Press release
Automotive Shock Absorber Market Expansion Outlook: $19.01 Billion in 2029
Automotive Shock Absorber
What Is the Projected CAGR for the Automotive Shock Absorber Market from 2024 to 2025?
Over the past few years, the automotive shock absorber market has experienced consistent growth. The market is projected to expand from $14.72 billion in 2024 to $15.32 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. The growth during the historical period can be attributed to factors such as vehicle safety regulations, an increase in vehicle ownership, a surge in the demand for comfortable rides and off-road and performance vehicles, and developments in urbanization and infrastructure.
What are the Expected Market Size and CAGR for Automotive Shock Absorber by 2029?
Anticipated robust expansion is on the cards for the automotive shock absorber market in the upcoming years. The market size is projected to mushroom to $19.01 billion in 2029, reaching this mark at a compound annual growth rate of 5.6%. The predicted rise throughout this forecasting period can be credited to several influencing factors such as the surge in electric and autonomous vehicles, the advent of adaptive and intelligent suspension systems, prevailing global urbanization, an amplified emphasis on customization of vehicles, and growing concerns about environmental sustainability. Forthcoming trends expected within this period encompass collaboration endeavors aimed at research and development, technological progression in suspension systems, cutting-edge materials and coatings, individualized driving modes, and energy-harvesting shock absorbers.
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Which Factors Are Driving the Global Automotive Shock Absorber Market Expansion?
The automotive shock absorber market's growth is projected to be driven by the rising demand for automobiles. These self-driven, multi-wheeled vehicles, typically referred to as cars or vehicles, are primarily used for road transportation. Automobiles utilize shock absorbers to regulate the motion of the suspension and ensure that the tires maintain contact with the road surface. Referring to the statistics from January 2024 provided by the Belgium-based European Automobile Manufacturers' Association (ACEA), which acts as a lobby and standards group for the automotive industry, there was a substantial increase in the EU car market. Sales rose by 13.9% in 2023 to 867,052 units compared to the prior year, with a total yearly volume of 10.5 million units. Significant growth was seen in most markets, especially Italy (+18.9%), Spain (+16.7%), and France (+16.1%). On the other hand, Germany's year-over-year growth was relatively moderate at 7.3%. Hence, the escalating demand for automobiles is propelling the expansion of the automotive shock absorber market.
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Which Segment Currently Holds the Largest Share of the Automotive Shock Absorber Market?
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
Which Major Trends Are Shaping the Future of the Automotive Shock Absorber Industry?
The advent of product inventions in the automotive shock absorber market is a prominent trend that is attracting notice. To maintain their market niche, key businesses in this sector are embracing ground-breaking products. Illustrating this, ZF Friedrichshafen AG, an automotive component provider out of Germany, unveiled the TRW shock absorbers in April 2023. TRW shock absorbers stand out for their production using strict Original Equipment (OE) quality parameters, promising a high-performing product that boosts vehicle safety, handling, and comfort. They employ sophisticated technology, such as a piston rod surface that's 20% smoother, reducing friction and boosting the product's longevity. They also use metal discs in the piston valve for faster reaction times.
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Which Key Players Dominate the Automotive Shock Absorber Industry Globally?
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.
What Are the Fastest-Growing Regions in the Automotive Shock Absorber Market?
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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