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Automotive Shock Absorber Market: Major Trends Reshaping the Future of the Industry
Automotive Shock Absorber Market
What Will the Automotive Shock Absorber Industry Market Size Be by 2025?
The market size of automotive shock absorbers has been witnessing robust growth in the recent past. The market, which was worth $14.72 billion in 2024, is projected to reach a value of $15.52 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.4%. This growth trend during the historic period is largely owing to factors such as car safety laws, a rise in the number of vehicle owners, escalating demand for smooth riding experiences, the popularity of off-road and performance vehicles, as well as urbanization and developments in infrastructure.
What's the Long-Term Growth Forecast for the Automotive Shock Absorber Market Size Through 2029?
There is a forecast of robust growth in the automotive shock absorber market in the coming years, with projections suggesting it will expand to $19.57 billion in 2029, showcasing a 6.0% compound annual growth rate (CAGR). Factors that contribute to this predicted growth include the emergence of electric and autonomous vehicles, adoption of intelligent and adaptive suspension systems, the process of global urbanization, an increasing interest in vehicle personalization, and heightened attention to environmental sustainability. Furthermore, forthcoming trends likely to shape this market include partnerships for R&D, technological progress in suspension systems, the application of superior materials and coatings, custom driving modes, and the introduction of shock absorbers that generate energy.
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What Are the Key Growth Drivers Fueling the Automotive Shock Absorber Market Expansion?
The surge in the demand for cars is predicted to fuel the expansion of the market for automotive shock absorbers. Cars, also known as vehicles, are self-driven wheeled transport designed for road use. Shock absorbers are used in automobiles to manage the movement of the suspension and keep a connection between the tyres and the road's surface. As an example, the European Automobile Manufacturers' Association (ACEA), a Belgium-based automobile industry advocacy and standards organization, recorded that the EU car market experienced robust growth in January 2024. Sales rose by 13.9% in 2023, equating to 867,052 units in comparison to the previous year, consequently totalling the annual volume to 10.5 million units. The majority of markets saw growth in double figures, inclusive of three of the largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Germany, nonetheless, noted a less significant yearly growth of 7.3%. As such, the demand for cars is influencing the growth of the automotive shock absorber market.
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What Are the Key Trends Driving Automotive Shock Absorber Market Growth?
Emerging trends in the automotive shock absorber market are largely driven by product innovations. To maintain a competitive edge in this market, leading firms are focusing on the development of novel products. For example, in April 2023, ZF Friedrichshafen AG, an automotive components manufacturer based in Germany, unveiled the TRW shock absorbers. Manufactured to fulfill strict Original Equipment (OE) quality standards, TRW shock absorbers offer remarkable benefits in terms of improved vehicle safety, comfort, and handling. They make use of progressive technology, such as a piston rod surface that is 20% smoother to minimize friction and prolong lifespan, and incorporate metal discs in the piston valve for faster response times.
How Is the Automotive Shock Absorber Market Segmented?
The automotive shock absorber market covered in this report is segmented -
1) By Type: Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) By Product Type: Hydraulic Type, Gas-Filled Type
3) By Technology: Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
5) By Application: Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
Subsegments:
1) By Single-Tube Shock Absorbers: Gas-Charged Single-Tube Shock Absorbers, Oil-Filled Single-Tube Shock Absorbers
2) By Twin-Tube Shock Absorbers: Gas-Charged Twin-Tube Shock Absorbers, Oil-Filled Twin-Tube Shock Absorbers
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Which Companies Are Leading the Charge in Automotive Shock Absorber Market Innovation?
Major companies operating in the automotive shock absorber market include 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.
Which Regions Are Leading the Global Automotive Shock Absorber Market in Revenue?
Asia-Pacific was the largest region in the automotive shock absorber market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive shock absorber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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