Global Automotive Shocks and Struts Market 2017-2021
About Automotive Shocks and Struts
The primary purpose of shock absorbers is to control spring and suspension movement. A strut is a common damper type used in many of today's independent suspension, front wheel drive vehicles, and some rear wheel drive vehicles. The global automotive shocks and struts market is segmented based on applications, namely shock absorbers and struts. We have considered passenger cars for calculating the size of the automotive shocks and struts market.
Technavio’s analysts forecast the global automotive shocks and struts market to grow at a CAGR of 4.34% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive shocks and struts market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Shocks and Struts Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive shocks and struts market: Tenneco, ZF, GKN, and Magneti Marelli.
Other Prominent Vendors in the market are: MANDO and KYB Americas Corporation.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is growing demand for carbon fiber struts. ZF is a major player in the high-end metal systems and suspension components for years. Recently, ZF launched carbon fiber MacPherson suspension strut, an effective way to reduce vehicle weight, improve fuel economy, and lower emission levels. The carbon fiber strut is particularly designed for compact minicars and is expected to appear in the BMW Mega City vehicle, which would largely be composed of carbon fibers.”
According to the report, one driver in market is 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. Most American customers prefer space and higher riding profile. Crossovers usually weigh lighter than SUVs as they are built on truck frames, which contributes to a comparatively higher curb weight for the vehicles. The lowering of interest rates on car loans in the US has enabled the Americans to buy larger and more expensive vehicles. Toyota has undertaken manufacturing plans in the US to increase its production of crossovers and SUVs.
Further, the report states that one challenges in market is growing concerns for increased greenhouse gas emissions from automotive industry. Almost all the regions across the world are experiencing climate changes. In recent times, it has become a major concern for all the economies. Greenhouse gases trap heat and make the planet warmer, which has been a major threat to the island countries as they are highly prone to being submerged. Electricity production from the burning of fossil fuels such as coal and natural gas is the major source of greenhouse gases. Around 30% of the total greenhouse gases produced in the US is produced by the electricity production from the fossil fuels. The second major contributor to the greenhouse gases is the automotive industry. Approximately 26% of the total emitted greenhouse gases is from automobiles, which include emissions from cars, trucks, bus, ships, airplanes, and trains.
Tenneco, ZF, GKN, Magneti Marelli, MANDO and KYB Americas Corporation.