Press release
Automotive Shock Absorber Market is Expected to Reach a Valuation of US$ 22.54 Billion by 2034
Automotive Shock Absorber Market
Shock absorbers are essential components in vehicles and light trucks with standard suspension systems. They work by pushing hydraulic fluid through piston valves as the vehicle rises and falls, providing resistance and reducing the movement of springs during compression and rebound. The suspension's movement rate determines the degree of resistance. Without shock absorbers, vehicles would constantly bounce, making them difficult to control. In addition to enhancing ride comfort, shock absorbers ensure that the tires maintain contact with the road, thereby improving control and stability.
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Key Takeaways from the Market Study
The global automotive shock absorber market is set to reach US$ 16.14 billion in 2024.
Demand for automotive shock absorbers is projected to rise at a CAGR of 3.4% from 2024 to 2034, reaching US$ 22.54 billion by 2034.
The market in East Asia is forecasted to expand at a CAGR of 3% through 2034.
Demand for gas-filled automotive shock absorbers is projected to increase at a CAGR of 5.8% during the forecast period.
The market in North America is projected to expand at a CAGR of 4.3% from 2024 to 2034.
"Market growth can be attributed to the rise in sales of passenger and commercial vehicles, with a notable trend toward electrified versions. Modern consumers desire cars with advanced features to enhance comfort and driving experience, driving high demand for shock absorbers and related components," says a Fact.MR analyst.
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Growing Need for Comfort and Safety Driving Demand for Advanced Suspension Technologies
The desire for improved driving comfort, including handling, seating arrangement, and aerodynamics, has grown significantly in recent years. This has increased the demand for better shock absorbers, which provide greater vehicle stability. Automakers are adding more comfort features to cars, such as enhanced stability and reduced impact from bumps or speed breakers, driving high demand for shock absorbers.
Ongoing advancements in suspension systems have led to the development of adaptive and electronic shock absorbers. These systems improve ride quality, comfort, and vehicle control by instantly adapting to changing road conditions. The integration of sensors and AI algorithms allows these shock absorbers to adjust to various driving scenarios in real-time.
For example, in March 2019, the automotive design company GFG Style developed a system that connects three-way adjustable shock absorbers to a hydraulic system, showcasing innovation in suspension technology.
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Competitive Landscape
The automotive shock absorber market features a dynamic competitive landscape, with a mix of established companies and emerging challengers. Market growth is driven by technological innovation, strategic positioning, and the ability to adapt to evolving automotive trends and consumer demands.
Key Developments:
Meritor, Inc. and Cummins Inc.: In February 2022, Meritor, Inc. and Cummins Inc. signed a legally binding agreement for Cummins to acquire Meritor, Inc. for $3.7 billion.
Mando Corp. and Volkswagen: In March 2021, Mando Corp. secured a 10-year contract worth $1.25 billion with Volkswagen to supply 50 million suspensions for their upcoming electric vehicles and popular models.
These strategic moves highlight the ongoing consolidation and partnerships within the industry, aimed at enhancing technological capabilities and expanding market reach.
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