Global Automotive Gas Charged Shock Absorbers Market Overview:
As per MRFR analysis, the automotive gas charged shock absorbers market size was estimated at 33.07 (USD Billion) in 2022. The automotive gas charged shock absorbers market industry is expected to grow from 34.92 (USD Billion) in 2023 to 56.9 (USD Billion) by 2032. The automotive gas charged shock absorbers market CAGR (growth rate) is expected to be around 5.58% during the forecast period (2024- 2032).
Key Automotive Gas Charged Shock Absorbers Market Trends Highlighted
The automotive gas charged shock absorbers market exhibits promising growth potential, driven by several key market trends. Firstly, the increasing demand for enhanced vehicle safety and performance is propelling the adoption of advanced suspension systems, including gas charged shock absorbers. These devices provide superior damping capabilities, offering improved handling, stability, and braking distance.
Moreover, the growing popularity of luxury and high-performance vehicles, especially in emerging markets, further fuels the demand for premium shock absorbers. In addition, advancements in technology, such as the integration of electronic control systems, are creating new opportunities for the development of innovative shock absorbers with enhanced functionality and connectivity.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Gas Charged Shock Absorbers Market Drivers
Growing Demand for Enhanced Vehicle Performance and Safety
One of the major market driving forces behind the growth of the Automotive Gas Charged Shock Absorbers Market is the accelerating rate of demand among consumers for advanced vehicle performance and safety features. There are numerous advantages available when using gas charged shock absorbers as opposed to traditional shock absorbers due to the improved levels of handling, stability and braking performance that is realised. As a result, an increased number of consumers are turning to gas charged shock absorbers as they are becoming more popular with automotive manufacturers.In addition to this, the raising levels of awareness that consumers have in regards to road safety along with the severe safety regulations that are being implemented all-around the globe are further driving the demand for gas charged shock absorbers.
Technological Advancements and Innovation
The Automotive Gas Charged Shock Absorbers Market has seen a number of technological advancements and innovations occur in recent years. New materials and manufacturing processes have led to the shock absorbers being made more effective, durable and efficient than ever. Further to this, the inclusions of electronic systems and sensors have allowed for adaptive shock absorbers that can monitor and adjust to the damping scheme required in real-time based on the vehicle and current conditions.These advancements have had a positive effect on the driving experience and the market.
Rising Popularity of SUVs and Luxury Vehicles
The growing trend of using SUVs and luxury vehicles provided a boom to even the Automotive Gas Charged Shock Absorbers Market, as high-performance suspension systems in these vehicles utilise gas charged shock absorbers. The usage of such vehicles will also show a growing trend in the future due to factors such as increasing disposable income and changing lifestyles. This in turn increases the demand for gas charged shock absorbers.
Automotive Gas Charged Shock Absorbers Market Segment Insights:
Automotive Gas Charged Shock Absorbers Market Vehicle Type Insights
The Automotive Gas Charged Shock Absorbers Market is segmented by Vehicle Type into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Of the three, the Passenger Car segment is the most dominant, holding over 60% of the market. The dominance of this segment is due to the increase of passenger cars, sales and production, all over the world. Consumers are also increasingly becoming more comfortable with these cars that have attractive features that enhance their well-being and safety. The Light Commercial Vehicle segment is also anticipated to have an impressive growth due to the increasing demand both for personal and commercial use.The Heavy Commercial Vehicle segment is also supposed to have some growth because of its increasing use in construction, mining, and transportation among other applications. Overall, the market is anticipated to experience positive growth from 2023 to 2032 due to the increase in vehicles that are produced worldwide and the growth of their consumption especially by members of the growing middle class.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Gas Charged Shock Absorbers Market Technology Insights
The Automotive Gas Charged Shock Absorbers Market is segmented in two types of technologies. They are Twin-Tube Gas Charged Shock Absorbers and Monotube Gas Charged Shock Absorbers. The Twin-Tube Gas Charged Shock Absorbers segment accounted for a larger revenue share of the market in 2023. This is because they are cheaper to produce and have a less complicated design. However, the Monotube Gas Charged Shock Absorbers segment is expected to register a higher CAGR for the following years. This is due to their greater efficiency and overall better performance.They are better at damping control, have a lower internal friction and dissipate heat more easily. They are suitable for high-performance vehicles and are commonly used in off-road vehicles. The rise in demand for these types of vehicles and an overall increase in admiration for off-roading should stimulate the growth of the Monotube Gas Charged Shock Absorbers market.
Automotive Gas Charged Shock Absorbers Market Mount Type Insights
The Automotive Gas Charged Shock Absorbers Market is segmented by Mount Type into Strut-type Gas Charged Shock Absorbers and Telescopic Gas Charged Shock Absorbers. The Strut-type Gas Charged Shock Absorbers segment held the largest market share in 2023, accounting for over 60% of the market. This is primarily due to the increasing adoption of strut-type suspensions in passenger cars and light commercial vehicles. Strut-type suspensions offer several advantages over traditional telescopic suspensions, including improved handling, stability, and ride comfort.The Telescopic Gas Charged Shock Absorbers segment is expected to grow at a faster rate during the forecast period, owing to the increasing demand for heavy-duty shock absorbers in commercial vehicles and off-road vehicles. Telescopic gas charged shock absorbers are designed to withstand higher loads and provide better damping performance in harsh operating conditions.
Automotive Gas Charged Shock Absorbers Market Regional Insights
The regional segmentation of the Automotive Gas Charged Shock Absorbers Market offers valuable insights into the geographical distribution of market growth. North America is projected to hold a significant market share, driven by the presence of major automotive manufacturers and a mature automotive aftermarket. Europe is another key region, with established automotive production and aftermarket sectors. The Asia-Pacific (APAC) region is expected to exhibit the highest growth rate during the forecast period, due to the rapidly expanding automotive industry in countries like China and India.South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit at a slower pace compared to APAC. In terms of market size, North America is estimated to account for over 35% of the Automotive Gas Charged Shock Absorbers Market revenue in 2023, followed by Europe with approximately 30% share. APAC is expected to surpass Europe in market share by 2026, driven by the rising demand for automobiles in the region. The MEA region is projected to grow at a steady pace, while South America is expected to experience moderate growth over the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Gas Charged Shock Absorbers Market Key Players and Competitive Insights:
Major players are constantly working on in-house product development to improve their position in the automotive industry. By increasing their research and development activities, prominent players in the Automotive Gas Charged Shock Absorbers Market are working on meeting their offers’ performance and durability feature with the customers’ expectations.
Companies are leveraging their partnership and acquisition activities to spread their presence in the market. Developments of such a sort are thought to result in this established Automotive Gas Charged Shock Absorbers Market’s level competition, enabling its sector to be advanced and to grow. The market is likely to be perceived as a highy dynamic competitive industry due to newcomers’ growing participation and existing players’ consequent rivalry for sectorial share.
While having an impressive international presence and a substantial product variety, KYB Corporation is one of this Automotive Gas Charged Shock Absorbers Market sector’s best-known players. This company supplies customers within the industry with high quality products and ensures their satisfaction on the broadest basis.
KYB Corporation reaches its customers through its sophisticated distribution network and before- and after-sales engineers to narrow down solutions for every case. This employee capability alongside the product development focus and quality service level has led to KYB Corporation being among the world-class best players in this competitive field.
Monroe is another direct competitor and has an equally strong position in the automotive gas charged shock absorbers market. Many Monroe products aimed at passenger cars, light trucks, and heavy-duty vehicles are known for having a high technological approach. Besides its ignorable quality concerns, customer satisfaction level is continuously enhanced with Monroe engineers’ troubleshooting and client service experience. Research and Development focus allows Monroe to provide the most innovative solutions compared with its competitors.
Key Companies in the Automotive Gas Charged Shock Absorbers Market Include:
- SHOWA Corporation
- Bilstein Group
- KYB Corporation
- Tenneco Inc.
- Mando Corporation
- Monroe Shocks & Struts LLC
- Tokico Ltd.
