VALLEY COTTAGE, N.Y., Dec. 06, 2018 (GLOBE NEWSWIRE) -- Future Market Insights has released a new market study on “Automotive Gas Charged Shock Absorbers Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2027”, which analyses the global automotive gas charged shock absorbers market and offers deep dive analysis for the period of next nine years. The report evaluates all the key macro-economic factors which are projected to support the growth of the global as well as regional markets. The report on the automotive gas charged shock absorbers also discusses the challenges or restraints in the global market along with the latest trends and perceptive opportunities for all the market participants across the value chain.
The global automotive gas charged shock absorbers market was valued at US$ 2,295.6 Mn in 2013 and is anticipated to be valued at US$ 2,853.3 Mn in 2018. The market is expected to grow at a prominent CAGR of 5.3% between 2018 & 2027 and is estimated to reach a global value of US$ 4,529.7 Mn by 2027 end. Furthermore, the global automotive gas charged shock absorbers market is estimated to create incremental $ opportunity of US$ 1,676.5 Mn over the forecast period.
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Automotive Gas Charged Shock Absorbers Market: Dynamics
The lifespan of automotive gas charged shock absorbers depends on the driving condition of vehicles. In good road conditions, automotive gas charged shock absorbers exhibit an operational lifespan of five to seven years. However, regular maintenance is required, such as replacement of rubber seal and oil changes. On the flip side, in bad road conditions, the total operational life of automotive gas charged shock absorbers declines and regular maintenance is required, which in turn, enriches the aftermarket segment in the global market. Road conditions in Poland, Indonesia, Vietnam, Brazil and Philippines are poor; therefore, in these countries, the potential for the aftermarket segment is projected to be medium to high in the global automotive gas charged shock absorbers market.
Automobiles, especially the commercial vehicles, find a wide range of applications in logistics and e-commerce sectors. They have been increasingly used for operations, such as shipping and transportation of equipment, heavy machines, goods, raw materials and finished products. The growing output of the e-commerce industry is expected to be one of the most significant drivers for the sale of HCVs & LCVs, which will, in turn, fuel the growth of the automotive gas charged shock absorbers market. Additionally, growth in urbanization in the global market has also resulted in expansion of construction activities, which is estimated to fuel demand for more effective automotive gas charged shock absorbers in commercial vehicles used in the construction industry. This factor will directly propel the demand for automotive gas charged shock absorbers in the automotive industry. Also, growing demand for safety and comfort from the consumers’ side is also estimated to be one the most lucrative drivers for the global automotive gas charged shock absorbers market.
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Automotive Gas Charged Shock Absorbers Market: Forecast
By region, Europe is estimated to dominate the global automotive gas charged shock absorbers market. The Europe automotive gas charged shock absorbers market is expected to gain 12 BPS points between 2018 and 2027. Moreover, the APEJ segment is estimated to be a high growth market over the forecast period. This region is projected to grow at a CAGR of 5.9% over the forecast period and this is solely because of the increasing production of vehicles as well as the two wheelers.
By vehicle type segment, in terms of volume and value, the passenger car segment is estimated to lead the global automotive shock absorbers market throughout the forecast period. For the two wheelers segment, the APEJ region is the most lucrative region as almost 60% of the sales comes from this region. The passenger car automotive gas charged shock absorbers market is expected to create incremental $ opportunity of US$ 70.5 Mn between 2018 and 2027 in the global automotive gas charged shock absorbers market.
By design segment, FMI forecasts that the Mono tube automotive gas charged shock absorbers segment is projected to be valued at US$ 1,012.5 Mn in 2027 from US$ 517.4 Mn in 2018. This represents a compound annual growth rate (CAGR) of 7.7% from 2018 to 2027.
By sales channel, the OEM automotive gas charged shock absorbers market is estimated to represent 53.6% share in 2018, valued at US$ 1,529.6 Mn, and is estimated to expand at a CAGR of 5.3% and reach US$ 2,439.3 Mn by 2027 or 53.9% share of the global automotive gas charged shock absorbers market. The aftermarket is estimated to grow at a prominent CAGR in countries where road infrastructure is not good.
Automotive Gas Charged Shock Absorbers Market: Competitive Landscape
Some of the prominent market participants involved in the manufacturing of automotive gas charged shock absorbers, which have been included in the study, are ITT Corporation, ZF Friedrichshafen AG, Ltd., Samvardhana Motherson Group, Hitachi Automotive Systems, Magneti Marelli S.p.A., Gabriel India Limited, Tenneco Inc., Meritor, Inc., SHOWA CORPORATION, KYB Corporation, Thyssenkrupp AG and Arnott Inc. among others.
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