The global shock absorber market was valued at $14.2 billion in 2022 and it is expected to reach $23.1 billion at a CAGR of 5% between 2023 and 2032. The demand for safety and comfort in cars, as well as the expanding automotive aftermarket, are some of the reasons that are propelling the expansion of the shock absorber market. However, oil leakage and noise can impede the expansion of the automotive shock absorber industry.
A mechanical or hydraulic device that absorbs and dampens shock waves is referred to as a shock absorber, sometimes known as a damper. This is done by converting the kinetic energy of the shock into another type of energy, which is then spread. The most popular kind of shock absorber is a dashpot. A mechanical or hydraulic component known as a shock absorber or shock damper is fitted in cars with the sole purpose of absorbing and dampening shock impulses. It accomplishes this by transforming the shock's kinetic energy into another kind of energy that is later dissipated. Globally rising car demand and production, together with the rising desire for vehicles with high levels of comfort, are anticipated to continue to fuel the expansion of the shock absorber market.
Source: SAI Research
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The need for comfortable driving experiences, such as handling, seats, and aerodynamics, has significantly increased in recent years. This increases the need for better shock absorbers, which enhances vehicle stability. The demand for shock absorbers is being fueled by the addition of new comfort features by automakers to their cars, such as increased stability and lessened impact from bumps or speed breakers. Additionally, the desire for more effective manufacturing processes in the quickly rising APAC and Middle East regions, together with technological improvements in manufacturing procedures, give the market a significant boost.
Due to the growing number of vehicles on the road, the need for shock absorbers is expected to increase globally in the next years. Additionally, it is anticipated that rising vehicle production and demand would create substantial growth opportunities for the global shock absorbers market. It is anticipated that the use of cutting-edge technologies in electric vehicles, including regenerative shock absorbers, will help to drive up demand for shock absorbers.
One of the key reasons anticipated to drive growth in the worldwide shock absorber market is the rise in consumer demand for safer cars and smoother rides. The replacement of shock absorbers every 50,000 miles is advised by many manufacturers. However, the price of several raw materials, including nickel, lead, and magnesium, is not constant and varies from year to year, which hinders the production of shock absorbers and restrains the expansion of the automotive shock absorber market.
Based on vehicle type, the passenger cars segment has been leading the market with significant growth over the past few years. Over the anticipated period, the market sector for electric cars is anticipated to experience the greatest CAGR. The growing demand for pickup trucks and vans for commercial use is the main reason propelling the commercial vehicles segment in the worldwide automotive shock absorber market. Additionally, it is anticipated that the manufacturing of commercial vehicles will rise in response to the expanding road freight traffic across the globe. On the other hand, the two-wheeler segment is also anticipated to drive market growth over the forecast period. Moreover, growing interest in electric and hybrid vehicles will provide manufacturers with a significant opportunity. Automotive shock absorbers are made for numerous vehicle types by businesses including KYB Corporation, Tenneco Inc., ZF Friedrichshafen AG, and Hitachi Automotive Systems in a variety of designs for increased effectiveness.
In terms of technology type, the damping shock absorber segment accounted for the highest market share. Motorcycle suspension's most important feature is damping, which works to keep your bike under control by absorbing movements caused by road undulations. While dealing with road undulations, compression damping regulates how quickly the shock compresses, while rebound damping regulates how quickly the shock opens up after becoming compressed. By providing the proper resistance to the oil flow under the shock absorber's speed, this damping is accomplished inside the shock absorber. However, the air shock absorber segment is also estimated to boost the market with more growth opportunities due to its rising demand in several industries.
Geographically, the Asia-Pacific region has dominated the market growth and is also expected to hold its dominant position during the forecast period from 2022 to 2032. Especially in emerging nations like India, China, and Japan, factors like rising disposable income and greater car manufacturing are paving the way for the market to expand in novel directions. India's two-wheeler market has one of the highest growth rates in South Asia and the Pacific. The country's poor road conditions are boosting aftermarket demand for shock absorbers, a key industry growth driver. However, the North American region is also anticipated to gain significant growth. Due to the rise in the production of automotive gas-charged shock absorbers in ASEAN and India, it is anticipated that the market value share will decrease for Japan and North America.
According to the study, key players such as Asia Investments Pvt Ltd (India), Arnott Inc (U.S), BMW Group (Germany), Cummins Inc (U.S), Endurance Complete Solutions (India), General Motors (U.S), Hitachi (Japan), ITT (U.S), KYB Corporation (Japan), Mando Corporation (South Korea), Marelli Holdings (Italy), Showa Corporation (Japan), Tenneco (U.S), among others are leading the global shock absorber market.
|Market Size in 2021||US$ 14.2 Billion|
|Market Volume Projection by 2032||US$ 23.1 Billion|
|Forecast Period 2023 to 2032 CAGR||5%|
|Historical Data||2019 and 2022|
|Forecast Period||2024 to 2032|
By Vehicle Type: Passenger Cars, LCVs, HCVs, Two Wheelers & Others
By Technology Type: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Asia Investments Pvt Ltd (India), Arnott Inc (U.S), BMW Group (Germany), Cummins Inc (U.S), Endurance Complete Solutions (India), General Motors (U.S), Hitachi (Japan), ITT (U.S), KYB Corporation (Japan), Mando Corporation (South Korea), Marelli Holdings (Italy), Showa Corporation (Japan), Tenneco (U.S), among others.|
The Global Shock Absorber Market – by Vehicle Type:
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