Shock Absorber Market Expected to Reach $21.07 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “shock absorber market by type, sales channel, and vehicle type: global opportunity analysis and industry forecast, 2021–2030,” 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.

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.

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.

Sales of shock absorbers is directly associated with automotive production and sales activities across the globe. COVID-19 crisis is causing uncertainty in the shock absorber market by delaying supply chains, hampering business growth and generating uncertain demand scenarios.

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.

COVID-19 Impact Analysis

• The COVID-19 impact on the shock absorber market is unpredictable, and is expected to remain in force for a few years.
• The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for shock absorbers.
• As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, automotive production and sales suffered severely, which, in turn, negatively impacted the market for shock absorber.
• To prevent spread of the COVID-19 virus, governments across the globe implemented strict lockdowns and made social distancing mandatory. Consequently, several organizations began work from home programs as precautionary measure. This led to a sudden decline in global demand for automobiles

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.

Key players operating in the global shock absorber market 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, and ZF Friedrichshafen AG