Automotive Shock Absorber Market

Shock Absorber Market Snapshot

[336 Pages] According to Persistence Market Research, the Shock Absorber Market revenue totaled US$ 14,207.0 million for 2022. The demand for Shock Absorber will accelerate with presence of several manufactures across the globe with leading players holding a prominent share in the global Shock Absorber market in 2022. The overall Shock Absorber industry is expected to reach US$ 24,806.5 million by 2032, growing at a CAGR of 5.2 % from 2023 to 2033.

Automotive shock absorbers plays a vital role in reducing the various shocks generated due to uneven & rough road conditions while driving, the shock absorbers insures the safer and comfortable rides. Globally increasing automotive sales & production , increasing concerns towards safety of vehicle and rising urge for luxuries lifestyle are the factors fueling the demand of automotive shock absorbers across the globe.

The Shock Absorber market is 30% to 35% of its parent market of the Automotive Suspension System Market.

FREE Report Sample is Available

In-depth report coverage is now just a few seconds away

Get FREE Report Sample

Sales Analysis of Automotive Shock Absorber from 2017 to 2022 Vs Market Projections for 2023 to 2033

From 2017 to 2022, the market for shock absorbers has experienced significant demand from end users

Shock absorbers are being used in vehicles to reduce shocks from a very long period, the two most common types of shock absorbers that are being used in automobiles are hydraulic and gas-filled versions, which are installed in the front and rear suspension systems. Manufacturers of shock absorbers are constantly innovating and enhancing technical facets of suspension systems, such as shock absorber design, acceleration, grip, and smoothness in order to increase the comfort of vehicle ride.

Another key driver of market expansion is the improvement in the quality of automotive components. Additionally, evaluation of technical issues in the suspension system of vehicle and cyclic replacement of shock absorber have gained popularity in recent years.

The market is expanding more quickly with the technological developments in the production of automotive shock absorbers. For instance, in order to enhance the comfortness of a ride, Audi has a prototype where electromagnetic dampers can replace the current hydraulic suspension systems.

Every time a vehicle hits a bump or pothole, the current shock absorbers generate kinetic energy, which is then lost as heat By using electromechanical damper systems this energy can be used in the electrical system of a vehicle. As a result, the demand for shock absorbers will rise in the coming years along with an increase in the number of vehicles.

Make This Report Your Own

Take Advantage of Intelligence Tailored to your Business Objective

Get a Customized Version

What are the Key Opportunities for Automotive Shock Absorber Market Manufacturers?

There will be a rise in demand in the upcoming years for automotive shock absorbers with increasing number of automobiles on the road globally. In addition, it is projected that rising vehicle production and demand would offer the global market for automotive shock absorbers with significant development prospects. The need for automotive shock absorbers has increased significantly as a result of the introduction of cutting-edge technologies, including the usage of regenerative shock absorbers in electric vehicles.

In recent years, there has been a noticeable growth in the demand for comfort in the driving experience, including handling, seating structure, and aerodynamics. This has resulted in a surge in the need for stronger shock absorbers, which improve vehicle stability. The market is projected to be driven by new comfort features that automakers are including into their vehicles, such as stability, reduced impact from bumps, and speed breakers.

Auto accessories, replacement tyres, equipment, service repair, collision repair, and aftermarket auto parts are all included in aftermarket sector of the automotive business. Technology advancements have led to the digitalization of vehicle maintenance and component sales, which has fueled the expansion of the automotive aftermarket sector, resulting in increased sales for shock absorbers.

Market Research Methodology

-Perfect through Years of Diligence

Check Research Methodology

Country-wise Insights

Where Does Germany Stand in the market for Automotive Shock Absorber?

Germany is estimated to grow at a value CAGR of 4.1% and is expected to hold a prominent share in Europe's Automotive Shock Absorber market during the forecast period of 2023-33.

Leading OEMs and suppliers of aftermarket parts are both located in Germany. Manufacturers of Automotive Shock Absorbers are steadily increasing their manufacturing quantities to meet the growing demand for vehicles. As vehicles get older and people become more conscious of their safety features, shock absorbers are being replaced earlier, which is helping the aftermarket. The German market is expanding quickly thanks to significant technological developments including the evolution of electrical generator suspensions.

