Technavio market research analysts forecast theglobal automotive shocks and struts marketto grow at a CAGR of more than 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global automotive shocks and struts market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global automotive shocks and struts marketfor 2017-2021. The global automotive shocks and struts market is divided into two applications, namely shock absorbers and struts. The struts segment dominated the market with close to 51% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive shocks and struts market:
- Increasing sales of passenger cars and SUVs
- Use of advanced optimization techniques for reducing the weight of suspension components
- Increasing demand for shock absorbers in all-terrain vehicles
Increasing sales of passenger cars and SUVs
The sales of SUVs and crossovers increased by about 10% in the total passenger car market in the US in 2015. There is a growing preference for crossovers and SUVs in the US due to their increased fuel efficiency and comfort level in the three-row seating arrangement. The structure of SUVs and crossovers is similar, but they are distinct in fuel efficiency and usability. Crossovers are more fuel efficient compared with SUVs, as they are built on car frames and are considerably lightweight.
"Factors such as sales incentives, provision of low-cost finance, availability of new models with variants, and comfortable repayment options are driving the market for passenger cars in India," says Siddharth Jaiswal, a lead analyst at Technavio for automotive components research.
Use of advanced optimization techniques for reducing the weight of suspension components
The fuel emission regulations in Europe and North America have put enormous pressure on the OEMs to lower fuel consumption and improve the existing fuel economy of vehicles and develop innovative and efficient new designs.
The OEMs are trying to optimize their suspension products to decrease weight and create new spring and strut designs. It is a continuous process to improve suspension systems to meet the ever-increasing demands of the customers. For instance, Hutchen Industries (a major player in spring suspensions and sliding subframes in trailers) is using a higher strength steel to provide lighter suspension.
Increasing demand for shock absorbers in all-terrain vehicles
The growing popularity of shock absorbers and stiffening of dampers to be used for off-road vehicles such as ATVs and UTVs is expected to gain traction over the forecasted period. The growing demand for shock absorbers in specialty vehicles is expected to drive the market for automotive shocks and struts market. The shock absorbers and coil springs are installed as a unit and can be replaced when the shock absorber wears out or has a leakage.
"The increasing demand for shock absorbers in ATVs, UTVs, and snowmobiles will have an increased demand in Europe and the Americas. OEMs in APAC are looking to increase the penetration of all-terrain vehicles in emerging countries such as India and China during the forecast period," says Siddharth.
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