Automotive Gas Charged Shock Absorbers Market Snapshot
The automotive gas charged shock absorbers market worth will reach US$ 2.9 Bn in 2021, as per Future Market Insights (FMI) analysis. FMI projects sales of automotive gas charged shock absorbers to grow at overall compound annual growth rate (CAGR) of 5.0% between 2021 and 2031.
The market demonstrated an impressive 5.7% year-on-year growth between 2020 and 2021.
Growth trends are forecast to remain positive, with FMI projecting volume sales to rise at 4.8% CAGR between 2021 and 2031.
Leading players, including Thyssenkrupp AG, KYB Corporation, ZF, Tenneco, Marelli will account for nearly 55% sales in the market in 2021.
Key Points Covered In Automotive Gas Charged Shock Absorbers Market Research
- Market Estimates And Forecast 2021 - 2031
- Key drivers and restraints impacting the market growth
- Segment wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on automotive Gas Charged Shock Absorbers Market And How to Navigate
- Recommendations on Key Winning Strategies
Automotive Gas Charged Shock Absorbers Market Future Outlook for 2021-2031 in Comparison to 2016-2020 Sales
The automotive gas charged shock absorbers market is anticipated to grow at a CAGR of 5.0% over the forecast period 2021-2031.
Increasing focus of manufacturers on introducing damping control technology in an array of vehicles, ranging from passenger cars and bikes to heavy duty trucks, will positively influence the automotive gas charged shock absorbers market.
Market players are focusing on developing new products and investing in innovations in order to expand their product portfolio.
For instance, in 2018, Koni Shock Absorbers, a key leader in adjustable suspension technology, announced the launch of its new special active damper product line, the latest evolution for their distinguished portfolio of performance suspension solutions.
Koni engineering adopted the advanced generation of Koni’s demonstrated, exclusive Frequency Selective Damping Technology and combined it into already existing highly efficient Koni special dampers, rendering exceptional ride and handling experience. The active dampers identifies the road condition and an individual’s driving style, thereby providing stability, comfort and exclusive ride.
Meanwhile, in 2021, KYB announced the launch of the KYB Actimatic Damper System (KADS), which is an electronically monitored semi active suspension system. It is designed for motorcycles which combines hydraulic technology and control technology. KADS offers the rider a sensation of being grounded to the road, thereby ensuring improved control and stability.
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By Sales Channel Type, OEM Segment Set to Dominate the Market
Increase in automobile sales is boosting the growth of the OEM segment of the automotive gas charged shock absorbers market. In the past, progress used to be mostly driven by the aftermarket demand, which still accounts for a substantial share of the total market demand for automotive gas charged shock absorbers. Further, OEM segment is estimated to account for nearly 64% of the global automotive gas charged shock absorbers market.
Demand in Passenger Car Segment Underpins Growth in the Market
Governments’ thrust on infrastructure and macroeconomic environment buoyancy is expected to keep the momentum strong in 2018, subsequently propelling the demand for automotive gas charged shock absorbers in luxury cars and utility vehicles. Additionally, China remains the growth engine for the global passenger cars market. The China passenger car market is still receptive despite the mammoth number of vehicles.
This is expected to increase the demand for automotive gas charged shock absorbers during the forecast period. In terms of volume, passenger cars market in Japan and Europe will augment the demand for automotive shock absorbers.
Product innovation and improving market share are the cited strategies adopted by prominent manufacturers catering the global automotive shock absorbers for passenger car segment. Based on design type, twin segment will spearhead the mono segment in the global gas charged shock absorbers market.
The twin segment is expected to represent US$ 2,335.9 Mn in the market in 2018 and US$ 3,517.2 Mn in 2027 while expanding at a CAGR of 4.7%. Also, the twin segment in the global automotive gas charged shock absorbers market to grow by US$ 236.3 Mn annually over the course of the forecast period and this absolute growth is substantial than the growth of any other segment.
