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Global Automotive Shock Absorber Market by Vehicle Type (Passenger Cars, LCVs, HCVs, and Two Wheelers)
The global automotive shock absorbers market stands at US$ 23.2 billion in 2023 and is projected to climb to US$ 39.1 billion by 2033-end, expanding at a CAGR of 5.4% over the next ten years.
One of the key drivers for market growth is the increasing demand for passenger cars and light commercial vehicles, particularly in emerging economies such as China, India, and Brazil. Another factor contributing to the growth of the automotive shock absorbers market is the increased focus on vehicle comfort and safety by consumers and manufacturers alike.
Since suspension systems play a critical role in ensuring a smooth and comfortable ride, shock absorbers have become an essential component in modern vehicles. Moreover, the growing trend of electric and hybrid vehicles is expected to provide further impetus to the growth of the automotive shock absorbers market. These vehicles require advanced suspension systems to accommodate the heavy batteries and provide a smooth and stable ride. The high cost of shock absorbers and the increasing adoption of air suspension systems in luxury vehicles may hinder the growth of the market in some regions.
Luxury vehicles use gas-filled twin-tube shock absorbers to enhance the comfort level and driving experience of these cars. There has been an increase in the demand for luxury cars manufactured by BMW, Audi, and Mercedes Benz, which is a driving factor for the automotive shock absorbers market. Audi is working on a prototype for a shock absorber system called eROT (Electromechanical Rotary Dampers), in which hydraulic dampers are replaced with electromechanical rotary dampers for a comfortable ride.
Use of shock absorbers in automobiles is crucial for active safety or the prevention of collisions. They are in charge of maintaining continuous pressure on the road and stabilizing the vehicle while driving. A related issue is how a stretched car suspension reacts after a skid, which may lead to a road accident, whereas good shock absorbers keep a car rigid and enable it to be pulled out of a skid.
| Attributes | Key Insights |
|---|---|
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Automotive Shock Absorbers Market Size (2023) |
US$ 23.2 Billion |
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Forecasted Market Value (2033) |
US$ 39.1 Billion |
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Value CAGR (2023 to 2033) |
5.4% |
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Europe Market Value (2033) |
US$ 3.5 Billion |
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South Asia & Pacific Market Value (2033) |
US$ 8.8 Billion |
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There are three major ways that COVID-19 impacted the global economy-by directly influencing manufacturing and demand, by disrupting the supply chain, and by its financial impact on companies. The growth of the automotive shock absorbers market was also affected by the COVID-19 pandemic crisis as there was a significant drop in the demand for these systems in 2020. Production activities for almost all industries, including manufacturing and transportation, were affected.
Nevertheless, the market for automotive shock absorbers expanded at a CAGR of 5.2% between 2018 and 2022. Growth is projected to exhibit a V-shape recovery as economic activities are back to pre-crisis levels post the containment of the pandemic. Over the decade, sales of vehicle shock absorbers are expected to rise at a CAGR of 5.4%.
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Get a Customized Version“High Demand for Premium & Luxury Automobiles and Improved Ride Quality”
Increasing population of high-net-worth individuals globally is driving the demand for premium and luxury automobiles. This market trend is attracting international players to invest and expand their presence. With mergers and expansions, the market is expected to expand further, bringing new products to the market.
Customers’ attitudes about comfort and safety in the automotive industry have been evolving. Car suspension is crucial when considering the comfort of the driver and co-passengers. Shock absorbers are referred to as suspension assemblies in cars and offer greater comfort and reliability.
“Increasing Mergers and Acquisitions between Key Manufacturers of Automotive Shock Absorbers for Portfolio Expansion”
Mergers and acquisitions among key market players are allowing them to stay ahead in the market.
“Focus on Advancements in Damping Valve Technology”
A damping valve is fitted at the lower portion of a shock absorber to dampen shocks. Manufacturers of shock absorbers are concentrating on improving the damping effect for luxury vehicles through significant improvements in damping valve technology.
“Fluctuations in Raw Material Prices and Need for Investment-intensive R&D”
Price competition is a significant challenge in the automotive shock absorbers market. Companies often face pressure to offer competitive pricing while maintaining profitability. Fluctuations in raw material costs, currency exchange rates, and intense competition can put downward pressure on shock absorber prices, influencing manufacturers' profit margins.
