Automotive Shock Absorbers

Automotive Shock Absorbers

Global Automotive Shock Absorbers Market to Reach US$20.3 Billion by 2030

The global market for Automotive Shock Absorbers estimated at US$12.5 Billion in the year 2023, is expected to reach US$20.3 Billion by 2030, growing at a CAGR of 7.2% over the analysis period 2023-2030. Hydraulic Shock Absorbers, one of the segments analyzed in the report, is expected to record a 6.6% CAGR and reach US$12.0 Billion by the end of the analysis period. Growth in the Gas-Filled Shock Absorbers segment is estimated at 8.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.3 Billion While China is Forecast to Grow at 10.2% CAGR

The Automotive Shock Absorbers market in the U.S. is estimated at US$3.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.7 Billion by the year 2030 trailing a CAGR of 10.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.0% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.

Global Automotive Shock Absorber Market - Key Trends and Drivers Summarized

Automotive shock absorbers are critical components of a vehicle`s suspension system designed to absorb and dampen the impact from the road surface as a vehicle travels. They function by controlling the unwanted, excessive movement of the vehicle`s springs and stabilizing the car`s movements. This stabilization helps to ensure that the tires maintain constant contact with the road, providing a smoother ride, improving handling, braking, and driving safety. Growth in the automotive shock absorber market is driven by advancements in vehicle technology and rising consumer demand for enhanced ride quality and vehicle safety. As vehicles become more sophisticated, the need for high-performance shock absorbers that can provide superior handling and comfort, especially in passenger vehicles and luxury cars, has become crucial. Furthermore, the growing adoption of advanced suspension systems in new vehicle models, which promises improved dynamic control and overall driving experience, is propelling the demand for innovative shock absorbers. This trend is supported by increasing consumer expectations for a smoother ride, pushing automotive manufacturers to innovate and upgrade suspension components across their vehicle offerings.

Suspension technologies have dramatically evolved over the years, transitioning from basic mechanical systems to sophisticated air suspensions equipped with hydraulic shocks. In addition to technological advancements, regulatory factors also play a pivotal role in shaping the shock absorber market. Governments worldwide are imposing stricter regulations concerning vehicle safety and emissions, influencing the design and functionality of shock absorbers. For instance, the emphasis on reducing vehicle weight to enhance fuel efficiency and reduce emissions has led to the development of lighter, more efficient shock absorbing systems. Manufacturers are increasingly investing in research and development to produce shock absorbers that not only meet these regulatory requirements but also contribute to the enhanced aerodynamics and performance of vehicles. This regulatory push is complemented by the rise of the electric vehicle (EV) market, where the need for durability and maintenance-free operation in shock absorbers is more pronounced due to the EVs` unique dynamics and weight distribution.

Global expansion of the automotive industry into emerging markets is another key driver for the shock absorber market. As economic conditions improve in these regions, the demand for automobiles increases, subsequently boosting the need for automotive parts, including shock absorbers. Additionally, the harsh road conditions often found in emerging markets necessitate robust shock absorbing systems, which creates further growth opportunities for manufacturers. Companies are thus strategizing to expand their geographic footprint and enhance their product portfolios to meet the diverse needs of these new markets. This global market expansion is coupled with increasing consumer awareness about vehicle maintenance and the benefits of high-quality shock absorbers, fueling a continuous demand in both OEM and aftermarket segments.

Select Competitors (Total 12 Featured) -

• ACDelco
• Arnott Industries
• Duro Shox Pvt., Ltd.
• Gabriel India Ltd.
• Hitachi Automotive Systems Ltd.
• ITT Corporation
• KYB Corporation
• Marelli (Magneti Marelli CK Holdings Co., Ltd.)
• Meritor, Inc.
• Samvardhana Motherson Group
• Showa Corporation
• Tenneco, Inc.
• ThyssenKrupp AG
• ZF Friedrichshafen AG
• Zhejiang Sensen Auto Parts Co., Ltd.

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