According to a new report by Expert Market Research titled, “Global Shock Absorber Market Share, Size, Report and Forecast 2024-2032″, the global shock absorber market size reached a value of USD 14.76 billion in 2023. Aided by the advancements in vehicle technology and increasing demands for enhanced ride quality and safety, the market is projected to further grow at a CAGR of 4% between 2024 and 2032 to reach a value of USD 21.19 billion by 2032.
Shock absorbers are integral to the suspension system of vehicles, designed to absorb and dampen shock impulses from road irregularities, thereby providing a smoother ride. Beyond improving ride comfort, they play a vital role in enhancing the safety and handling characteristics of vehicles, making them indispensable in automotive design and manufacturing.
The development of adjustable and electronically controlled shock absorbers has opened new avenues for customisation and optimisation of vehicle dynamics, catering to the diverse requirements of modern vehicles, from passenger cars to heavy-duty trucks.
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With global automotive production on the rise, fuelled by emerging economies and a rebound in demand post-pandemic, the need for shock absorbers is concurrently increasing, driving the shock absorber market growth.
As consumer expectations for ride comfort and vehicle safety escalate, automotive manufacturers are focusing on incorporating advanced suspension systems, further stimulating the demand for high-performance shock absorbers. Meanwhile, stricter regulations concerning vehicle safety standards and environmental impact are pushing manufacturers to innovate and produce more efficient, durable, and eco-friendly shock absorbers.
Emerging shock absorber market trends such as the integration of sensors and IoT technology in shock absorbers for real-time performance monitoring and adaptive control systems offer new possibilities for enhancing vehicle dynamics and safety. Additionally, the shift towards electric and autonomous vehicles presents unique challenges and opportunities for the development of shock absorbers that can meet the specific needs of these next-generation vehicles.
The shock absorber market outlook is being influenced by the technological innovation, rising automotive production, and evolving consumer demands driving its growth and transformation. As the industry moves towards more sophisticated, customisable, and environmentally friendly solutions, the role of shock absorbers in vehicle safety, comfort, and performance becomes increasingly significant.
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Market Segmentation
The market can be divided based on type, technology, vehicle type, sales channel, and region.
Market Breakup by Type
• Hydraulic
• Gas Charged
Market Breakup by Technology
• Active
• Passive
Market Breakup by Vehicle Type
• Two and Three Wheelers
• Passenger Vehicles
• Commercial Vehicles
Market Breakup by Sales Channel
• OEM
• Aftermarket
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global shock absorber market. Some of the major players explored in the report by Expert Market Research are as follows:
• ZF Friedrichshafen AG
• thyssenkrupp AG
• Tenneco Inc.
• KYB Corporation
• Marelli Holdings Co., Ltd.
• Meritor, Inc.
• Munjal Showa Limited
• Koni BV
• Hitachi Astemo Ltd.
• DMA Industries, LLC
• Others
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