Wilmington, Delaware, United States, April 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to the automotive shock absorber business report by TMR, the global industry stood at a market value of USD 16.2 Bn in the year 2022. The market CAGR is estimated to expand at 4.2 % during the forecast period of 2023-2031 and reach US$ 23.6 Bn by the end of 2031
Automotive shock absorbers are used to transform kinetic energy into heat energy. Rubber shock absorbers are popular among consumers due to their flexibility, longevity, and shock-absorbing capacity. Furthermore, these shock absorbers can provide sound insulation and absorb mechanical energy and oscillation energy at high-frequency.
Rise in consumer demand for luxurious and comfortable vehicles may create significant growth opportunities for the global market from 2023 to 2031.Furthermore, the R&D activities have led to advancements in vehicle components to increase the fuel efficiency and minimize the wear and tear. The burgeoning demand for efficient automotive components has ultimately created new growth avenues for the automotive shock absorbers market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 16.2 Bn | |
| Estimated Value | USD 23.6 Bn | |
| Growth Rate - CAGR | 4.2% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 285 Pages | |
| Market Segmentation | By Mechanism, By Product Type, By Technology, By Vehicle Type, By Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies covered | Brinn Inc., BWI Group, Continental AG, Datsons Engineering Works Pvt. Ltd, DMA Sales, Inc., Duroshox, Endurance Technologies Limited, FCS Auto, Halla Holdings Corp., Kobe Suspensions, KYB, LEACREE Company, Magneti Marelli S.p.A., OSC Automotive Inc., QBAutomotive, Ride Control, LLC | |
Automotive Shock Absorber Market: Growth Drivers
Rising preference for EVs to propel market growth: Developing nations across the globe are focusing on the development of their transport systems and accordingly restructuring their development plans. Advancements in technologies in the automotive industry coupled with an inclination toward fuel-efficient luxury vehicles have created substantial growth opportunities for the automotive shock absorber industry. The emergence of Next-Gen electric vehicles (EVs) with upgraded shock absorber technology is projected to promote the automotive shock absorber market growth.
High demand for lightweight components in vehicles to fuel market development: Consumer preference for luxury vehicles with enhanced shock absorbers is likely to generate substantial growth opportunities for the global industry. Innovations and advancements in motor components and the rise in demand for lightweight components including shock absorbers in the latest range of luxury cars have led to automotive shock absorber industry growth. Increase in sales of SUVs is one of the prominent growth drivers for the global automotive shock absorber market.
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Key Findings of Automotive Shock Absorber Market
Demand for passive shock absorbers in mid-range and passenger car category has increased notably. These absorbers are cost-efficient, require less maintenance, and can be replaced easily. These characteristic features have made them popular among automotive manufacturers. Nevertheless, active shock absorber systems are also estimated to witness significant growth, as they are reliable and efficient. Additionally, extensive integration of shock absorbers in top-end and mid-range automobiles has created immense growth opportunities for the global business.
Expanding sales of passenger vehicles to boost market growth: Sales of passenger vehicles have increased exponentially, which has generated significant revenue for the passenger vehicles segment. Passenger cars are witnessing high sales as compared to commercial vehicles. Moreover, two-wheeler sales in sports and adventure bikes category have increased significantly. All these factors are expected to bring desired growth for the global industry.
Automotive Shock Absorber Market: Regional Dynamics
The market in Asia Pacific is projected to witness stupendous growth owing to the easy availability of raw materials required for the manufacture of automotive components. Moreover, the adoption of electric vehicles in developing countries such as India, China, and Japan has led to high demand for automotive shock absorbers. Concurrently, increase in production capacities of the OEMs due to the high demand for EVs has opened new doors of opportunities for the automotive shock absorber market.
The market in Europe is estimated to exhibit prodigious growth owing to the presence of key automobile manufacturers in the region. Additionally, initiatives by government to promote the use of electric vehicles have led to the widespread adoption of these vehicles in various countries, which may eventually influence the market development positively.
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Automotive Shock Absorber Market: Competitive Landscape
Key players operating in the global market are focused on the development of lightweight and efficient automotive components for the new range of vehicles being launched worldwide. R&D activities to develop efficient and cost-effective components have offered lucrative growth opportunities to the global business. Product expansion and diversification play a crucial role in market expansion. Adoption of advanced technologies and increase manufacturing capabilities may act as growth drivers for automotive shock absorber business.
Major market participants in the global market are:
- Continental AG
- Halla Holdings Corp
- OSC Automotive Inc
- Hitachi Automotive Systems Ltd
- SHOWA Corporation
- LEACREE Company
- Endurance Technologies
- BWI Group
- Hitachi Automotive Systems Ltd.
- ZF Friedrichshafen AG
- Tenneco Inc
- Duroshox
- DMA Sales, Inc
- Datsons Engineering Works Pvt Ltd.
Automotive Shock Absorber Market: Segmentation
By Mechanism
- Gas Charged
- Hydraulic
By Product
- Conventional Shock Absorber
- Regenerative Shock Absorber
By Technology
- Active
- Passive
By Vehicle Type
- Two & Three Wheelers
- Passenger Vehicles
- Hatchback
- Sedan
- Utility Vehicle
- Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
By Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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