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Automotive Shock Absorber Market: Key Trends and Strategies for Expansion 2024-2033
Automotive Shock Absorber Market
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According to The Business Research Company's, The automotive shock absorber market size has grown strongly in recent years. It will grow from $14.06 billion in 2023 to $14.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to vehicle safety regulations, increasing vehicle ownership, rising demand for comfortable rides, off-road and performance vehicles, urbanization and infrastructure development.
The automotive shock absorber market size is expected to see strong growth in the next few years. It will grow to $18.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rise in electric and autonomous vehicles, adaptive and smart suspension systems, global urbanization trends, increased focus on vehicle customization, environmental sustainability concerns. Major trends in the forecast period include collaborations for research and development, technological advancements in suspension systems, advanced materials and coatings, personalized driving modes, energy harvesting shock absorbers.
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Market Drivers and Trends:
The demand for automobiles is expected to propel the growth of the automotive shock absorber market going forward. Automobiles, commonly known as cars or vehicles, are self-propelled wheeled vehicles designed for road transportation. Automobiles use shock absorbers to control the suspension movement and maintain contact between the tires and the road surface. For instance, in March 2022, according to the European Automobile Manufacturers' Association (ACEA), the lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Further, around 6.3 million passenger cars were produced in US auto facilities in 2021. Therefore, the demand for automobiles is driving the growth of the automotive shock absorber market.
Product innovations are a key trend gaining popularity in the automotive shock absorber market. Major companies operating in the automotive shock absorber market are adopting innovative products to sustain their position in the market. For instance, in June 2021, ZF Friedrichshafen AG, a Germany-based provider of auto components for cars, launched an assembly tool kit for automotive shock absorbers. The shock absorber assembly tool kit replaces its assortment of specialized tools. The tool kit complies with the vehicle manufacturer's specifications and allows for installing replacement components with precise Original Equipment (OE) repair instructions. The tool's ergonomic shapes and small construction make it ideal for confined installation environments. These include a dual-mass flywheel testing tool, a clutch disc lateral runout tester, a clutch centering set for trucks, and equipment for replacing the XTend self-adjusting clutch for automobiles and vans.
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Major Key Players of the Market:
ZF Friedrichshafen AG, Magna International Inc., Tenneco Inc., Marelli Europe S.p.A.,Benteler Automotive Corporation, Mando Corporation, Sumitomo Riko Company Limited, KYB Corporation, Hitachi Astemo Ltd., Continental AG, Moog Inc., Meritor Inc., Showa Corporation, FOX Factory Holding Corp., Endurance Technologies Limited, BWI Group, DMA Sales Inc., Arnott Industries, Denso Corporation, KONI BV, Datsons Engineering Works Pvt Ltd., Brinn Inc., ACDelco Corporation, H&R Spezialfedern GmbH & Co. KG, FCS Automotive International Inc., Ohlins Racing AB, QBAutomotive LLC, Kobe Suspension Co Pvt Ltd.
Automotive Shock Absorber Market 2024 Key Insights:
• The automotive shock absorber market size is expected to see strong growth in the next few years. It will grow to $18.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Automobile Demand Fuels Surge In Automotive Shock Absorber Market
• Zf Friedrichshafen Ag Revolutionizes Automotive Shock Absorber Assembly With Innovative Tool Kit
• Asia-Pacific was the largest region in the automotive shock absorber market in 2023
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