The Shock Absorber market is anticipated to grow at a considerable CAGR of 12.2% during the forecast period (2022-2028). One of the major factors that are growing the market includes technological advancement in the shock-absorbing industry which is supporting in the improvement of a vehicle’s performance, and consumers’ experience. Over the past few years, the demand for advanced suspension systems has baeen growing in heavy-duty commercial vehicles across the globe as the applications of these vehicles growing.
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These vehicles often work off-road for carrying, dumping, digging, and other heavy load works which require multiple highly efficient shock absorbers with advancements such as air dampers, continuous damping control, body roll control monitors, and air spring ride height sensors, and automatically deploying auxiliary suspensions. These advancements help in extending maintenance intervals, and vehicle lifecycles, improve tire wear, increase safety and handling, and help with driver recruiting and retention. These developments have enhanced the performance of the vehicle, which reflects in the growth of the commercial vehicle market as well. As per the data of Organisation Internationale des Constructeurs d’Automobiles (OICA), the commercial vehicle production reached 23,091,693 units in 2021 which is around 6% more than the production of commercial vehicles in 2020.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Shock Absorber Market Report Segment
By Type
- Twin Tube
- Mono-Tube
By Vehicle Type
- Passenger Vehicles
- Commercial vehicles
By Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
Shock Absorber Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the Shock Absorber market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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