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Automotive Shock Absorber Market 2020: Global Projection, Solutions, Services Forecast to 2023

Mar 17th 2020 at 8:21 AM

Market Highlights

The success of the automobile sector after a period of depression has reflected positively on the shock absorber market.Reports that investigate the automobile industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to observe a CAGR of 4.72% in the period of the forecast.

The usage of more than one car per household is adding to the development of the automotive shock absorber market. Moreover, increased emphasis on vehicular safety by governments as well as private bodies around the world is intensifying the progress of the shock absorber market.The emergence of additionaltier-1 motor vehicle component suppliers is expected to create positive avenues for growth in theforthcoming period.

Segmental Analysis

The segmentation of the automotive shock absorber market is conducted on the basis of sales channel, vehicle type, type, and region. Based on the type, the automotive shock absorber market is segmented into damper shock absorber, air shock absorber, and others. Based on the vehicle type, the automotive shock absorber market can be bifurcated into commercial vehicle and passenger car. Based on the sales channel, the automotive shock absorber market is divided into OEM and aftermarket. Based on the regions, the automotive shock absorber market comprises of Europe, North America, AsiaPacific (APAC), and the rest of the world (RoW).

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Detailed Regional Analysis

The regional examination of the automotive shock absorber market includes regions such as Europe, North America, Asia Pacific, and the rest of the world (RoW).The evolution of the auto component manufacturing industry in the AsiaPacific region is primarilymotivated by the increasing automobile manufacturing industry, particularly in nations, such as India, China, and Malaysia. Furthermore, the aftermarket industry for wear and tear pieces and other associated products are responsible for nearly half of the entire automotive aftermarket component sales in the region. Due to this, the automotive component producers have begun their production plants and distribution networks in the Asia-Pacific region.The regions, such as Middle East & Africa and South America are also displaying considerable progress in the market. The progress of the shock absorber market in the region can be principallyaccredited to the incidence of key automotive OEMs that are contributing to increasingthe demand for auto parts and components. Also, the growth of the market can also be accredited to the growth in the yearly average import competences of the automobile industry in the region.

Competitive Analysis

The governments around the world have also played a substantial role in the growth of the market in recent years. The intensification of investors in the market has played a pivotal role in the progress of the market. The reduction in the barrier to trade is expected to offer new areas for growth in the upcoming years.The market has developed an incremental pace in the past few years, which is highlighted by the achievements in terms of valuation. The development of the resources needed to sustain against competition has improved greatly leading to an unprecedented growth rate. Also, the competition being observed in the market is not detrimental to the individual player’s development in the market. The monetary inflows in the market are being directed towards increasing the innovations in the core product offering offered in the market so that the growth doesn’t stagnate in the forthcoming period.

The significantcontenders adding to the automotive shock absorber market are KYB Corporation (Japan), Thyssenkrupp AG (Germany), ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Mando Corp (South Korea), Meritor Inc. (US), SHOWA Corporation (Japan), Hitachi Automotive Systems Ltd. (Japan), KONI BV (Netherlands), and Gabriel India Ltd. (India).

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