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%.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-for-customization/10510
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.
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.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/10510
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 global 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.
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.
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.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/shock-absorber-market/purchase-options