Shock absorber is a mechanical or hydraulic device intended to absorb shocks by converting kinetic energy of the shock into another form of energy, which is then dissipated through the hydraulic fluid. Shock absorbers for vehicles play an important role while driving and vehicle handling and provides a comfortable ride to the passengers. Shock absorbers, coupled with cushions and springs, are primarily utilized in suspension systems in order to minimize the jerks caused due to rough terrain roads. A shock absorber decreases the effect of shock and damps impulses on a rough surface or bumpy road. It also enables the vehicle tires to remain in contact with the ground at all times.
Increase in daily commute distances due to expanding cities, globally, and the increased demand for a comfortable ride even on rough surfaces or terrain are expected to propel the shock absorber for automotive market during the forecast period. Development and improvement in ride handling and comfort are likely to boost the shock absorber for automotive market during the forecast period.
Rise in competition among auto manufacturers to produce improved ride comfort devices in conjunction with lightweight components is expected to boost the shock absorber for automotive market during the forecast period. Shock absorbers make driving more comfortable, as they reduce the jerks experienced on unsurfaced roads. Rising adoption of shock absorbers in vehicles is witnessed primarily due to increasing concerns toward road safety while traveling on unsurfaced or bumpy roads. Higher replacement cost and maintenance are likely to hamper the shock absorber for automotive market during the forecast period.
The shock absorber market for automotive can be segmented based on type, vehicle type, components, sales channel, and region. Based on type, the shock absorber market for automotive can be divided into pneumatic shock absorber, damper shock absorber, and others. Pneumatic shock absorbers are mostly utilized in various applications, and the segment accounts for a major share of the market as compared to the other segments. The dissipation of energy in these shock absorbers occurs by pumping air through small orifices, thereby providing smooth and improved ride quality to the passengers. Pneumatic shock absorbers are offered at a lower price, as compared to the other shock absorber types.
Based on vehicle type, the automotive shock absorber market can be segmented into passenger vehicles and commercial vehicles. Demand for shock absorbers in passenger vehicles is high and witnessing a rise owing to safety concerns. The passenger vehicle segment holds a prominent share of the market, and it is expected to maintain its dominant position in the market. Higher sales of passenger vehicles is major factor boosting the passenger vehicle segment of the shock absorber for automotive market.
In terms of components, the shock absorber for automotive market can be bifurcated into piston and others. The piston segment holds a major share of the market, as compared to other segments. Piston is a vital part of an automotive shock absorber, whose movement absorbs the shock on unsurfaced or bumpy roads. The shock absorbed in the vehicle directly relies on the to-and-fro movement of the piston. This is expected to boost the growth for automotive shock absorber market.
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Based on sales channel, the shock absorber for automotive market can be segregated into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment dominates the shock absorber market owing to the increase in production of vehicles incorporated with shock absorbers. Rising awareness about safety and comfort is providing lucrative opportunities to the shock absorber market. This is due to the higher rate of adoption of shock absorbers and the expansion of the automotive industry.
Based on region, the shock absorber for vehicle market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among the regions, Asia Pacific holds a major share of the global automotive shock absorber market. This is due to higher adoption rate of comfort-based components and the easy availability of raw material for components. Rise in production of vehicles with shock absorbers in the region, especially in China, India, Japan, and South Korea, is expected to propel the shock absorber for automotive market in the region.
Prominent players operating in the global shock absorber for automotive market include ZF Friedrichshafen AG, Tenneco Inc., Robert Bosch GmbH, KYB Americas Corporation, Meritor, Inc., Magneti Marelli S.p.A., Bilstein, Gabriel India Ltd., Hitachi, Ltd., Mando Corp., Showa Corporation, Federal-Mogul Motorparts, Delphi, and Duroshox.