Automotive Shock Absorber Market

Increase In Demand For Safety And Comfort to boost the market growth

There has been a noticeable rise recently in the desire for comfort in driving-related aspects, including handling, seating, and aerodynamics. It has increased demand for better automotive shock absorbers, which provide vehicles with more stability. The need for an automotive shock absorber is increasing as automakers equip their vehicles with new comfort features, including stability and lessened impact of bumps or speed breakers. For instance, in March 2019, GFG style, a business that designs cars, developed a system that connects fully adjustable 3-way adjustable shock absorbers to a hydraulic system.

By offering resistance to the vehicle's bounce, roll, and control, the automotive shock absorber also aids in maintaining the vertical loads exerted on the tires. They aid in achieving a balanced ride by reducing braking, dive, and acceleration squat. For instance, in September 2019, for the 2016–2019 Mazda MX-5 (ND chassis), KONI Shock Absorbers released the KONI Sport adjustable automotive shock absorber. It offers different spring seat and ride height settings, improving driving comfort and stability. Consequently, the demand for automotive shock absorbers is rising due to consumer demand for comfort and safety.

The automotive shock absorber industry's key players continue to invest a lot of money in improving their suspension systems, which has led to major improvements in design, functionality, and other factors. Stakeholders in the industry are deploying cutting-edge technologies like damping control, air dumpers, body roll control monitors, air spring ride height sensors, and automatic auxiliary suspensions. Implementing these cutting-edge suspension technologies will contribute to extending service intervals and the overall durability of the vehicle.

Additionally, it is anticipated that these new automotive shock absorber solutions would improve overall handling, lessen tire wear, and offer vehicles with a high level of safety—a feature that will propel the market forward during the assessment period enhanced automotive shock absorber market CAGR across the globe in the recent years.

Businesses also produce electronic, ride-characteristic-adjustable automotive shock absorbers based on ECUs to increase power requirements. For instance, Vibracoustic produced an air springs system in November 2020 that includes switchable three-chamber air springs with an actively managed automotive shock absorber, an electronic control unit (ECU) made of software, and the integration of the system's parts into complete automobile vehicles. This system offers premium comfort and enhances a vehicle's overall performance, another factor driving the automotive shock absorber market revenue growth.

The Global Automotive Shock Absorber Market Industry is projected to experience robust growth over the coming years. With a market value anticipated to reach 17.2 USD Billion in 2024 and further expand to 48.3 USD Billion by 2035, the industry is poised for significant development. The compound annual growth rate (CAGR) of 9.85% from 2025 to 2035 indicates a strong upward trend. This growth is driven by various factors, including technological advancements, increasing vehicle production, and heightened consumer demand for safety and comfort. The market's trajectory suggests a dynamic evolution, reflecting the ongoing changes within the automotive sector.

The Global Automotive Shock Absorber Market Industry experiences a notable increase in demand for enhanced vehicle comfort. Consumers prioritize smoother rides, prompting manufacturers to innovate shock absorber technologies. This trend is evident as the market is projected to reach 17.2 USD Billion in 2024, driven by advancements in materials and design. Companies are investing in research to develop adaptive and electronically controlled shock absorbers, which adjust to road conditions in real-time. This evolution not only improves ride quality but also enhances vehicle safety, thereby attracting a broader consumer base and contributing to the overall growth of the Global Automotive Shock Absorber Market Industry.

The Global Automotive Shock Absorber Market Industry is significantly influenced by the growth in automotive production and sales. As global vehicle production continues to rise, the demand for shock absorbers follows suit. In recent years, there has been a marked increase in the production of passenger vehicles, particularly in emerging markets. This trend is projected to sustain the market's growth trajectory, with a compound annual growth rate (CAGR) of 9.85% anticipated from 2025 to 2035. The expansion of automotive manufacturing facilities and the introduction of new models further stimulate demand for high-quality shock absorbers, reinforcing the Global Automotive Shock Absorber Market Industry's position in the automotive sector.

