Market Research Future published a research report on “Global Automotive Shock Absorber Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Pune, India -- (SBWire) -- 01/09/2018 --Global Automotive Shock Absorber Market Information Report by Type (Air Shock Absorber, Damper Shock Absorber, and Others), Vehicle Type (Passenger car and Commercial Vehicle), Sales Channel (OEM and Aftermarket), and region.

Automotive Shock Absorber Market – Overview

The role of shock absorbers in an automotive set up is essential to ensure comfort and a smooth ride. Market Research Future, a firm which specializes in market reports related to the automobile sector among others, published in its recent report on Automotive Shock Absorber Market Research Report - Global Forecast to 2023, that the market is expected to grow at a CAGR of 5.12% during the forecast period. Since shock absorbers are complementary products to the automobile sector, their demand is also influenced by the diversification of automobile sector.

Shock absorbers being an integral part of ensuring a smooth drive for vehicles, require constant development in the shock absorber segment to better the performance of the products. Shock absorbers are also an essential component of all-terrain vehicles or multi utility vehicles as they are used for off road driving, and shock absorbers are instrumental to reduce the shocks to tires while driving on an uneven and rugged terrain. Increase in levels of diverse applications have led to the development of the automotive shock absorber sector at a phenomenal pace.

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The air shock absorber segment is likely to lead the sector during the forecast period due to its higher sustainability factor. Passenger cars are one such segment that is estimated to bring about radical changes in the industry due to increased attention on smart car concept, this trend will moreover lead to increase in sales of passenger cars and SUVs. Additionally, budding demand for crossovers and SUV in passenger car segment because of their improved fuel efficiency is expected to positively influence demand for the automotive shock absorber market. New emerging markets apart from the established markets, are also expected to provide further growth opportunities for this sector. Technology is also one the factors fuelling demand for this sector.

Latest Industry News:

Sep 2017 Morocco's Minister of Industry, Investment, Trade and the Digital Economy along with Minister of Economics and Finance and Magneti Marelli's CEO have signed an agreement to build an auto parts plant in the country which initially will make shock absorbers. The plant will be in the Tangier Automotive City free zone in Tangier and will be about 20,000 sq m. Production capacity when fully operational will be 6 million pieces a year. Production is scheduled to begin in 2019 with the plant employing about 500 people by 2025.The project will require spend of about EUR37m (US$43m) but will benefit from Moroccan state support under its automotive industry policy.

Nov 2017 German component maker ZF India is strengthening its presence in India, with a big push to the commercial vehicle segment. The company, which is already present in chassis components and transmissions in the segment, is now looking to grow by diversifying into new products. It aims to diversify into clutches and shock absorbers, a natural graduation from the chassis and transmissions that it currently supplies to the CV industry.

May 2017 Tenneco Inc. has expanded the vehicle coverage of its Monroe Quick-Strut assembly and OESpectrum shock absorber and strut product lines with the introduction of dozens of new part numbers. Tenneco is offering 20 additional premium Quick-Strut assemblies — 13 of which are the first available from a major manufacturer for their respective applications.

Feb 2017 Boston-based MIT spinout company ClearMotion has raised a colossal $100 million funding round from J.P. Morgan and Qualcomm. The startup aims to develop solutions that can replace shock absorbers with 'digital chassis'. This startup is claiming that by focusing on the smoothness of the ride, it can defeat competition in constructing the skeletons of self-driving cars.

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Automotive Shock Absorber Market - Competitive Analysis

With the entry of new industry players in the automotive shock absorber segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.

The key players in global automotive shock absorber market are Meritor, Inc. (U.S.), ZF Friedrichshafen AG (Germany), Delphi Automotive Plc. (U.K.), Gabriel India Ltd. (India), Hitachi, Ltd. (Japan), KYB Europe G.M.B.H (Germany). Some of the other prominent players are SHOWA Corporation (Japan), Tenneco Inc. (U.S.), Koni BV (Netherlands), Thyssenkrupp Bilstein Gmbh (Germany) and others.

Automotive Shock Absorber Market – Segments

The automotive shock absorber market is segmented based on type, vehicle type, sales channel, and region.

On The Basis Of Type: Air Shock Absorber, Damper Shock Absorber, and Others.

On The Basis Of Vehicle Type: Passenger Cars and Commercial Vehicles.

On The Basis Of Sales Channel: OEM and Aftermarket

On The Basis Of Region: North America, Europe, Asia Pacific and ROW.

Automotive Shock Absorber Market - Regional Analysis

On the basis of region, the market has been segmented as North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region is expected to dominate the market during the forecast period due to increase in the production of vehicles in emerging countries such as China, India, and Japan. North America is expected to be the second largest market due to higher innovation in the shock absorbers. Europe is expected to be the third largest region during the forecast period.

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