Off-Road Vehicle Shock Absorber Market Outlook (2023 to 2033)
The global off-road vehicle shock absorber market reached a valuation of US$ 1.25 billion in 2022 and is expected to progress at a CAGR of 5.5% to climb to US$ 2.27 billion by the end of 2033.
Sales of off-road vehicle shock absorbers accounted for around 12% share of the global shock absorber market at the end of 2022. From 2018 to 2022, the global market for off-road vehicle shock absorbers registered a CAGR of 3.1%, as per Fact.MR, a market research and competitive intelligence provider.
The smooth functioning of off-road vehicles requires the integration of off-road vehicle shock absorbers. The utilization of an off-road vehicle shock absorber is pivotal in achieving the optimal operational efficiency of off-road vehicles. Usage of shock absorbers provides safety to the vehicle from shock impulses caused while riding on the road.
Shock absorbers convert the kinetic energy generated due to shock impulses into any other form of energy, specifically heat energy, which is dissipated later. These devices have many applications in vehicle suspensions, industrial machines, and others.
Off-road vehicles are special-purpose vehicles that are made to travel on roads, but are not made for regular traveling purposes. The suspension of the vehicle plays a pivotal role, especially in off-road vehicles. Different types of shock absorbers such as twin tube, monotube, pneumatic, and others are widely used. Owing to large-scale adoption across prominent automobile, construction, and other industries, the demand for off-road vehicle shock absorbers is expected to witness a significant surge in unit sales over the coming years.
The U.S. and Germany are projected to witness comparatively high demand for off-road vehicle shock absorbers due to increased penetration in the construction and automobile industry. Using advanced technologies such as electromechanical systems by replacing hydraulic or mechanical systems that are traditionally used in shock absorbers and customizing shock absorbers, especially for off-road vehicles will boost product sales over the long term.
| Report Attributes |
Details |
| Off-Road Vehicle Shock Absorber Market Size (2022A) |
US$ 1.25 Billion |
| Estimated Market Value (2023E) |
US$ 1.33 Billion |
| Forecasted Market Value (2033F) |
US$ 2.27 Billion |
| Global Market Growth Rate (2023 to 2033) |
5.5% CAGR |
| North America Market Share (2023) |
~24.2% |
| North America Market Value (2023) |
US$ 320.6 Million |
| Europe Market Share (2023) |
~19.9% |
| Europe Market Value (2023) |
US$ 263.9 Million |
| China Market Share (2023) |
~ 67% |
| China Market Value (2023) |
US$ 211.1 Million |
| Top 3 Countries Market Share |
~41.9% |
| Key Companies Profiled |
Bilstein; Eibach; Fabtech Motorsports; Falcon Shocks; Icon Vehicle Dynamics; King Off-Road; KONI; KW Suspensions; KYB; Monroe; Old Man Emu; Pro Comp shocks; Rancho; RideFox; Rugged Ridge; Skyjacker Suspension; SPC Performance; Tein |
What’s Driving High Demand for Off-Road Vehicle Shock Absorbers across Regions?
“Robust Safety Solution for Safety of Off-Road Vehicles”
Shock absorbers are oil pump devices whose function is to smooth the shake or push that takes place roughly and abruptly. These devices are located near the wheels of a vehicle and perform a vital function to maintain contact of the wheel with the road.
The suspension of the vehicle is an important aspect while driving. A shock absorber is one important component related to the suspension. Off-road vehicles travel on rough surfaces that hamper their suspension. Hence, these vehicles require additional features of off-road shock absorbers along with existing features.
The off-road vehicle shock absorber market is expected to create an absolute dollar opportunity of more than US$ 1 billion during the forecast period.
“Growing Global Automobile Industry”
The global automobile industry recorded a revenue of around US$ 2.9 trillion. Many leading countries are estimated to increase their revenue based on the growing automobile and construction industries.
The automobile industry is based on the production of vivid vehicles along with updated features. It focuses on improving efficiency and safety by various methods. Off-road vehicles are one such type of vehicle that demand higher safety than other vehicles as they are driven on abrupt and rough surfaces.
Specifically designed shock absorbers for off-road vehicles provide a higher amount of safety. Owing to the increasing penetration of the automobile industry, there will be a rise in the production of off-road vehicles, which will boost the sales of off-road vehicle shock absorbers as well.
What’s Troubling Off-Road Vehicle Shock Absorber Manufacturers?
“Certain Complications and Price Rise May Arise Due to Hydraulic Oil Usage in Off-road Vehicle Shock Absorbers”
Conventional off-road vehicle shock absorbers use hydraulic oil to dampen the oscillations produced by the spring and maintain the suspension. The hydraulic oil used in the shock absorber needs to be changed after a particular period. There may arise certain complications in the device if its maintenance is not done on time. Shock absorbers also have a high maintenance cost. All these factors may lead to a drop in the sales of off-road vehicle shock absorbers.
