Global Automotive Shock Absorber Market Share Analysis 2024, Forecast To 2033
8 Mar, 2024
The automotive shock absorber market has witnessed robust growth, with a size projected to increase from $14.06 billion in 2023 to $14.94 billion in 2024, at a CAGR of 6.2%. This expansion is attributed to factors such as vehicle safety regulations, rising vehicle ownership, and the demand for comfortable rides. Looking ahead, the market is expected to reach $18.46 billion by 2028, driven by the rise of electric and autonomous vehicles, along with advancements in suspension systems and environmental sustainability concerns.
Global Automotive Shock Absorber Market Key Driver
Automotive shock absorber market expansion is powered by the escalating demand for automobiles. European Automobile Manufacturers' Association data underscores this trend, reflecting a 5.5% sales increase in the US passenger car market in 2021.
Get A Free Sample Of The Global Automotive Shock Absorber Market ReportGlobal Automotive Shock Absorber Market Segments
The automotive shock absorber market covered in this report is segmented –
1) Type:Single-Tube Shock Absorbers, Twin-Tube Shock Absorbers
2) Product Type:Hydraulic Type, Gas-Filled Type
3) Technology:Air Shock Absorber, Damping Shock Absorber, Active, Semi-Active
4) Sales Channel:Original Equipment Manufacturer (OEM), Aftermarket
5) Application:Passenger Car, SUV Truck, Heavy Vehicle, Electric vehicle, Other Applications
By Geography: The countries covered in the automotive shock absorber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the automotive shock absorber market in 2023. 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
Major Automotive Shock Absorber Industry Players
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.
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Automotive Shock Absorber Market Overview
An automotive shock absorber, also known as a suspension damper or shock damper, is a component of a vehicle's suspension system designed to absorb and dampen the impact and vibrations generated by road irregularities. They are used for controlling the rebound of the vehicle's suspension springs.