The global market for automotive gas charged shock absorbers – standing at an approximate valuation of US$ 2.9 Billion in 2021 in terms of revenue sales, is likely to observe a robust annual growth rate over the next few years. Expanding at a CAGR of approximately 5%, the global automotive gas charged shock absorbers market is projected to exceed the revenue of US$ 3.4 Billion towards 2022 end.
Explaining the market dynamics, a senior research analyst at Future Market Insights, elaborates, “Driver’s safety and driving comfort are the two major factors favouring automotive gas charged shock absorbers demand, globally.
An important part of a vehicle’s suspension, automotive gas charged shock absorbers reduces the effect of travelling in rough terrains, by controlling excessive suspension movements providing a much firmer ride. Ride and handling performance of a vehicle will remain the top influencers in consumer buying decisions, with demand being significantly high in region with poor road conditions”.
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Explaining further, the analyst explains, “All vehicles, whether passenger cars to heavy duty trucks, are being increasingly equipped with damping control technology, ensuring improved on-road performance along with protecting critical vehicular components against premature wear and failure.
Driver safety and comfort will remain the key area of focus for manufacturers of automotive gas charged shock absorbers. Moreover, the aftermarket sales of automotive gas charged shock absorbers is expected to drive a competitive revenue compared to OEM manufacturers as the aftermarket vendors of automotive gas charged shock absorbers are increasingly offering both OEM factory style replacement automotive gas charged shock absorbers for street use and ride comfort, along with performance shocks that not only firms up the ride but also improves vehicle handling. Further, the demand for aftermarket automotive gas charged shock absorbers is determined by factors, such as distance driven, number of vehicles in operation, and ownership time”.
However, the global market for automotive gas charged shock absorbers being notably fragmented, is prone to increased competition among manufacturers, fuelled by the presence of large number of unorganized manufacturers, the analyst further explains. Moreover, lack of stringent regulations along with easy availability of raw materials and minimal infrastructure requirements are anticipated to create a favourable environment for new market entrants.
Technologically Advanced Electronic and Monotube Variants to Take Over Conventional Shock Absorbers
Compared to the twin-tube design, a monotube shock absorbers are being increasingly preferred owing to its design that further prevents any aeration and cavitation from occurring. Considered ideal for luxury sedans, SUV rear axles, and sports car applications, monotube shock absorbers offers faster damping reaction and prompt responses to changing road conditions, as a result of continuous pressure exerted on the oil, by the gas.
Moreover, such characteristics also translate into an exceptional road holding capability and steering control, thereby, supplementing to the demand of monotube shock absorbers. Although the exterior dimensions remain similar to twin-tube shock absorbers, monotube shock absorbers boasts of a wider area of pressure owing to the more oil space and a larger piston, resulting in an efficient heat dissipation. Manufacturers are anticipated to install centralized mono-tube shock absorbers, due to the reduced distance between chassis and tire in modern two-wheeler models.
On the other hand, electronic variant of shock absorbers are anticipated to find increased adoption in high-end luxury cars, considering the shift in landscape toward energy conservation. Electric vehicle manufacturers are using regenerative technology for shock absorbers in the global market. This technology provides additional battery power supply through the friction generated in the tubes of shock absorbers. However, with the emergence of electric shock absorbers, sales of hydraulic and gas filled shock absorbers could remain restricted.
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M&A Remains a Preferred Forward Market Strategy
FMI anticipates strategic mergers and acquisitions to remain a critical expansion strategy among manufactures of automotive gas charged shock absorbers, creating a substantial opportunity for the shock absorber market. Some key developments include:
- Recently, Samvardhana Motherson Group (SMG) entered in a partnership with MS Global India Pvt. Ltd., engaged in the manufacturing of pressed sheet metal and frames for chassis used in commercial vehicles. This partnership is aimed at business expansion in the automotive vehicle components sector. During the same fiscal year, the company established a shock absorber manufacturing company, Magnetti Marelli Shock Absorbers India Pvt. Ltd., to supply shock absorbers for automotive vehicles.
- In 2018, Tenneco Inc. offered Continuously Variable Semi-Active (CVSA2) suspension technology for SUVs of Mercedes-Benz G-Class. The aim for this product launch was to enrich its market share in the SUV vehicle segment.
FMI Offers Segmentation Analysis of Automotive Gas Charged Shock Absorbers
- Europe, is anticipated to remain the most lucrative region as the automotive parts and accessories industry continues to remain strong in the region, on account of positive sentiment and perception towards European parts and component. Moreover, intense transition towards EVs and ADAS, collaboration with tech companies, and increasing investment in R&D are likely to be the key trends in the Europe automotive gas charged shock absorbers market.
- Automotive gas charged shock absorbers market in India and SEAP is anticipated to grow at a notable growth rate during the forecast period
- Sales of automotive gas charged shock absorbers through OEM channel is anticipated to represent a market share of nearly 45 percent, through the forecast period of 2018 to 2027, growing at US$ 181.9 Mn annually.
- Revenue from aftermarket automotive gas charged shock absorbers segment is anticipated to increase at moderate CAGR, valued a little over US$ 208 Mn by 2027.
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Automotive Gas Charged Shock Absorbers Market: Segmentation
Sales Channel:
- OEM
- Aftermarket
Vehicle Type:
- Passenger Car
- LCV
- HCV
- Two Wheelers
Design Type:
- Twin
- Mono
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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https://www.launchora.com/story/automotive-connecting-rod-bearing-market-2022-indu
https://www.homify.co.uk/users/9006761/nk99fmi
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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