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Surge in need for safety and comfort, increase in need for lightweight automotive shock absorbers, and expansion of the automotive aftermarket industry drive the global shock absorber market.

PORTLAND, Ore. , March 16, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Shock Absorber Market by Type (Twin Tube and Mono Tube), Sales Channel (OEM and Aftermarket), and Vehicle Type (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global shock absorber industry was accounting for $12.52 billion in 2020, and is expected to reach $21.07 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Major determinants of the market growth

Rise in demand for safety and comfort, surge in need for lightweight automotive shock absorbers, and expansion of the automotive aftermarket industry have boosted the growth of the global shock absorber market. However, high maintenance cost of advanced suspension systems and fluctuations in cost of raw materials hinder the market growth. On the contrary, technological advancements in shock absorber and growth of the electric vehicle industry would unlock new opportunities in the future.

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The twin tube segment dominated the market growth

By type, the twin tube segment held the largest share in 2020, accounting for nearly two-thirds of the global shock absorber market, as it is widely used in vehicles for its cost-effectiveness. However, the mono tube segment is expected to manifest the highest CAGR of 5.5% during the forecast period, due to increase in use in luxury and mid-priced vehicles.

The aftermarket segment to manifest the highest CAGR through 2030

By sales channel, the aftermarket segment is projected to register the highest CAGR of 5.3% during the forecast period, due to inclination toward the installation of advanced shock absorbers to improve comfort and safety of the vehicle. However, the OEM segment held the largest share in 2020, contributing to more than three-fourths of the global shock absorber market, due to importance of shock absorbers in vehicle and advent of advanced suspension solutions.

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Asia-Pacific , followed by Europe and North America , held the largest share

By region, the market across Asia-Pacific held the largest share in 2020, accounting for more than one-third of the market. In addition, the region is anticipated to showcase the highest CAGR of 5.3% from 2021 to 2030, owing to the expansion of transportation & logistics industry in the region. On the other hand, the global shock absorber market across North America is expected to register the highest CAGR of 4.4% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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