The Business Research Company’s Automotive Shock Absorber Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Automotive Shock Absorber Global Market Report 2023 evaluates automotive shock absorber market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global market for automotive shock absorbers is projected to witness significant growth, ascending from $13.20 billion in 2022 to an estimated $14.06 billion in 2023, indicating a commendable compound annual growth rate (CAGR) of 6.5%. Unfortunately, the progress of global economic recovery from the aftermath of the COVID-19 pandemic has been profoundly impeded by the ongoing Russia-Ukraine conflict. This geopolitical discord has triggered far-reaching economic repercussions, encompassing the imposition of sanctions on several nations, a notable upsurge in commodity prices, and disruptions within supply chains. Consequently, this has instigated a notable wave of inflation across various sectors, impacting markets on a global scale. Looking ahead, the automotive shock absorber market is envisaged to achieve a valuation of approximately $17.41 billion by the year 2027, advancing at a slightly moderated CAGR of 5.5%.
Anticipated market expansion within the automotive shock absorber industry is driven by the escalating demand for automobiles. Automobiles, colloquially referred to as cars or vehicles, are autonomous wheeled conveyances crafted for road-based transportation. These vehicles rely on shock absorbers to effectively manage suspension dynamics, ensuring optimal tire-to-road contact. This pivotal component, the shock absorber, plays a crucial role in stabilizing and enhancing the performance of the automotive system, affirming its indispensability within the automotive realm. As the demand for automobiles surges, the significance of high-performing shock absorbers becomes increasingly pronounced, promising an upswing in market growth.
For instance, in March 2022, according to the European Automobile Manufacturers’ Association (ACEA), the lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Further, around 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, the demand for automobiles is driving the growth of the automotive shock absorber market.
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The automotive shock absorber market segments in the report are:
1) By Type: Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) By Product Type: Hydraulic Type, Gas-Filled Type
3) By Technology: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
The table of contents in TBRC’s automotive shock absorber market report includes:
1. Executive Summary
2. Automotive Shock Absorber Market Characteristics
3. Automotive Shock Absorber Market Trends And Strategies
4. Automotive Shock Absorber Market – Macro Economic Scenario
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32. Global Automotive Shock Absorber Market Competitive Benchmarking
33. Global Automotive Shock Absorber Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Shock Absorber Market
35. Automotive Shock Absorber Market Future Outlook and Potential Analysis
36. Appendix
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