New York, United States , Aug. 19, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Shock Absorber Market Size is to Grow from USD 13.42 Billion in 2023 to USD 20.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.49% during the projected period.
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Automotive shock absorbers are essential components of a vehicle's suspension; their purpose is to absorb or soften the rebounding and compression forces of the springs and suspension. They limit unwanted and excessive spring action. Some shock absorbers are dashpots, which are a damper that resists viscous friction. Mechanical and hydraulic shock absorbers work in cooperation with springs and cushions. A vehicle shock absorber has spring-loaded check valves and orifices that regulate the oil flow via an internal cylinder. Increased vehicle production, increased demand for greater vehicle comfort and stability, and stricter vehicle safety regulations are expected to drive market growth. Rising urbanization and smart city development, along with longer daily commute distances, are among the key factors boosting demand for new vehicles, which has a positive indirect impact on the automotive shock absorbers sector. Price competition is a significant concern in the automobile shock absorber industry. Companies are frequently under pressure to offer competitive pricing while remaining profitable.
Browse key industry insights spread across 188 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Shock Absorber Market Size, Share, and COVID-19 Impact Analysis, By Type (Hydraulic Shock Absorber and Gas-Filled Shock Absorber), By Design Type (Mono Tube and Twin Tube), By Vehicle Type (Passenger Cars, Commercial Vehicles, Electronics Vehicles, and Two Wheelers) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hydraulic shock absorber segment holds the largest market share of the automotive shock absorber market during the projected timeframe.
Based on the type, the automotive shock absorber market is divided into hydraulic shock absorber and gas-filled shock absorber. Among these, the hydraulic shock absorber segment holds the largest market share of the automotive shock absorber market during the projected timeframe. Hydraulic shock absorbers are typically less expensive to manufacture than advanced technology, making them an excellent choice for low-cost vehicles and mass-market models. Hydraulic shock absorbers absorb shocks and impacts from road irregularities, resulting in a more comfortable ride. This feature is particularly appealing to customers looking for a pleasant getaway.
The twin tube segment holds the highest market share of the automotive shock absorber market during the projected timeframe.
Based on the design type, the automotive shock absorber market is divided into mono tube and twin tube. Among these, the twin tube segment holds the highest market share of the automotive shock absorber market during the projected timeframe. Twin-tube shock absorbers have an inner and outer tube to allow the transfer of hydraulic fluid between them. Twin-tube shocks are sensitive and adaptable to a variety of vehicle applications. They are commonly used in a variety of vehicles, ranging from compact cars to light trucks, providing manufacturers with adaptability.
The passenger cars segment is anticipated to grow at the highest CAGR of the automotive shock absorber market during the projected timeframe.
Based on the vehicle type, the automotive shock absorber market is divided into passenger cars, commercial vehicles, electronics vehicles, and two wheelers. Among these, the passenger cars segment is anticipated to grow at the highest CAGR of the automotive shock absorber market during the projected timeframe. Shock absorbers are an important part of passenger automobile suspension systems because they ensure a smooth and stable ride for passengers. The shock absorbers play a significant role in reducing vibrations and mitigating the impact of road irregularities, resulting in increased overall comfort for both drivers and passengers. The increased demand for cutting-edge shock absorber technologies in passenger vehicles illustrates the industry's dedication to enhancing safety and driving pleasure for regular commuters.
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North America is expected to hold the largest share of the automotive shock absorber market over the forecast period.
North America is expected to hold the largest share of the automotive shock absorber market over the forecast period. Shock absorber demand is closely related to car production and sales in North America. Economic factors, consumer confidence, and the launch of new automobiles all affect shock absorber demand. The North American market strongly favors light trucks, SUVs, and crossovers. These vehicles have different suspension requirements than smaller cars, which influences the demand for shock absorbers designed for larger and heavier vehicles. The popularity of performance and sports cars in North America drives up the need for high-performance shock absorbers. This trend is being driven by consumers who want greater handling, reactivity, and a more athletic driving experience.
Asia Pacific is predicted to grow at the fastest pace in the automotive shock absorber market during the projected timeframe. The Asia Pacific market is predicted to develop at a substantial CAGR over the next few years. The region's commerce is rising as China's auto sales increase. For example, the International Motor Vehicle Manufacturers Association (OICA) says that China sold more vehicles than any other country in 2021, totaling over 26 million. Increasing sales and manufacturing of electric vehicles in China and India over the forecast period will add to regional market development. Furthermore, the region's market is expanding due to abundant raw materials, a strong automotive industry, a growing population, and low manufacturing costs.
The vehicle shock absorber market in Europe, particularly in the United Kingdom, Germany, and France, is predicted to continue to grow. The presence of major automobile manufacturers and suppliers in these countries, combined with a renewed focus on vehicle safety and comfort, is driving rising demand for shock absorbers. Furthermore, rigorous government regulations on car emissions and safety standards have the potential to drive market growth in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Automotive Shock Absorber Market Size ITT Corporation, Mando Corporation, Meritor Inc., Sachs, Showa Corporations, Tenneco Inc., Apollo, Arnott Inc., Bilstein, Duro Shox Pvt. Ltd., Gabriel India Ltd., Hitachi, KYB Group, Magneti Marelli SPA, and Others Key Vendors.
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Recent Developments
- In June 2024, TracTive Suspension performed with Wunderlich to launch a new suspension line dubbed Wunderlich. TracTive drives Wunderlich Suspension. This new suspension line is the result of a close partnership between TracTive Suspension from the Netherlands and Wunderlich. TracTive Suspension has been at the forefront of suspension technology since 2010, creating and manufacturing aftermarket and bespoke OEM suspension systems for the motorcycle, sports car, and snowmobile markets while setting new standards.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive shock absorber market based on the below-mentioned segments:
Global Automotive Shock Absorber Market, By Type
- Hydraulic Shock Absorber
- Gas-Filled Shock Absorber
Global Automotive Shock Absorber Market, By Design Type
- Mono Tube
- Twin Tube
Global Automotive Shock Absorber Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Electronics Vehicles
- Two Wheelers
Global Automotive Shock Absorber Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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