Automotive Shock Absorber Market
Automotive Shock Absorber Market Study by Twin Tubes and Mono Tubed for Commercial Vehicles and Passenger Vehicles from 2024 to 2034
Analysis of Automotive Shock Absorber Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automotive Shock Absorber Market Outlook (2024 to 2034)
The global automotive shock absorber market size is estimated at US$ 16.14 billion in 2024 and is projected to reach US$ 22.54 billion by 2034-end, expanding at a CAGR of 3.4% between 2024 and 2034.
A vehicle's suspension system relies heavily on shock absorbers, which are made to absorb and reduce impact from road surfaces and provide a controlled and comfortable ride. Off-road vehicle shock absorbers are a specialized category of shock absorbers designed to handle the extreme conditions encountered during off-road driving.
Shock absorbers enable various spring seat and ride height settings, improving comfort and stability while driving. Shock absorbers are therefore becoming in demand worldwide as people's needs for comfort and safety grow. By resisting vehicle roll, bounce, and control, shock absorbers also aid in maintaining vertical loads applied on tires. They also aid in minimizing acceleration squat and brake dive to provide a more balanced ride.
- For example, KONI Shock Absorbers released the KONI Sport adjustable shock absorbers for the 2016–2019 Mazda MX-5 (ND chassis) in September 2019.
Within the larger automotive sector, the automotive shock absorber market focuses on the development, production, and marketing of shock absorbers for a range of vehicle types. The purpose of shock absorbers, which are essential parts of suspension systems for cars, is to absorb and attenuate shock waves for a more comfortable ride and better control over the vehicle.
| Report Attributes | Details |
|---|---|
| Automotive Shock Absorber Market Size (2024E) | US$ 16.14 Billion |
| Forecasted Market Value (2034F) | US$ 22.54 Billion |
| Global Market Growth Rate (2024 to 2034) | 3.4% CAGR |
| North America Market Share (2034F) | 26.4% |
| East Asia Market Growth Rate (2024 to 2034) | 3% CAGR |
| Gas Filled Segment Market Share (2034F) | 29.4% |
| Passenger Vehicles Segment Market Share (2024E) | 61.2% |
| Key Companies Profiled |
|
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Why is Demand for Automotive Shock Absorbers Rising Steadily?
“Rise in Use of Electric Vehicles as Future Mobility Options”
Global demand for vehicle suspension systems is forecasted to rise as a result of the rapidly increasing use of e-mobility and the restructuring of the automotive sector in developed countries. The next wave of electric vehicles equipped with state-of-the-art shock absorbers is projected to open up a lot of new commercial opportunities for automotive shock absorber manufacturers. Regenerative suspension systems combine the conventional function of a shock absorber with the capacity to gather energy, making them a novel concept in vehicle dynamics.
Surge in customer preference for personal vehicles is another factor contributing to the growth of the market throughout the forecast period. Furthermore, in the coming years, technological advancements in automotive shock absorber systems are projected to be driven by the sharp rise in the use of electric vehicles as future mobility options.
“Strict Automotive Regulations and Rising Focus on Environmentally Sustainable Solutions”
Environmentally friendly vehicle parts are becoming popular due to sustainable innovations in shock absorber production. Businesses in the automotive sector can create plans to seize new opportunities and meet changing demands by adapting to these market factors.
Governments and regulatory agencies everywhere are putting in place more stringent guidelines for the performance and safety of automobiles. These laws frequently require upgrades to car suspension systems, such as shock absorbers, which drives market growth.
What Do Automotive Shock Absorber Manufacturers Need to Watch Out For?
“High Manufacturing Costs, Technological Complexity, and Reliability Issues”
It can be costly to build advanced shock absorbers, particularly ones that have electronic and customizable features. Using premium materials and cutting-edge technology raises manufacturing costs, which might impede market expansion, particularly in price-sensitive industries.
Design and production of shock absorbers become more sophisticated as technology advances. This may result in difficulties preserving the consistency and dependability of the product as well as possible problems with long-term durability.
“Global Economic Fluctuations and Tight Environmental Regulations”
The automotive sector can be directly impacted by economic downturns or instability in important markets, which can result in a decline in vehicle sales and, in turn, a decrease in demand for automotive components like shock absorbers.
Regulations might be difficult, but they can also spur innovation. It can be expensive and time-consuming for manufacturers to invest in research and development to make sure their products meet environmental regulations.
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Country-wise Insights
Sales of automotive shock absorbers in the United States are influenced by shifting consumer tastes, economic variables, regulatory settings, and technology improvements. Automotive shock absorbers are growing in popularity in China due to the yearly increase in the number of vehicles on the road and the development in aftermarket demand for them.
Why is the United States an Appealing Market for Automotive Shock Absorber Manufacturers?
“Increasing Demand for Electronically Controlled and Adjustable Shock Absorbers”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 2.67 Billion |
| Growth Rate (2024 to 2034) | 4.9% CAGR |
| Projected Value (2034F) | US$ 4.31 Million |
The market for vehicle shock absorbers and related components is expanding rapidly in North America. The growing need for comfort and safety features in vehicles, as well as the advancement of sophisticated suspension technology, are driving factors behind market expansion.
