According to a new market research report published by Credence Research “Global Automotive Gas Charged Shock Absorbers Market (Sales Channel (OEM, Aftermarket); Design Type (Twin-tube shock, Monotube shock), Vehicle Type (Passenger Car, LCV, HCV, Two Wheelers)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall automotive gas charged shock absorbers market worldwide was valued at US$ 3.06 Bn in 2018 and is set to grow with a CAGR of 6.0% during the forecast period.
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The worldwide automotive gas charged shock absorbers market is highly driven by the technological advancement and rising need for safe and comfortable ride during rough terrain. Moreover, the increasing demand for vehicles across the globe and rising demand for electric vehicles is also boosting the growth of the market. Furthermore, various companies are developing new Automotive Gas Charged Shock Absorbers, technology for improving the vehicle efficiency and performance. In 2018, Tenneco Inc. one of the leading supplier of substitute equipment launched CVSA2 suspension technology for Mercedes-Benz G-Class SUVs with a focus to grow its presence in the SUV vehicle segment.
Based vehicle type, the automotive gas charged shock absorbers market has been segmented as passenger car, LCV, HCV, and two wheelers. The passenger car segment holds the largest market share in 2018 and is also expected to hold the largest market share during the forecast period. The passenger car segment is adopting more twin tube automotive gas charged shock absorbers due to increasing demand of drivers for amazing comfort level and driving experience.
Asia-Pacific is expected to be the fastest growing market due to the presence of China, Japan, India, South Korea, and others developed and developing the country in the region. Additionally, China is one of the largest manufacturers of automobiles globally, which also contributes in the growth of the market. The Japan has a well established market in automobiles due to presence of companies such as Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Company, Ltd. and others also drives the market in the region. India is considered to be the fastest growing country in the region due to increasing development and rising demand for vehicles.
Some of the prominent players operating in the Automotive Gas Charged Shock Absorbers market include ZF Friedrichshafen AG, Samvardhana Motherson Group (SMG), Magneti Marelli S.p.A., Hitachi Automotive Systems Ltd., ITT Corporation, Gabriel India Limited, Showa Corporation, KYB Corp., Arnott Inc., ACDelco Inc., Tenneco Inc., Meritor, Inc., Zhejiang Sensen Auto Parts Co., Ltd., Thyssenkrupp AG, among others.
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By Sales Channel Segment (2017–2027; US$ Bn)
By Design Type Segment (2017–2027; US$ Bn)
- Twin-tube shock
- Monotube shock
By Vehicle Type (2017–2027; US$ Bn)
- Passenger Car
- Two Wheelers
By Geography Segment (2017-2027; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America