drive the global shock absorber market.

PORTLAND, Ore., March 16, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Shock Absorber Market by Type (Twin Tube and Mono Tube), Sales Channel (OEM and Aftermarket), and Vehicle Type (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2030". 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.

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.

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Covid-19 scenario:

• Owing to commuting restrictions, weak financial performance of market players, and poor demand outlook, the market was severely affected during the Covid-19 pandemic. Due to restriction on travel, the demand for vehicles declined significantly.
• The Covid-19 outbreak forced governments to impose strict restrictions on import-export of non-essential goods. This disrupted the supply chain and presented challenges in procurement of raw materials.

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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.

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.

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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.

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.

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