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%.
๐๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฌ๐ก๐จ๐๐ค ๐๐๐ฌ๐จ๐ซ๐๐๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐ 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
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ-ย https://www.alliedmarketresearch.com/request-sample/10510
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.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ-ย https://www.alliedmarketresearch.com/shock-absorber-market/purchase-options
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.
๐๐๐๐๐-19 ๐๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
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
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
โฆ By type, the mono tube segment is expected to register a significant growth during the forecast period.
โฆ By sales channel, the aftermarket segment is projected to lead the global shock absorber market.
โฆ By vehicle type, the commercial vehicle segment is projected to lead the global shock absorber market
โฆ Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
๐๐จ๐ง๐ญ๐๐๐ญ:
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