The Global Automotive Shock Absorber Market Industry is also shaped by the increasing focus on vehicle safety regulations. Governments worldwide are implementing stricter safety standards, necessitating the incorporation of advanced shock absorber technologies in vehicles. These regulations aim to enhance vehicle stability and control, particularly in adverse driving conditions. As a result, manufacturers are compelled to innovate and improve their shock absorber offerings to comply with these standards. This regulatory environment not only drives technological advancements but also expands the market as consumers become more aware of safety features. The ongoing evolution of safety regulations is likely to have a lasting impact on the Global Automotive Shock Absorber Market Industry.

Technological advancements play a crucial role in shaping the Global Automotive Shock Absorber Market Industry. Innovations such as active suspension systems and electronically controlled shock absorbers are gaining traction. These technologies allow for real-time adjustments based on driving conditions, significantly improving vehicle handling and comfort. As manufacturers integrate these advanced systems into new vehicle models, the market is expected to witness substantial growth. The anticipated increase in market value to 48.3 USD Billion by 2035 underscores the importance of these advancements. Consequently, the Global Automotive Shock Absorber Market Industry is likely to benefit from ongoing research and development efforts aimed at enhancing suspension performance.

Environmental concerns and sustainability initiatives are increasingly influencing the Global Automotive Shock Absorber Market Industry. As consumers and manufacturers alike prioritize eco-friendly practices, there is a growing demand for sustainable materials and production processes in shock absorber manufacturing. Companies are exploring the use of recyclable materials and energy-efficient production methods to reduce their carbon footprint. This shift not only aligns with global sustainability goals but also appeals to environmentally conscious consumers. The integration of sustainable practices is expected to enhance brand loyalty and market competitiveness, thereby contributing positively to the growth of the Global Automotive Shock Absorber Market Industry.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Automotive Shock Absorber market accounted for USD 7.11 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The annual increase in vehicles on the road and the rise in demand for shock absorbers in the aftermarket are helping automotive shock absorber producers in China. China is a significant supplier of automotive shock absorber, with multiple domestic producers working with foreign businesses.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Automotive Shock Absorber Market SHARE BY REGION 2021 (%) 

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The North America automotive shock absorber market accounts for the second-largest market share. This is because the United States is one of the world's largest automobile markets, boasting a sizeable OEM and aftermarket sector. Due to the integration of multiple technologies and improvements, the United States continues to be one of the world's largest markets for automotive shock absorbers, making it a profitable niche for producers. Further, the US automotive shock absorber market held the largest market share, and the Canadian automotive shock absorber market was the fastest-growing market in the North American region.

The Europe Automotive Shock Absorber Market is expected to grow at the fastest CAGR from 2024 to 2030. Numerous well-known OEMs and producers of aftermarket parts are based in Germany. The aftermarket has benefited from an increase in automotive shock absorber replacements nationwide due to increasing vehicle age and more awareness of vehicle safety features. Moreover, the German automotive shock absorber market held the largest market share, and the UK automotive shock absorber market was the fastest-growing market in the European region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the automotive shock absorber market grow even more. Market participants are also taking various strategic initiatives to grow their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the automotive shock absorber industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global automotive shock absorber industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the automotive shock absorber industry has provided some of the most significant benefits. The automotive shock absorber market major player such as Meritor Inc (US), ZF Friedrichshafen (Germany), Gabriel India Ltd. (India), Hitachi Automotive Systems (Japan), and others are working on expanding the market demand by investing in research and development activities.

Showa Corporation is a maker of high-performance motorcycle, vehicle, and outboard suspension systems based in Gyoda, Saitama, Japan. Showa provided aircraft suspension and landing systems to several aircraft manufacturers as part of Japan's effort to improve its military capability in anticipation of World War II. In October 2019, along with Keihin and Nissin Kogyo, also partners of both Honda and Hitachi, Showa started to be incorporated into Hitachi Automotive Systems as their steering and suspension components supplier.

Also, American original equipment maker of car components, Tenneco, produces aftermarket ride control and emissions devices. Since November 5, 1999, it has been publicly traded on the New York Stock Exchange under the ticker code "TEN." It is a Fortune 500 corporation. In February 2022, Apollo Global Management will purchase Tenneco for $7.1 billion, according to a statement from the company. The purchase was finished in November 2022.