What are the Historical Developments and Current Growth Metrics of the Automotive Shock Absorber Market?
The automotive shock absorber market has seen considerable growth due to a variety of factors.
•There has been substantial growth in the size of the automotive shock absorber market in the past few years. The market, which is projected to expand from $14.72 billion in 2024 to $15.52 billion in 2025, forecasts a compound annual growth rate (CAGR) of 5.4%.
Factors such as vehicle safety standards, a surge in vehicle ownership, the growing need for a comfortable drive, the demand for off-road and performance cars, as well as urbanization and infrastructure advancements, have all contributed to the historical period's growth.
What Does Future Hold for The Automotive Shock Absorber Market Size?
The automotive shock absorber market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the automotive shock absorber market is predicted to witness robust growth, with an expected value of $19.57 billion in 2029 and a CAGR of 6.0%.
Factors contributing to this predicted growth during the forecast period include increasing prevalence of electric and autonomous cars, the development of adaptive and smart suspension systems, rising urbanization globally, heightened focus on vehicle customization, and amplified concerns about environmental sustainability. The forecast period is also expected to see predominant trends such as partnerships for R&D, technological progress in suspension systems, usage of advanced materials and coatings, customization in driving modes, and the advent of energy harvesting shock absorbers.
What Key Factors and Trends are Driving the Growth of the Automotive Shock Absorber Market?
The automotive shock absorber industry is predicted to see significant growth, buoyed by the rising demand for vehicles. Cars, often referred to as automobiles or vehicles, are self-driven motorized transports that are designed specifically for road travel. These vehicles employ shock absorbers to manage the motion of the suspension and keep the tyres in contact with the road surface. For example, in January 2024, the European Automobile Manufacturers' Association (ACEA), a Belgium-based automobile industry lobby and standards group, reported robust growth in the EU car market, with sales rising by 13.9% in 2023 to 867,052 units in relation to the prior year, making the total annual volume stand at 10.5 million units. The majority of markets witnessed growth in double digits, including three of the biggest markets - Italy (18.9%), Spain (16.7%), and France (16.1%). Germany, though, experienced a somewhat subdued annual growth of 7.3%. Thus, the increasing demand for vehicles is fuelling the expansion of the automotive shock absorber market.
What are the Market Segments in the Automotive Shock Absorber Market?
The automotive shock absorber market covered in this report is segmented –
1) By Type: Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) By Product Type: Hydraulic Type, Gas-Filled Type
3) By Technology: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
Subsegments:
1) By Single-Tube Shock Absorbers: Gas-Charged Single-Tube Shock Absorbers, Oil-Filled Single-Tube Shock Absorbers
2) By Twin-Tube Shock Absorbers: Gas-Charged Twin-Tube Shock Absorbers, Oil-Filled Twin-Tube Shock Absorbers
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What Trends are Shaping the Automotive Shock Absorber Market?
Advancements in product design have emerged as a crucial trend in the automotive shock absorber industry. Many leading corporations in this sector are relying on ingenuity in their product offerings to maintain their market standing. For example, in April 2023, auto components supplier ZF Friedrichshafen AG, a company based in Germany, introduced their TRW shock absorbers. These absorbers, unique in their attributes, are manufactured under stringent Original Equipment (OE) quality guidelines, promising superior performance that heightens vehicular safety, ease, and manoeuvrability. They feature cutting-edge technology such as a piston rod surface that is 20% smoother, hence decreasing friction and prolonging service life, and incorporate metal discs in the piston valve for faster response times.
Who Are the Key Players in the Automotive Shock Absorber Market?
Major companies operating in the automotive shock absorber market include:
• ZF Friedrichshafen AG
• Magna International Inc.
• Tenneco Inc.
• Marelli Europe S.p.A.
• Benteler Automotive Corporation
• Mando Corporation
• Sumitomo Riko Company Limited
• KYB Corporation
• Hitachi Astemo Ltd.
• Continental AG
• Moog Inc.
• Meritor Inc.
• Showa Corporation
• FOX Factory Holding Corp.
• Endurance Technologies Limited
• BWI Group
• DMA Sales Inc.
• Arnott Industries
• Denso Corporation
• KONI BV
• Datsons Engineering Works Pvt Ltd.
• Brinn Inc.
• ACDelco Corporation
• H&R Spezialfedern GmbH & Co. KG
• FCS Automotive International Inc.
• Ohlins Racing AB
• QBAutomotive LLC
• Kobe Suspension Co Pvt Ltd.
What are the Regional Insights into the Automotive Shock Absorber Market?
Asia-Pacific was the largest region in the automotive shock absorber market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive shock absorber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