What is the Outlook for Automotive Shock Absorber Market Manufacturers in China?

China is anticipated to hold around 5.7% value CAGR of the East Asia market for Automotive Shock Absorber. Shock absorber manufacturers in China are gaining from an increase in the annual growth of the vehicle fleet and rising aftermarket demand for Automotive Shock Absorbers. China is a significant provider of shock absorbers, and there are numerous local manufacturers who work with multinational corporations. Due to rising auto ownership and increasing vehicle depreciation in the nation, the replacement aftermarket is also expanding. Due to manufacturers' use of the merger and acquisition technique to wrest the most possible market share, China is a lucrative market for shock absorbers.

Why is the U.S. a Lucrative Market for Shock Absorber Manufacturers?

Over the forecast period, U.S. is expected to one of the leading market for Automotive Shock Absorber, it is expected to hold around 15% of global market by the end of forecasted period.

Throughout the projected period, the U.S. is expected to continue to be one of the most lucrative markets. Growing vehicle numbers and a rise in vehicle kilometres driven in the nation are two important contributing factors for the aftermarket demand growth for shock absorbers in U.S.

Zaid Sheikh
Client Partner

Let's Connect

Connect me to identify winning opportunities

Ask An Expert

I'm Available

Category-wise Insights

Which Vehicle Type is expected to create lucrative opportunities for demand of Automotive Shock Absorbers?

When it comes to the installation of automotive Shock Absorbers, the two-wheeler segment in the market is expected to experience a high CAGR by vehicle type category. The segment is anticipated to grow steadily during the projection period in terms of both value and volume. Manufacturers will have benefit significantly from the growing focus on electric and hybrid automobiles. Automotive shock absorbers are offered for various vehicle types in a range of designs for inhanced effectiveness and greater comfort by various global players like KYB Corporation, Tenneco Inc., ZF Friedrichshafen AG, and Hitachi Automotive Systems.

Which design of Automotive Shock Absorbers has the most potential for market growth of Automotive Shock Absorber?

The most common designs for Automotive Shock Absorbers are twin tube and mono tube designs. Oil flows between the two cylinders of twin tube shocks and produces a dampening force. Mono tube shocks have a single oil-filled cylinder that is isolated by a piston valve, mono tube shocks have a higher damping capacity and provide a better ride quality than twin tube shocks. However, twin tube shocks are typically selected by many manufacturers due to it’s simple structure and cost effectiveness over mono tube shock absorbers.

Which Sales channel is Generating the Most Demand in the market for Automotive Shock Absorber?

The OEM Sales channel is estimated to maintain its dominance with a considerable share of more than 3/4th market share throughout the forecast period. Demand for Automotive Shock Absorbers is prominent from OEMs, as millions of new vehicles are equipped with Automotive Shock Absorbers year-on-year. There is steady demand from OEMs for shock absorbers, whereas, in the replacement market, demand is steady; however, it holds one-third share of overall Automotive Shock Absorber sales.

Competitive Landscape

The market is extremely competitive, with a large number of players offering automotive shock absorbers at competitive prices. Manufacturers are forming strategic alliances with regional distributors and OEMs to meet the demands of rising vehicle parc and increasing vehicle production. Brand loyalty and aggressive marketing make it difficult for new competitors to succeed in this market. Additionally, it is anticipated that the introduction of online distribution platforms will increase demand for Automotive Shock Absorbers.

Automotive Shock Absorber Market Report Scope

Key Segments Covered in Automotive Shock Absorber Industry Analysis

Automotive Shock Absorber Market by Vehicle Type

• Passenger Cars
• LCVs
• HCVs
• Two Wheelers

Automotive Shock Absorber Market by Product Type

• Hydraulic Type
• Gas-filled Type

Automotive Shock Absorber Market by Sales Channel

• OEMs
• Aftermarket

Automotive Shock Absorber Market by Design

• Twin Tube Design
• Mono-Tube Design

Automotive Shock Absorber Market by Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa