Automotive Shock Absorber Market Analysis

Automotive Shock Absorber Market Overview:

Automotive Shock Absorber Market Size was valued at USD 16.3 billion in 2023. The automotive shock absorber market industry is projected to grow from USD 17.2 billion in 2024 to USD 42.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period (2024 - 2030). An increase in sales of automobiles and a growing automotive aftermarket are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Shock Absorber Market Trends

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.

Automotive Shock Absorber Market Segment Insights:

Automotive Shock Absorber Technology Insights

The Automotive Shock Absorber Market segmentation, based on technology, includes air shock absorbers, damping shock absorbers, active, and semi-active. The damping shock absorber segment held the majority share 2021 of the Automotive Shock Absorber Market revenue. The damper shock absorbers typically ensure cost-effective, reliable, and durable operations of the passenger cars, trucks, and light commercial vehicles to create a stiff ride in some passenger cars, such as the Maruti Suzuki Gypsy and Maruti Suzuki WagonR. Over the forecast period, these factors are anticipated to fuel demand for damper shock absorbers, particularly for passenger automobiles, which in turn fuels the expansion of the automotive shock absorber market.

Automotive Shock Absorber Application Insights

The Automotive Shock Absorber Market segmentation, based on application, includes passenger cars, SUV trucks, heavy vehicles, e-vehicle, and others. The passenger car segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. The growing demand for pickup trucks and vans for commercial use is the main reason propelling the commercial vehicles segment in the worldwide shock absorber market. Additionally, it is anticipated that the increasing demand for commercial vehicles will increase the production of automobile parts and components, such as steering and suspension, high-volume engines, transmissions, and powertrain parts. During the forecast period, these factors are anticipated to work together to enhance demand for automotive shock absorbers in commercial vehicles, positively impacting the market growth.

Figure 2: Automotive Shock Absorber Market by Application, 2021 & 2030 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Automotive Shock Absorber Regional Insights

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, MRFR 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.

Automotive Shock Absorber Key Market Players & Competitive Insights

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.

Key Companies in the automotive shock absorber market include

• Meritor Inc (US)


• ZF Friedrichshafen (Germany)


• Gabriel India Ltd. (India)


•  Hitachi Automotive Systems (Japan)
  


• Showa Corporation (Japan)


• Tenneco Inc. (US)


• Thyssenkrupp AG (Germany)


• KYB Corporation (Japan)


• Mando Corp. (South Korea)


• Arnott Inc. (US)


• Zhejiang Sensen Auto Parts Co., Ltd (China)


• Duro Shox Pvt Ltd (India)


• ITT Corporation (US)


• Magnetti Marelli S. P. A. (Italy), among others

Automotive Shock Absorber Industry Developments

March 2021: The Volkswagen Group has contracted with Mando Corp. for a 10-year, USD 1.25 billion deal to provide 50 million suspension systems for its forthcoming EVs and well-known vehicles.

February 2022: Meritor, Inc. and Cummins Inc. declared that they had signed a legally binding agreement in which Cummins will buy Meritor, Inc. for a reported sum of USD 3.7 billion.

February 2022: ZF established a new plant manufacturing automotive shock absorbers in India. The new production line, which has an installed capacity of 0.7 million units annually, will be a part of the regional headquarters of ZF, which is headquartered in Pune, India.

Automotive Shock Absorber Market Segmentation:

Automotive Shock Absorber Technology Outlook

• Air shock absorber


• Damping shock absorber


• Active


• Semi-active

Automotive Shock Absorber Application Outlook

• Passenger car


• SUV truck


• Heavy vehicle


• E-vehicle


• Others

Automotive Shock Absorber Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America