The global shock absorber market is anticipated to grow at a considerable CAGR of 12.2% during the forecast period (2022-2028). One of the major factors that are growing the market includes technological advancement in the shock-absorbing industry which is supporting in the improvement of a vehicle's performance, and consumers' experience. Over the past few years, the demand for advanced suspension systems has baeen growing in heavy-duty commercial vehicles across the globe as the applications of these vehicles growing.
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These vehicles often work off-road for carrying, dumping, digging, and other heavy load works which require multiple highly efficient shock absorbers with advancements such as air dampers, continuous damping control, body roll control monitors, and air spring ride height sensors, and automatically deploying auxiliary suspensions. These advancements help in extending maintenance intervals, and vehicle lifecycles, improve tire wear, increase safety and handling, and help with driver recruiting and retention. These developments have enhanced the performance of the vehicle, which reflects in the growth of the commercial vehicle market as well. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the commercial vehicle production reached 23,091,693 units in 2021 which is around 6% more than the production of commercial vehicles in 2020.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Vehicle Type
o By Sales Channel
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Hitachi, Ltd., KYB Americas Corp., Mando Corp., Tenneco Inc., ThyssenKrupp AG, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Shock Absorber Market Report Segment
By Type
By Vehicle Type
By Sales Channel
Global Shock Absorber Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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