The global shock absorber market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. One of the major factors fuelling the market includes the growing competitiveness in the automobile industry. The market players are offering various new features for making the drive smooth and comfortable for the consumers to stay in the market, which has increased the demand for shock absorbers. For instance, in September 2019, KONI Shock Absorbers announced its KONI Sport adjustable shock absorbers for (2016-2019) Mazda MX-5 and chassis offering ride height settings and multiple spring seats, which offers better comfort and stability while driving.
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The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown that strictly restricted the use of vehicles. All this led to a decrease in the demand, and production activities in the shock absorber market. As per the data of Organization Internationale des Constructeurs d’Automobiles (OICA) 2020, the production of vehicles declined by 16% across the globe as compared to the production in 2019. Sales of the vehicles also declined by more than 13% in 2020. However, as the situation got normal the market grew considerably. As per the data of OICA 2021, the production of vehicles grew by 3% as compared to 2020.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global 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
Global 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 global 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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