Rapid pace of technological advancements poses both opportunities and challenges for shock absorber manufacturers. Keeping up with the latest technologies, such as smart shock absorbers, connected systems, and advanced manufacturing processes, requires significant investments in research, development, and production capabilities.
People’s preferences and buying patterns are continually evolving, and companies must stay attuned to these changes. Factors such as increased demand for fuel-efficient shock absorbers, eco-friendly options, and enhanced performance create challenges for manufacturers to adapt their product offerings and meet consumers’ changing expectations.
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“Growing Need for Investments in Research and Development Driven by Increasing Demand for Better Ride Quality”
By the end of 2033, the market size is expected to reach US$ 39.1 billion. The growing demand for better ride quality and comfort, improved safety features, and increased vehicle production rates are the major factors driving the growth of the market. The introduction of advanced technologies such as electronic shock absorbers and adaptive suspension systems is also expected to fuel the growth of the industry in the coming years. In addition, the increasing demand for electric and hybrid vehicles is also expected to create opportunities.
The industry is facing challenges such as the high cost of advanced technologies, increasing competition, and stringent government regulations for automotive safety and emissions. To remain competitive and profitable in the market, companies need to invest in research and development to develop innovative and cost-effective solutions. Overall, with the increasing demand for better ride quality and safety features, the industry is expected to witness steady growth in the future.
What is the Current Position of China in the Automotive Shock Absorbers Industry?
“Increasing Focus on Automotive Safety and Implementation of Emission Norms”
The market in China is expected to reach US$ 5.3 billion by 2033, expanding at a CAGR of 5.4% due to the ever-rising demand for automobiles in the country. Additionally, increasing focus on automotive safety features and implementation of emission norms in the country is further expected to boost market growth.
What is the Demand Outlook for Automotive Shock Absorbers in the United States?
“High Demand for Electric Vehicles Driving Sales of Automotive Shock Absorbers”
Demand for automotive shock absorbers in the United States is expected to reach US$ 2.1 billion by 2033, expanding at a CAGR of 4.5%. Electric vehicles are in high demand in the country, and stringent emission regulations are being implemented. These factors are influencing market growth.
Which Vehicle Type Will Account for Most Deployment of Shock Absorbers?
“High Demand for Automotive Shock Absorbers Designed for Light Commercial Vehicles Due to Their Cost-effectiveness and Low Maintenance Requirements”
The light commercial vehicles segment is expected to expand at a CAGR of 4.6% from 2022 to 2033. This segment occupies a significant market share in 2023 due to its cost-effectiveness, high efficiency, and low maintenance requirements.
Passenger car shock absorbers or touring shock absorbers are the most common type for regular passenger cars. They are designed to provide a balance of comfort, handling, and durability for everyday driving. Light truck shock absorbers or commercial vehicle shock absorbers are designed to withstand heavier loads and provide durability for vans, pickup trucks, and light commercial vehicles. These shock absorbers have reinforced sidewalls and tread patterns suitable for commercial applications.
Commercial truck shock absorbers or heavy-duty shock absorbers are specifically designed for large trucks, buses, and other heavy commercial vehicles. They offer high load-carrying capacity, durability, and resistance to wear for long-haul transportation.
The automotive shock absorbers market is moderately fragmented, where tier-I players hold 57% to 58% share of the global market. Gabriel India Limited, Tenneco Inc., ThyssenKrupp AG, KYB Corp., Mando Corporation, Hitachi Astemo, Ltd., and others are considered leading players in the market operating with a vast global presence.
Market participants are strategically focusing on the introduction of durable and lightweight materials as well as public and private investments in the automotive, aerospace, and wind turbine sectors to attain higher market shares.
| Attribute | Details |
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Base Year for Estimation |
2022 |
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Historical Data |
2018 to 2022 |
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Forecast Period |
2023 to 2033 |
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Customization and Pricing |
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The global automotive shock absorbers market is valued at US$ 23.2 billion in 2023.
Worldwide demand for automotive shock absorbers is predicted to increase at a CAGR of 5.4% through 2033.
The market for automotive shock absorbers is expected to reach US$ 39.1 billion by the end of 2033.
Light commercial vehicles hold a dominant share of the market.
Increasing mergers and acquisitions by key players and high demand for luxury cars are key trends in this market.
KYB Corporation, ZF Friedrichshafen AG, Tenneco Inc, Showa Corporation, and Thyssen Krupp account for around 58% market share.
The German market has been forecasted to rise at a CAGR of 5.6% through 2033.
