Global Automotive Shock Absorber Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth |ZF Friedrichshafen AG, Magna International Inc., Tenneco Inc., Marelli Europe S.p.A

Overview and Scope
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.

Sizing and Forecast
The automotive shock absorber market size has grown strongly in recent years. It will grow from $14.06 billion in 2023 to $14.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. 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 $18.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rise in electric and autonomous vehicles, adaptive and smart suspension systems, global urbanization trends, increased focus on vehicle customization, 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, energy harvesting shock absorbers.

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Segmentation & Regional Insights
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), Aftermarket
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications

Asia-Pacific was the largest region in the automotive shock absorber market in 2023. 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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Major Driver Impacting Market Growth
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 March 2022, according to the European Automobile Manufacturers’ Association (ACEA), the lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Further, around 6.3 million passenger cars were produced in US auto facilities in 2021. Therefore, the demand for automobiles is driving the growth of the automotive shock absorber market.

Key Industry Players
Major companies operating in the automotive shock absorber market report are 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.

The automotive shock absorber market report table of contents includes:
1. Executive Summary
2. Automotive Shock Absorber Market Characteristics
3. Automotive Shock Absorber Market Trends And Strategies
4. Automotive Shock Absorber Market – Macro Economic Scenario
5. Global Automotive Shock Absorber Market Size and Growth
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32. Global Automotive Shock Absorber Market Competitive Benchmarking
33. Global Automotive Shock Absorber Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Shock Absorber Market
35. Automotive Shock Absorber Market Future Outlook and Potential Analysis
36. Appendix