LONDON–(BUSINESS WIRE)–The global automotive aftermarket shock absorbers market is expected to post a CAGR of over 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Emerging economies including India, China, Thailand, and Brazil have become key contributors to the growing sales of luxury and premium vehicles. Luxury and premium vehicles feature the integration of advanced electronic components to provide enhanced comfort and safety. Moreover, these vehicles are also equipped with electronically controlled suspension systems including electronic shock absorbers. Thus, the increasing sales of luxury and premium vehicles is anticipated to offer numerous revenue-generating opportunities for aftermarket shock absorber manufacturers, thereby driving market growth.
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As per Technavio, manufacturers’ shift toward alternative lightweight materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Automotive Aftermarket Shock Absorbers Market: Manufacturers’ Shift Toward Alternative Lightweight Materials
Increasing pollution levels across the globe have led to intensification of stringency of emission standards. Due to the implementation of stringent emission norms, lightweight vehicles have become a key trend in the global automotive industry. This has encouraged the manufacturers to emphasize on deploying alternative lightweight raw materials for producing auto components. Companies in the market are introducing lightweight suspension parts made of lightweight materials such as carbon-fiber-reinforced plastics (CFRP) and glass-reinforced plastics (GRP). Thus, the growing shift of manufacturers toward adopting ultralight materials such as carbon fibers in manufacturing components for modern vehicles is further expected to drive the automotive aftermarket shock absorbers market during the forecast period.
“Increasing vehicle miles driven, emergence of additive manufacturing, and growing strategic alliances are a few other factors that will further boost the automotive aftermarket shock absorbers market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Aftermarket Shock Absorbers Market: Segmentation Analysis
This market report segments the global automotive aftermarket shock absorbers market by vehicle type (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America)
APAC led the automotive aftermarket shock absorbers market share in 2019, followed by Europe, North America, South America, and MEA respectively due to the growing automotive industry in India and China. In addition, low labor cost and availability of skilled labor with large consumer base across the region will boost the production of vehicles in APAC during the forecast period. As a result, the ongoing expansion of the automotive industry in APAC is further anticipated to create a massive demand for aftermarket components such as shock absorbers during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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