Shock absorber is a mechanical or hydraulic device intended to soak up shocks by converting kinetic energy of the shock into another sort of energy, which is then dissipated through the hydraulic fluid. Shock absorbers for vehicles play a crucial role while driving and vehicle handling and provides a comfortable ride to the passengers. Shock absorbers, including cushions and springs, are primarily utilized in suspension systems to lessen the jerks caused due to rough terrain roads. A shock absorber decreases the effect of shock and damps impulses on a rough surface or bumpy road. It also enables the vehicle tires to stay in touch with the bottom in the least times. The global shock absorber market is extremely dynamic and is predicted to witness stable growth during the forecast period. The growth of the shock absorber market is driven by various factors like an increase in automobile sales, the need for safety and luxury in vehicles, and the growth of the automotive aftermarket.

Market scope and structure analysis:

COVID-19 scenario analysis:

• The public transport has been completely shut during the lockdown in almost every country around the world to contaminate the spread of coronavirus.
• The ban on operations during lockdown has caused significant financial losses and it is predicted that when services resume, demand may not return to pre-lockdown levels due to the norms of social distancing and passenger’s perceived risk of traveling.
• COVID-19 induced lockdown and additional measures such as social distancing and frequent cleaning have put an additional financial burden on the bus operators which risks the long-term sustainability of the sector.
• It is crucial to ensure the continuity of bus services as the lockdown comes to an end in many countries and the economic activities gradually resume but public transport has to prepare responsive strategies in this vital situation for the traveling passengers.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Some of the factors that boost the market growth include increase in daily commute distances and the increased demand for a comfortable ride. However, Higher replacement cost and maintenance are anticipated to hamper the shock absorber for the automotive market. Furthermore, the increase in the presence of distributors, retailers, and online channel partners globally is expected to enhance new lucrative opportunities for the market during the forecast period.

The shock absorber market trends are as follows:

Increase in daily commute distances

The increase in daily commute distances due to expanding cities, globally is boosting the growth of the shock absorber market. Moreover, technological advancement and product innovations in material and design have further anticipated to boost the market growth over the long run. Rise in pollution levels coupled with increase in road congestion are encouraging several countries to heavily invest in safer road transport and improve the ride for the passenger.

Increased demand for a comfortable ride

The development and improvement in ride handling and comfort are likely to boost shock absorber for the automotive market during the forecast period. Consumers are becoming conscious about better riding quality, which boosts the market toward growth. In addition, increase in investment and rise in R&D activities are expected to drive the growth of the target market. Further, several manufacturers are focusing on the gas-filled twin-tube automotive shock absorbers to improve the comfort level and driving experience.

Key segments covered:               

Key benefits of the report:

• This study presents the analytical depiction of the shock absorber market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the shock absorber market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the shock absorber market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed shock absorber market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the shock absorber market research report:

• What are the leading market players active in the shock absorber market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?