The Business Research Company’s report on the Automotive Shock Absorber Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the automotive shock absorber market in recent years?
The demand for automobiles is expected to propel the growth of the automotive shock absorber market going forward. Automobiles, commonly known as cars or vehicles, are self-propelled wheeled vehicles designed for road transportation. Automobiles use shock absorbers to control the suspension movement and maintain contact between the tires and the road surface. For instance, in January 2024, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based lobbying and standards group for the automobile industry, the EU car market saw strong growth, with a 13.9% increase in sales in 2023, reaching 867,052 units compared to the previous year, bringing the total annual volume to 10.5 million units. Most markets experienced double-digit growth, including three of the largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Germany, however, recorded a more moderate year-on-year growth of 7.3%. Therefore, the demand for automobiles is driving the growth of the automotive shock absorber market.
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What is the projected market size of the automotive shock absorber industry, and how is it expected to grow?
The automotive shock absorber market size has grown strongly in recent years. It will grow from $14.72 billion in 2024 to $15.52 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to vehicle safety regulations, increasing vehicle ownership, rising demand for comfortable rides, off-road and performance vehicles, urbanization and infrastructure development
The automotive shock absorber market size is expected to see strong growth in the next few years. It will grow to $19.57 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the rise in electric and autonomous vehicles, adaptive and smart suspension systems, global urbanization trends, increased focus on vehicle customization, and environmental sustainability concerns. Major trends in the forecast period include collaborations for research and development, technological advancements in suspension systems, advanced materials and coatings, personalized driving modes, and energy harvesting shock absorbers.
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Who are the key players driving competition in the automotive shock absorber market?
Major companies operating in the automotive shock absorber market include ZF Friedrichshafen AG, Magna International Inc., Tenneco Inc., Marelli Europe S.p.A., Benteler Automotive Corporation, Mando Corporation, Sumitomo Riko Company Limited, KYB Corporation, Hitachi Astemo Ltd., Continental AG, Moog Inc., Meritor Inc., Showa Corporation, FOX Factory Holding Corp., Endurance Technologies Limited, BWI Group, DMA Sales Inc., Arnott Industries, Denso Corporation, KONI BV, Datsons Engineering Works Pvt Ltd., Brinn Inc., ACDelco Corporation, H&R Spezialfedern GmbH & Co. KG, FCS Automotive International Inc., Ohlins Racing AB, QBAutomotive LLC, Kobe Suspension Co Pvt Ltd.
What key trends are expected to drive the automotive heads-up display market during the forecast period?
Product innovations are a key trend gaining popularity in the automotive shock absorber market. Major companies operating in the automotive shock absorber market are adopting innovative products to sustain their position in the market. For instance, in April 2023, ZF Friedrichshafen AG, a Germany-based provider of auto components, launched the TRW shock absorbers. The unique features of TRW shock absorbers include their production under strict Original Equipment (OE) quality standards, ensuring exceptional performance that enhances vehicle safety, comfort, and handling. They incorporate advanced technology, such as a piston rod surface that is 20% smoother for reduced friction and extended lifespan, along with metal discs in the piston valve that allow for quicker response times.
Which key geographies are driving the growth of the automotive shock absorber market?
Asia-Pacific was the largest region in the automotive shock absorber market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive shock absorber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the automotive shock absorber market?
The automotive shock absorber market covered in this report is segmented –
1) By Type: Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) By Product Type: Hydraulic Type, Gas-Filled Type
3) By Technology: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
Subsegments:
1) By Single-Tube Shock Absorbers: Gas-Charged Single-Tube Shock Absorbers, Oil-Filled Single-Tube Shock Absorbers
2) By Twin-Tube Shock Absorbers: Gas-Charged Twin-Tube Shock Absorbers, Oil-Filled Twin-Tube Shock Absorbers
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What defines the structure and scope of the automotive shock absorber market?
An automotive shock absorber, also known as a suspension damper or shock damper, is a component of a vehicle’s suspension system designed to absorb and dampen the impact and vibrations generated by road irregularities. They are used for controlling the rebound of the vehicle’s suspension springs.
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