Manufacturers should try adopting new technologies to improve the efficiency of these devices, such as gas-filled shock absorbers. Recently, Audi introduced a new eROT system in shock absorbers. These newly introduced devices use an electromechanical system in the shock absorber, which uses the kinetic energy generated during shock impulses.
Market share analysis of off-road vehicle shock absorbers based on type and region. Under type, pneumatic shock absorbers lead with 45.3% market share in 2022.
Country-wise Insights
Why is the U.S. Off-Road Vehicle Shock Absorber Market a Lucrative One?
Off-road vehicle shock absorbers are prominently installed in all heavy-duty vehicles, including off-road vehicles. It is one of the vital components that are related to the safety of the vehicle.
Shock absorbers are mostly used in the automobile industry and all heavy-duty vehicles or off-road vehicles, besides the construction industry. The U.S is providing many opportunities in the fields of automobiles and construction. Some major automobile manufacturers that operate in the U.S are Ford Motor Company, General Motors Company, and others provide a lucrative market for off-road vehicle shock absorber manufacturers.
The construction industry in the U.S has a market size of US$ 1.6 trillion. In the construction industry, the use of off-road vehicles is prominent. Owing to the increasing penetration of the construction and automobile industries in the U.S, the market is expected to reach a valuation of US$ 1.33 billion by 2023-end.
Will the Increasing Automobile Industry in Germany Drive Off-Road Vehicle Shock Absorber Demand?
The automobile industry is one that manufactures most of the components required for vehicles. Germany is one of the leading countries in automobiles, generating an average revenue of US$ 489.7 billion.
Shock absorbers are widely used in every vehicle, especially off-road vehicles, owing to their safety features. Off-road vehicle shock absorbers are used in vehicles such as SUVs, ATVs, and others that are driven off-roads on irregular land. These shock absorbers absorb and dampen shock impulses, thereby providing safety to these vehicles.
The penetration of Germany in the automobile sector is increasing, which will augment the demand growth for off-road vehicle shock absorbers. The Germany market is expected to progress at a CAGR of 4.6% during the forecast period.
Category-wise Insights
Why is the Popularity of Strut-based Off-Road Vehicle Shock Absorber Rising?
The suspension system of a car is a vital part of the integral components. It is a system that absorbs or dampens the inundations on the road. Hence, shock absorbers are required to maintain smooth control over the car.
Strut sort type shock absorbers are generally stronger than conventional shock absorbers. Struts perform two functions - one is that it performs the function of the shock absorber and another is that it provides support to the vehicle’s suspension system.
The strut-type shock absorber is also lightweight and occupies a lesser amount of space than conventional shock absorbers. These types of shock absorbers are more beneficial for off-road vehicles. Strut-type shock absorbers are set to account for 25.4% share of the market in 2023.
Will Online Channels Push the Sales of Off-Road Vehicle Shock Absorbers?
People have now started preferring online sales platforms for purchasing a wide range of products. It allows customers to check many product portfolios for comparison and choose one product according to their requirements.
Online sales platforms have been surging after the COVID-19 pandemic hit. Some manufacturers have created digital platforms for the sale of their products. Manufacturers who are excited to extend their sales across regions have started providing products on various e-Commerce platforms.
Online sales of off-road vehicle shock absorbers are expected to account for a market share of 29.9% in 2023.
Competitive Landscape
Prominent off-road vehicle shock absorber manufacturers are Bilstein Eibach, Fabtech Motorsports, Falcon Shocks, Icon Vehicle Dynamics, King Off-Road, KONI, KW Suspensions, KYB, Monroe, Old Man Emu, Pro Comp shocks, Rancho, RideFox, Rugged Ridge, Skyjacker Suspension, SPC Performance, and Tein.
Leading market players are constantly channelizing their resources to develop automated and smart off-road vehicle shock absorbers. A clear trend for more efficient off-road vehicle shock absorbers with higher levels of efficiency, increased safety, and stabilization is being observed. To achieve this, companies are transforming towards developing tailored solutions. They are enabling integrated sales channels to limit the number of stakeholders across the supply chain and generate higher profit margins.
- On 3rd May 2021, Dayton Parts announced the launch of a new premium shock absorber CARGOMAXX HD. These shock absorbers are specially designed for heavy-duty vehicles and also be installed in off-road vehicles. The new shock absorbers include a system with charged nitrogen gas. This helps the shock absorber to provide a quick response to the changes in the road and thereby provides superior control over the ride.
- APEC, in 2022, announced the launch of a series of shock absorbers. All of these to-be-launched products are tested in the harshest and most rigorous driving conditions to achieve high product quality.
- In July 2021, the KW Automotive Group acquired the AL-KO Damping Technology business unit from the AL-KO Vehicle Technology Group. Both these companies together have the ability to manufacture high-quality suspension components and chassis.
Fact.MR has provided detailed information about the price points of key manufacturers of off-road vehicle shock absorbers positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
