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The safety and comfort of the driver are two leading factors propelling demand of automotive gas charged shock absorbers, globally. Being a vital component of a vehicles suspension, automotive gas charged shock absorbers alleviate the impact of riding on uneven terrains, by regulating extreme suspension movements to provide a highly firm ride. The consumer buying experiences will remain influenced by a vehicles ride and handling performance, with demand being notably healthy in regions with rough roads, said a PMR analyst while explaining automotive gas charged shock absorbers market dynamics.
With the manufacturers in automotive industry inducing damping control technology in a wide range of vehicles, ranging from passenger cars to heavy duty trucks, sales of automotive gas charged shock absorbers are expected to soar. This growing adoption can be attributed to the growing demand for enhanced on-road performance in tandem with protection of vital vehicular components from premature failure and wear.
The PMR report on automotive gas charged shock absorbers market opines that automotive gas charged shock absorbers aftermarket sales are likely to supplement a competitive revenue over OEM manufacturers. This can be accredited to the growing initiatives of aftermarket vendors of automotive gas charged shock absorbers towards offering OEMs type of automotive gas charged shock absorbers replacement for use on rough terrains and optimal ride comfort. They are also focusing on performance shocks that not just promise a firm ride but also enhances vehicle handling. The aftermarket automotive gas charged shock absorbers are likely to witness immense traction owing to myriad factors, such as ownership time, number of operational vehicles, and distance driven.
As the global automotive gas charged shock absorbers market is highly fragmented, the market is likely to witness vigorous competition, triggered by the presence of abundant unorganized automotive gas charged shock absorbers manufacturers. Furthermore, automotive gas charged shock absorbers market entrants are projected to grow on the back of lacking stringent regulations in tandem with easy availability of raw ingredients and minimal infrastructure requirements.
According to PMR report on automotive gas charged shock absorbers market, Europe is projected to remain highly lucrative region due to the robust presence of automotive components and accessories sector in the region. Furthermore, the paradigm shift to ADAS and EVs, partnerships with high-tech firms, and hefty R&D investments are expected to be the primary trends in Europe automotive gas charged shock absorbers market. SEAP and India are also likely to witness significant growth in automotive gas charged shock absorbers market during 2018-2027.
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Shock Absorbers Market
Global automotive shock absorbers market is estimated to be valued at US$ 23.7 Bn in 2021, expanding at a CAGR of more than 5% over the forecast period of 2021-2031.