Press release
Off-Road Vehicle Shock Absorber Industry to Climb to US$ 2.27 billion by the End of 2033
A shock absorber is a vital component that is installed near the wheel of the vehicle. Its main function is to maintain road and wheel contact throughout the journey. Off-road vehicles can be driven not only on the road but also off the roads. These areas generally include many obstacles that hamper the suspension of the vehicle. These shock absorbers are particularly designed for damping and absorbing shock impulses while driving a vehicle off-road.
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Demand for off-road vehicles such as off-road motorcycles, jeeps, ATVs (all terrain vehicles), UTVs (utility terrain vehicles), and others is increasing. The shock absorber is one such component that provides safety to the vehicles when they travel over irregular roads. The applications of off-road shock absorbers vary from industrial to personal, thereby driving off-road vehicle shock absorber demand.
Key Takeaways from Market Study
The global off-road vehicle shock absorber market is projected to grow 1.7X and reach US$ 2.27 billion by 2033.
The market expanded at 3.1% CAGR between 2018 and 2022.
Under shock absorber type, pneumatic shock absorbers will dominate the market with US$ 600.8 million valuation in 2023.
The OEM sales channel segment is expected to reach a market valuation of US$ 930.3 million by 2023.
East Asia is excepted to accounts for a market share of 23.7% in 2023.
"Usage of effective shock absorbers provides a solution to enhance operational efficiency of off-road vehicles, which will augment the sales of off-road vehicle shock absorbers," says a Fact.MR analyst.
Market Development
The automotive industry has witnessed substantial growth in recent years. Along with it, the sales of different types of vehicles, including off-road vehicles, are also burgeoning. Shock absorbers used in off-road vehicles serve great importance. Technological advancements in shock absorbers, which increase the efficiency and safety of vehicles, are in demand.
Key manufacturers of off-road vehicle shock absorbers should integrate with the R&D sector and try to improve the features of their present products. The hydraulic technology used in shock absorbers can be replaced by electromechanical technology. Constant developments in upgrading the efficiency of the product will provide a boost to the market.
Market participants have created integrated sales channels to streamline their supply chains. Also, they have entered into direct partnerships with end users to avoid margin leakage.
Key Companies Profiled
Bilstein
Eibach
Fabtech Motorsports
Falcon Shocks
Icon Vehicle Dynamics
King Off-Road
KONI
KW Suspensions
KYB
Monroe
Old Man Emu
Pro Comp shocks
Rancho
RideFox
Rugged Ridge
Skyjacker Suspension
SPC Performance
Tein
Segmentation of Off-Road Vehicle Shock Absorber Industry Research
By Shock Absorber Type:
Pneumatic Shock Absorbers
Strut Sort Shock Absorbers
Coil Over Shock Absorbers
By Tube:
Twin Tube
Monotube
By Adjustment:
Adjustable
Non-Adjustable
By Travel Length:
Up to 10 Inches
10 - 14 Inches
Above 14 Inches
By Vehicle Type:
SUVs
Mini Trucks
ATVs / UTVs
Others
By Sales Channel:
OEMs
Aftermarket
Service Centers
Franchised Service Centers
Independent Service Centers
Retail Sales
Franchised Retail Stores
Independent Retail Stores
Online Sales
Company-Owned Platforms
E-commerce Platforms
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global off-road vehicle shock absorber market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of shock absorber type (pneumatic shock absorbers, strut sort shock absorbers, coil over shock absorbers), tube (twin tube, monotube), adjustment (adjustable, non-adjustable), travel length (up to 10 inches, 10 - 14 inches, above 14 inches), vehicle type (SUVs, mini trucks, ATVs / UTVs, others), and sales channel (OEMs, aftermarket (service centers (franchised service centers, independent service centers), retail sales (franchised retail stores, independent retail stores) online sales (company-owned platforms, e-Commerce platforms))), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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