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Shock Absorbers Market to Touch US$ 81,792.0 Mn Valuation by End of 2018-2026 Period
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Persistence Market Research has rolled out a new market research report titled “Automotive Shock Absorbers Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”, which examines the automotive shock absorbers market and offers critical insights for the next eight years. Based on the findings specified in the report, the market is expected to witness rising demand for comfortable options and rising automotive vehicle production. These two factors are projected to drive the global automotive shock absorbers market.
The estimated value of the automotive shock absorbers market in 2018 is US$ 61,042.7 Mn, which is expected to expand at a CAGR of 3.7% and reach US$ 81,792.0 Mn by the end of 2026. In addition, the automotive shock absorbers market is projected to create incremental $ opportunity worth US$ 20,749.3 Mn during the forecast period.
Automotive Shock Absorbers Market Dynamics
Growing advancements in passenger transportation options and rising demand for comfortable options in vehicles are the factors projected to drive the automotive shock absorbers market over the forecast period. Moreover, rising automotive production across the region is also expected to drive the automotive shock absorbers market over the forecast period. The growth of the automotive production in key regions, such as SEA & Pacific China and MEA, is estimated to fuel the demand for auto-components, such as automotive shock absorbers. Furthermore, with increase in disposable income, the middle-class population is becoming more attracted towards vehicle safety and comfort in the global market. Moreover, increasing production of two wheelers, specifically in Asia, is estimated to fuel demand for automotive shock absorbers over the forecast period
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On the flip side, increasing adoption of electronic automotive shock absorber systems and high replacement cost associated with gas filled automotive shock absorbers are some of the factors projected to hamper the global automotive shock absorbers market over the forecast period.
Automotive Shock Absorbers Market Forecast
By region, China is projected to dominate in the global automotive shock absorbers market over the forecast period. China, followed by Europe, is estimated to remain the most opportunistic region in the automotive shock absorbers market. In terms of value, China is projected to create incremental $ opportunity worth US$ 5,837.2 Mn in the global automotive shock absorbers market during the forecast period.
By product type, the hydraulic type segment is projected to dominate with a value US$ 37,166 Mn in 2018. However, the gas-filled segment is projected to account for ~ 41.3% share in the global automotive shock absorbers market during the forecast period. In terms of growth, gas-filled automotive shock absorbers are projected to grow with modest growth rate during the latter half of the forecast period.
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