Western Europe and North America to Exhibit High Demand
Relatively stable economic conditions, increasing industrial production and steady growth in automotive industry are the key factors expected to drive the growth in demand for Automotive Gas Charged Shock Absorbers in North America and Europe. North America is expected to dominate the global Automotive Gas Charged Shock Absorbers market, in terms of value and volume, during the forecast period.
APEJ is expected to gain traction over the forecast period as a consequence of the anticipated surge in the performance of manufacturing and automotive sectors, whereas all the other regions are expected to exhibit moderate growth during the same period.
Japan and North America are expected to lose market value share, owing to the increase in the production of Automotive Gas Charged Shock Absorbers in ASEAN and India. Japan and North America are forecast to register 4.0% and 4.4% CAGRs, respectively, by value, which is comparatively lower than the collective growth of all the other regions in the automotive gas charged shock absorbers market. Additionally, Europe is anticipated to witness the lion’s share in the automotive gas charged shock absorbers market by the end of the forecast period.
Automotive Gas Charged Shock Absorbers Market – Competitive Landscape
According to FMI analysis, the global Automotive Gas Charged Shock Absorbers market is primarily consolidated, with a few market players holding a significant market share. In the global Automotive Gas Charged Shock Absorbers market, the top 5 players collectively account for between 55% and 60% of the market share.
In the recent past, the Automotive Gas Charged Shock Absorbers market has been observing significant developments from a competition perspective. Manufacturers of automotive gas charged shock absorbers are focusing on increasing their presence in the aftermarket of South East Asian Countries owing to the prolific opportunities present there. Also, India-based manufacturers are poised to increase exports to developed automotive gas charged shock absorbers markets of North America, Europe, Australia and Asia-Pacific region.
Some of the prominent players covered in this market include Gabriel India Limited, Samvardhana Motherson Group (SMG), , ITT Corporation, Magneti Marelli S.p.A., Tenneco Inc., Meritor, Inc., ZF Friedrichshafen AG, Hitachi Automotive Systems Ltd., Showa Corporation, KYB Corporation, Thyssenkrupp AG, Arnott Inc., ACDelco Inc. Zhejiang Sensen Auto Parts Co., Ltd. etc.
Key Questions Answered in the Report
How much is the Automotive Gas Charged Shock Absorbers Market Worth?
The global automotive gas charged shock absorbers market will reach a valuation of US$ 2.9 Bn in 2021, rising at a CAGR of 5.0% between 2021 and 2031.
At What Rate did the Automotive Gas Charged Shock Absorbers Market Grow in the Last Five Years?
The automotive gas charged shock absorbers market exhibited growth at CAGR 1.3% between 2016 and 2020.
What is the Market Share of Top 5 Players in Automotive Gas Charged Shock Absorbers Market?
The combined market share of top 5 players including, Thyssenkrupp AG, KYB Corporation, ZF, Tenneco, Marelli stood at 55% of the overall market.
What is the North America Automotive Gas Charged Shock Absorbers?
The demand for automotive gas charged shock absorbers is expected to grow at 4.2% in North America between 2021 and 2031.
At What Percentage will the Automotive Gas Charged Shock Absorbers Market Grow in Europe?
The Europe market is estimated to grow at an average annual rate of 5.1% in the forecast period.
What is driving demand for Automotive Gas Charged Shock Absorbers Market?
Rising demand for electric vehicles, technological advancements and growing concern about safety of passengers while driving are propelling growth of the automotive gas charged shock absorbers market.
What are the Key Trends of Automotive Gas Charged Shock Absorbers?
Increasing Adoption of Electronic Shock Absorber Systems; Mono shock absorbers as substitute for conventional twin shock absorbers are key trends observed in the market.
What are the Key Statistics for Automotive Gas Charged Shock Absorbers Market in Japan and South Korea?
Global share cumulatively for Japan and South Korea in the automotive gas charged shock absorbers market is 11%.
Automotive Gas Charged Shock Absorbers Market: Segmentation
- Passenger Car
- Two Wheelers
- North America
- Latin America