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Global Automotive Aftermarket Shock Absorbers Market: About this market
automotive aftermarket shock absorbers market analysis considers sales from both passenger vehicles and commercial vehicle types. Our study also finds the sales of automotive aftermarket shock absorbers in APAC, Europe, MEA, North America, and South America. In 2019, the passenger vehicle segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing demand for EVs and SUVs across the globe will play a significant role in the passenger vehicle segment to maintain its market position. Also, our global automotive aftermarket shock absorbers market report looks at factors such as an aging vehicle fleet with a high number of in-use vehicles, an increase in vehicle miles driven, and a rise in sales of luxury vehicles. However, decreasing global sales and production of vehicles, raw material price volatility, and availability of inexpensive low-quality shock absorbers may hamper the growth of the automotive aftermarket shock absorbers industry over the forecast period.
Global Automotive Aftermarket Shock Absorbers Market: Overview
Rise in the sales of luxury vehicles
Emerging economies including India, China, Thailand, and Brazil have become key contributors to the growing sales of luxury and premium vehicles. Luxury and premium vehicles feature the integration of advanced electronic components to provide enhanced comfort and safety. Moreover, these vehicles are also equipped with electronically controlled suspension systems including electronic shock absorbers. The consumers also prefer buying OEM quality shock absorbers to obtain a higher comfort level in vehicles. Thus, the increasing sales of luxury and premium vehicles will lead to the expansion of the global automotive aftermarket shock absorbers market at a CAGR of over 4% during the forecast period.
Manufacturers shift toward alternative lightweight materials
Increasing pollution levels across the globe have led to the intensification of stringency of emission standards. To comply with regulations on emissions norms, manufacturers are focusing on developing lightweight, efficient, and cost-effective products. This has encouraged the manufacturers to emphasize on deploying alternative lightweight raw materials for producing auto components. Companies in the market are introducing lightweight suspension parts made of lightweight materials such as carbon-fiber-reinforced plastics (CFRP) and glass-reinforced plastics (GRP). This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive aftermarket shock absorbers market during the forecast period 2020-2024, click here.
With the presence of several major players, the global automotive aftermarket shock absorbers market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive aftermarket shock absorbers manufacturers, that include ADD Industry (Zhejiang) Corp. Ltd., Hitachi Ltd., ITT Inc., Kobe Suspensions, LEACREE (Chengdu) Co. Ltd., NGK Spark Plug Co. Ltd., Showa Corp., Tenneco Inc., thyssenkrupp AG, and ZF Friedrichshafen AG.s
Also, the automotive aftermarket shock absorbers market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
automotive aftermarket shock absorbers market analysis considers sales from both passenger vehicles and commercial vehicle types. Our study also finds the sales of automotive aftermarket shock absorbers in APAC, Europe, MEA, North America, and South America. In 2019, the passenger vehicle segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing demand for EVs and SUVs across the globe will play a significant role in the passenger vehicle segment to maintain its market position. Also, our global automotive aftermarket shock absorbers market report looks at factors such as an aging vehicle fleet with a high number of in-use vehicles, an increase in vehicle miles driven, and a rise in sales of luxury vehicles. However, decreasing global sales and production of vehicles, raw material price volatility, and availability of inexpensive low-quality shock absorbers may hamper the growth of the automotive aftermarket shock absorbers industry over the forecast period.
Global Automotive Aftermarket Shock Absorbers Market: Overview
Rise in the sales of luxury vehicles
Emerging economies including India, China, Thailand, and Brazil have become key contributors to the growing sales of luxury and premium vehicles. Luxury and premium vehicles feature the integration of advanced electronic components to provide enhanced comfort and safety. Moreover, these vehicles are also equipped with electronically controlled suspension systems including electronic shock absorbers. The consumers also prefer buying OEM quality shock absorbers to obtain a higher comfort level in vehicles. Thus, the increasing sales of luxury and premium vehicles will lead to the expansion of the global automotive aftermarket shock absorbers market at a CAGR of over 4% during the forecast period.
Manufacturers shift toward alternative lightweight materials
Increasing pollution levels across the globe have led to the intensification of stringency of emission standards. To comply with regulations on emissions norms, manufacturers are focusing on developing lightweight, efficient, and cost-effective products. This has encouraged the manufacturers to emphasize on deploying alternative lightweight raw materials for producing auto components. Companies in the market are introducing lightweight suspension parts made of lightweight materials such as carbon-fiber-reinforced plastics (CFRP) and glass-reinforced plastics (GRP). This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive aftermarket shock absorbers market during the forecast period 2020-2024, click here.
Competitive Landscape
With the presence of several major players, the global automotive aftermarket shock absorbers market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive aftermarket shock absorbers manufacturers, that include ADD Industry (Zhejiang) Corp. Ltd., Hitachi Ltd., ITT Inc., Kobe Suspensions, LEACREE (Chengdu) Co. Ltd., NGK Spark Plug Co. Ltd., Showa Corp., Tenneco Inc., thyssenkrupp AG, and ZF Friedrichshafen AG.s
Also, the automotive aftermarket shock absorbers market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