Demand for sophisticated shock absorbers, such as electronically controlled and adjustable models, is rising, particularly in high-end and sports cars. The United States boasts a sizable automobile fleet, which drives up demand for upgrades and replacement parts in the aftermarket segment.
As electric and driverless vehicles become more common, there is a growing demand for shock absorbers designed specifically for these new car models. The need for high-quality, compliant shock absorbers is driven by the strict safety and environmental requirements in the United States.
How is the Automotive Shock Absorber Market Shaping Up in China?
“Increased Vehicle Production and High Demand for Automotive Comfort Features”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 2.27 Billion |
| Growth Rate (2024 to 2034) | 2.6% CAGR |
| Projected Value (2034F) | US$ 2.94 Million |
Asia Pacific leads in automotive shock absorber market trends, fueled by renowned manufacturers and China's steadily growing automotive sector. Increased production and demand for automotive comfort features contribute to market expansion. China and India hold substantial market shares, driven by the growing production of auto aftermarket components. Efforts to reduce vehicle vibrations and the booming automobile sector further drive market growth in China.
Category-wise Insights
Automotive hydraulic shock absorbers are an essential part of suspension systems, providing an affordable way to enhance drive quality and control. In passenger cars, automotive shock absorbers are essential for a smooth ride, safety, and handling of the vehicle.
Passenger vehicle shock absorbers are necessary for a safe, pleasant, and joyful driving experience. With the introduction of new vehicle types including electric vehicles (EVs) and autonomous automobiles, as well as shifting consumer preferences and market dynamics, the industry is transforming along with technology.
Why are Hydraulic Shock Absorbers in High Demand?
“Hydraulic Suspensions Ensuring Improved Vehicle Control and Smoother Ride”
| Attribute | Hydraulic |
|---|---|
| Segment Value (2024E) | US$ 12.37 Billion |
| Growth Rate (2024 to 2034) | 2.6% CAGR |
| Projected Value (2034F) | US$ 15.92 Billion |
The basic mechanism of hydraulic shock absorbers is the conversion of suspension movement's kinetic energy into thermal energy, or heat, which is then released into the atmosphere. Generally, they are made up of a piston that travels inside a cylinder that is filled with hydraulic fluid. The suspension of the vehicle moves when it hits bumps or dips, forcing the hydraulic fluid through tiny holes or valves in the piston.
The damping process slows down the motion of the vehicle's springs and suspension by creating resistance to the piston movement. By altering the size of the piston's holes or valves, the resistance level can be changed. To provide a smoother ride and improved vehicle control, automobile suspension systems such as hydraulic shock absorbers are utilized to absorb and reduce the impact of irregularities in the road.
Where are Automotive Shock Absorbers Deployed the Most?
“Electronically Controlled Shock Absorbers Enhancing Comfort in Passenger Vehicles”
| Attribute | Passenger Vehicles |
|---|---|
| Segment Value (2024E) | US$ 9.87 Billion |
| Growth Rate (2024 to 2034) | 3.3% CAGR |
| Projected Value (2034F) | US$ 13.62 Billion |
Electronically controlled shock absorbers improve comfort and handling in high-end and luxury cars by instantly adjusting the damping level in response to road conditions. For optimal performance, shock absorbers are becoming more and more interconnected with other vehicle systems as cars become more autonomous.
Using recyclable materials and ecologically friendly production techniques is becoming more and more popular as sustainability becomes more and more of an emphasis.
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Competitive landscape highlights only certain players
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Competitive Landscape
The competitive landscape of the market is dynamic, with key players in the automotive shock absorber being a mix of well-established companies and emerging challengers. Automotive shock absorber market growth depends on technological innovation, strategic market positioning, and the ability to adapt to changing automotive trends and consumer demands.
- In February 2022, Meritor, Inc. and Cummins Inc. declared that they signed a legally binding agreement for Cummins to buy Meritor, Inc. for a reported sum of US$ 3.7 billion.
- Mando Corp. secured a 10-year contract with Volkswagen worth US$ 1.25 billion in March 2021 to supply 50 million suspensions for their upcoming EVs and popular vehicles.
Segmentation of Automotive Shock Absorber Market Research
-
By Vehicle Type :
- Commercial Vehicles
- Passenger Vehicles
-
By Fuel :
- Hydraulic
- Gas Filled
-
By Technology :
- Passive
- Semi-active
- Active
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By Design :
- Twin Tube
- Mono Tube
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By Sales Channel :
- OEMs
- Aftermarket
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
How big is the automotive shock absorber market in 2024?
The global automotive shock absorber market is estimated at US$ 16.14 billion in 2024.
What are the projected sales of automotive shock absorbers for 2034?
By 2034-end, worldwide sales of automotive shock absorbers are forecasted to reach US$ 22.54 billion.
At what rate is the demand for automotive shock absorbers projected to grow?
Demand for automotive shock absorbers is forecasted to increase at 3.4% CAGR over the next 10 years.
How is the market for automotive shock absorbers shaping up in East Asia?
Sales of automotive shock absorbers in East Asia are forecasted to increase at 3% CAGR from 2024 to 2034.
Which vehicle category accounts for higher use of automotive shock absorbers?
Use of automotive shock absorbers in passenger vehicles is forecasted to increase at a CAGR of 3.3% from 2024 to 2034.
Automotive Shock Absorber Market
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