- Sachs AG
- ZF Friedrichshafen AG
- Aisin Seiki Co., Ltd.
- JTEKT Corporation
- Gabriel Ride Control Products LLC
- Hitachi Automotive Systems, Ltd.
- Delphi Technologies
Automotive Gas Charged Shock Absorbers Market Developments
The automotive gas charged shock absorbers market is projected to grow from an estimated USD 34.92 billion in 2023 to USD 56.9 billion by 2032, at a CAGR of 5.58%. The market growth is attributed to increasing demand for high-performance vehicles, rising awareness about vehicle safety, and stringent government regulations regarding vehicle emissions and fuel efficiency.
Recent news developments in the market include:
- In January 2023, KYB Corporation announced plans to invest USD 100 million in its manufacturing facility in Laurens, South Carolina, to expand production capacity for its gas-charged shock absorbers.
- In February 2023, ZF Friedrichshafen AG acquired WABCO Holdings Inc., a leading supplier of braking systems and control technologies for commercial vehicles, strengthening its position in the automotive shock absorber market.
- In March 2023, Tenneco Inc. launched a new line of gas-charged shock absorbers designed specifically for electric vehicles, addressing the unique suspension requirements of these vehicles.
Automotive Gas Charged Shock Absorbers Market Segmentation Insights
-
Automotive Gas Charged Shock Absorbers Market Vehicle Type Outlook
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
-
Automotive Gas Charged Shock Absorbers Market Technology Outlook
- Twin-Tube Gas Charged Shock Absorbers
- Monotube Gas Charged Shock Absorbers
-
Automotive Gas Charged Shock Absorbers Market Mount Type Outlook
- Strut-type Gas Charged Shock Absorbers
- Telescopic Gas Charged Shock Absorbers
-
Automotive Gas Charged Shock Absorbers Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
33.07(USD Billion) |
| Market Size 2023 |
34.92(USD Billion) |
| Market Size 2032 |
56.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SHOWA Corporation, Bilstein Group, KYB Corporation, Tenneco Inc., Mando Corporation, Monroe Shocks Struts LLC, Tokico Ltd., Sachs AG, ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., JTEKT Corporation, Gabriel Ride Control Products LLC, Hitachi Automotive Systems, Ltd., Delphi Technologies |
| Segments Covered |
Vehicle Type, Technology, Mount Type, Regional |
| Key Market Opportunities |
Growing electric vehicle market Rising demand for enhanced ride comfort and handling Advancements in suspension technology Increasing focus on safety Expansion into emerging markets |
| Key Market Dynamics |
Growing consumer preference technological advancements rising vehicle production increasing demand for SUVs and government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Gas Charged Shock Absorbers Market is estimated to be worth 34.92 billion USD in 2023.
The Automotive Gas Charged Shock Absorbers Market is projected to reach 56.9 billion USD by 2032.
The Automotive Gas Charged Shock Absorbers Market is projected to grow at a CAGR of 5.58% from 2023 to 2032.
The Asia-Pacific region is expected to hold the largest market share for Automotive Gas Charged Shock Absorbers in 2032.
The passenger cars segment is expected to hold the largest market share for Automotive Gas Charged Shock Absorbers in 2032.
Some of the key competitors in the Automotive Gas Charged Shock Absorbers Market include KYB Corporation, ZF Friedrichshafen AG, Tenneco Inc., Bilstein Group, and Fox Factory Inc.
The major factors driving the growth of the Automotive Gas Charged Shock Absorbers Market include increasing demand for vehicles with advanced suspension systems and rising demand for aftermarket shock absorbers.
The major challenges faced by the Automotive Gas Charged Shock Absorbers Market include intense competition and the high cost of raw materials.
The key trends in the Automotive Gas Charged Shock Absorbers Market include the increasing adoption of electronically controlled shock absorbers and the development of shock absorbers with advanced features.
The COVID-19 pandemic had a negative impact on the Automotive Gas Charged Shock Absorbers Market in the short term, but the market is expected to recover in the long term.
