Shock Absorber Market Size, Growth and Share Analysis to 2023
Shock Absorber Market Overview:
A shock absorber is defined as a mechanical or hydraulic device designed to absorb the shock impulses. It converts the kinetic motion of the shock into another form of heat energy which is then utilized. Most shock absorbers resist motion via viscous friction. Shock absorbers are basically oil pumps with a piston attached to the end of the piston rod and working against hydraulic fluid in the pressure tube. Because of this feature, shock absorbers adjust to road conditions. As a result, shock absorbers reduce the rate of bounce, roll and brake with acceleration system. Shock absorbers work on the principle of fluid displacement on both the compression and extension cycle. A typical car or light truck will have more resistance during its extension cycle then its compression cycle. The compression cycle controls the motion of a vehicle's unstrung weight, while extension controls the heavier sprung weight. They are mainly classified into two types’ twin tube type and mono tube type. Automotive shock absorbers provide not only driving comfort, but also perfect driving behavior and good controllability.
Shock Absorber Market Size:
The global Shock absorbers market is estimated to increase at a CAGR of 3.46% between 2018-2023.
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Shock Absorber Market Drivers and Restraints:-
The market is expected to increase due to its convenient transport when passing through ramps, bend and holes. Motorcycle performance using a mono shock suspension system is more stable than using a double shock. Because the focus is on a single point load in the middle of the swing arm, so that when the vehicle moves on uneven roads and ramps, mono shock remains stable and as a result, the mono shock suspension system is likely to increase its market in the forecast period. However, it all depends on manufacturer to choose a perfect shock absorber to an automobile and it may affect the vehicle if user equips externally. Due to its high cost the market may experience less growth, and it can be overcome by the recent research and development initiatives.
Shock Absorber Market Geographical Segmentation:-
Geographically, North America is the most dominant market for the shock absorber due to its research and developments in new mono shock absorber and expected to continue in the forecast period. Europe is expected to increase its business for the tremendous sales for the automobile industries. Asia Pacific is likely to be the dominant market in forecast period due to the high population rate with more passenger vehicle sales and installations of new shock absorbers.
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Key Players of Shock Absorber Market:
Some of the key players include Samvardhana Motherson Group, Magneti Marelli, Tenneco, Meritor, ZF Friedrichshafen, Hitachi Automotive Systems, SHOWA CORPORATION, KYB Corporation, ITT Corporation, Thyssenkrupp AG, Gabriel India Limited, Duro Shox, Arnott, ACDelco, and Zhejiang Sensen Auto Parts.
Key Takeaways from this Report:
- For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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