Overview
The Global Automotive Shock Absorber Market is expected to gain a value of USD 21,830.1 million by 2025, with a CAGR of 4.72% during the forecast period (2019–2025).
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Shock absorbers are generally oil pumps, wherein a piston is attached to the end of a piston rod and functions against hydraulic fluid in the pressure tube. The automotive shock absorber market is primarily driven by factors, such as the rising demand for passenger cars and commercial vehicles, the expansion of global auto-manufacturers in emerging economies, and the low cost of automotive aftermarket parts and components.
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Regional Analysis
On the basis of region, the global market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is anticipated to lead the automotive shock absorber market during the forecast period, followed by Europe and North America. Europe is expected to witness significant growth in the automotive shock absorber market during the forecast period, owing to the growing demand for suspension systems, parts, and components from premium OEMs, such as Mercedes, Audi, and BMW, is pushing global market players to enhance and develop their operation network in Europe. North America is one of the key markets for shock absorber and other related components used in the automotive industry. The market in the region is driven by factors such as the rising demand for safety and comfort in vehicles and the increasing development of advanced suspension technologies.
Segmental Analysis
The global automotive shock absorber market is segmented based on type, vehicle type, sales channel, and region.
On the basis of type, the global automotive shock absorber market is segmented into air shock absorber, damper shock absorber, and others. The damper shock absorber segment accounted for the largest market share of 75.4% in 2018, with a market value of USD 12,005.4 million; the market is expected to register a CAGR of 4.45% during the forecast period. The air shock absorber segment was the second largest, valued at USD 3,257.4 million; it is projected to register the highest CAGR of 6.02%.
On the basis of vehicle type, the global automotive shock absorber market can be divided into passenger car and commercial vehicle. The passenger car segment accounted for the larger market share of 74.6% in 2018, with a market value of USD 11,873.4 million; the market is expected to register a CAGR of 4.46% during the forecast period. The commercial vehicle segment was valued at USD 4,046.8 million; it is projected to register the higher CAGR of 5.48%.
On the basis of sales channel, the global automotive shock absorber market can be divided into OEM and Aftermarket. The OEM segment accounted for the larger market share of 64.8% in 2018, with a market value of USD 10,321.6 million; the market is expected to register a CAGR of 3.91% during the forecast period. The aftermarket segment was valued at USD 5,598.6 million; it is projected to register the higher CAGR of 6.12%.
Competitive Analysis
Some of the prominent players operating in the global automotive shock absorber market report are ZF Friedrichshafen AG (Germany), KYB Corporation (Japan), Thyssenkrupp AG (Germany), Hitachi Automotive Systems Ltd. (Japan), Tenneco Inc. (US), Mando Corp (South Korea), Meritor Inc. (US), SHOWA Corporation (Japan), KONI BV (Netherlands), and Gabriel India Ltd. (India).
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Meritor, Inc. strategizes to enhance its market position by constantly evaluating the competitive differentiation of its product portfolio. Moreover, it focuses on enhancing its strengths and core competencies to expand its business globally. Additionally, the company also focuses on including the expansion of aftermarket business in the emerging nations of Asia-Pacific owing to the continuous increase in the aftermarket activities and operations across the region. It plans to invest in enhancing its network of local distributors and dealers in the aftermarket to increase the revenue generated from Asia-Pacific under its aftermarket & industrial reporting segment.
Hitachi Automotive Systems, Ltd is focused on expanding its product portfolio to strengthen its position in the aftermarket in the developed countries of Asia-Pacific. Additionally, it is also focused on developing advanced components and accessories used in electric and autonomous vehicles to gain a competitive edge over its peers in the global market. The company aims to expand its aftermarket business through collaborations and product developments. For instance, in February 2018, Hitachi Automotive Systems, Ltd launched its aftermarket brand, Tokico, which primarily caters to the suspension and brake segment in the global aftermarket. It strategizes to develop its brand identity and increase its revenue by growing its customer base, enhancing its operational presence, and expanding its product range.
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