Market Research

Due to commuting limitations, a poor demand outlook, and the projected weak financial performance of market players in 2020, the spread of the COVID-19 pandemic has had a negative influence on the global shock absorber market. Automobile sales around the world have plummeted in 2020 as a result of government-imposed restrictions, due to a negative demand pattern from end-users. Moreover, as the volume of vehicles on the road decreases, sales of shock absorber also decrease. The majority of original equipment manufacturers have reduced their manufacturing operations in the last three quarters of 2020, owing to the financial slump and declining automobile sales. However, a strong rebound in automotive manufacturing is predicted by the end of 2021 and 2022, which will boost sales of the shock absorber.

Shock absorbers are used in cars and light trucks with standard suspension systems. Shock absorbers provide resistance by forcing hydraulic fluid through valves in the piston as it moves up and down, which dampens movement of springs as they compress and rebound during transit. The amount of resistance depends on rate of movement of the suspension. Without shock absorbers, vehicles would bounce continuously, which makes it difficult to control a vehicle. Shock absorbers not only provide a comfortable ride but also ensure contact of tires with the road for better stability and control. 

Factors such as increase in demand for safety and comfort, expansion of automotive aftermarket industry, and rise in demand for lightweight automotive shock absorbers, which are expected to drive growth of the shock absorber market. However, fluctuation in cost of raw materials and high maintenance cost of advanced suspension systems restrain the market growth. On the contrary technological advancements in shock absorbers and growing electric vehicle industry are projected to offer lucrative growth opportunities for the market players. The market is segmented on the basis of type, sales channel, vehicle type, and region. By type, the market is divided into twin tube and mono tube shock absorber. On the basis of sales channel, it is classified into OEM and aftermarket. On the basis of vehicle type, it is classified into passenger vehicles and commercial vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global shock absorber market include Gabriel India Limited (Anand Group), Hitachi Astemo Ltd., KONI BV, KYB Corporation, Mando Corp., Marelli Holdings Co., Ltd, Meritor Inc, Tenneco Inc, Thyssenkrupp AG, and ZF Friedrichshafen AG.

Increase In Demand For Safety And Comfort

The demand for comfort in driving experience such as handling, sitting structure, and aerodynamics has increased significantly in recent years. This has led to rise in need for better shock absorbers, which provides better stability for vehicles. Automobile manufacturers are also introducing new comfort features such as stability and reduced impact of bumps or speed breakers in their vehicles, which propels demand for shock absorbers.  For instance, in March 2019, GFG style, a car design company invented a system, which uses hydraulic system and is connected with fully adjustable 3-way adjustable shock absorbers.

Shock absorbers also helps to maintain vertical loads placed on tires by providing resistance to vehicle bounce, roll, and control. They also help reduce brake dive along with acceleration squat to achieve a balanced ride. For instance, in September 2019, KONI Shock Absorbers introduced KONI Sport adjustable shock absorbers for 2016-2019 Mazda MX-5 (ND chassis) offering multiple spring seat and ride height settings, which provides better stability and comfort during driving. Hence, rise in demand for comfort and safety is increasing demand for shock absorbers across the globe.