Global Shock Absorber Market Report and Forecast 2024-2032

Global Shock Absorber Market Size

The global shock absorber market value reached approximately USD 14.76 billion in 2023. The market is projected to grow at a CAGR of 4% between 2024 and 2032, reaching a value of around USD 21.19 billion by 2032.

Global Shock Absorber Market Growth

The industry expansion of automotive sector, specifically in emerging markets, is a one of the major factors propelling the global shock absorber market demand. Growing urbanisation, enhanced infrastructure, and increasing purchasing power in developing economies drive the demand for vehicles, leading to the increased need for shock absorbers. Moreover, the growing emphasis on comfort and ride quality is expected to increase the demand for sophisticated shock absorbers.

Global Shock Absorber Market Analysis

Innovations in materials and designs as well as manufacturing processes have led to the development of more efficient and durable shock absorbers. These advancements highlight enhancing vehicle performance, safety, and comfort, serving the evolving demands of consumers, ensuring continued shock absorber industry growth.

In recent years, there has been significant growth in demand for comfort in the driving experience like handling, seating, and aerodynamics. This has led to increased need for improved shock absorbers, which improve vehicle stabilization. Automobile manufacturers are also integrating new comforting aspects into their vehicles, such as stability and reduced impact from bumps or speed breakers, which pushes the growth of the shock absorber market.

Global Shock Absorber Industry Outlook

According to the International Organization of Motor Vehicle Manufacturers, global vehicle production increased significantly from 77,438,570 units in 2020 to 93,546,599 units in 2023, which has had a considerable impact on the growth of the shock absorber market. The shock absorbers are one of the most important components of any car suspension system that provides comfort and stability on the road. Increased vehicle production in various regions, particularly in Asia-Oceania and America, generated demand for the component.

In Europe, vehicle production increased from 16,692,847 units in 2020 to 18,122,449 units in 2023 and depicted a stable regional demand for shock absorbers. The same case is expected of the American output, which increased from 15,692,927 units in 2020 to 19,136,891 units in 2023, thereby fuelling the North American shock absorber market. Of these, Asia-Oceania registered the maximum growth, as numbers increased from 44,276,549 units in 2020 to 55,115,837 units in 2023. Encouraged by the high volumes in vehicle production, demand for shock absorbers grew.

The LCV market grew from 16,990,857 in 2020 to about 21,441,715 in 2023. This is important for the shock absorber market since LCVs usually require heavy-duty suspension systems, including quality shock absorbers, due to more loads and dynamic changes in driving conditions. Rising output in America and Asia-Oceania has boosted demand, with production statistics reaching 13,299,671 and 5,611,657 units, respectively.

Another driver is the rising electric vehicle market. EV sales have been quite encouraging, mainly in China and Australia. In the first quarter of 2024, nearly 3.5 million electric vehicles were sold worldwide, with close to 1.9 million being sold in China. The unusual distribution of weight and different layouts for batteries in EVs mean that their suspension requirements differ and are likely to increase demand for specialist shock absorbers.

The global shock absorber market is expanding due to rising vehicle production and advancements in technology.

• Rising global vehicle production from 77.4 million units in 2020 to 93.5 million units in 2023 has driven shock absorbers market demand.

• Technological advancements, such as adaptive damping systems, enhance vehicle safety and comfort.

The shock absorber market is susceptible to vulnerabilities such as economic fluctuations and high R&D costs.

• The dependence of shock absorber market growth on the automotive industry's health makes the market vulnerable to economic downturns.

• High research and development costs for advanced shock absorber technologies can strain profit margins.

Expanding electric vehicle sector and increasing demand in emerging markets present an expansion of shock absorber market opportunities.

• The total EV market grew by 31.2% year-on-year, with over 3 million electric cars sold, marking a 25% increase compared to Q1 2023, creates demand for specialised shock absorbers tailored to EV needs.

• Emerging Increasing vehicle production and sales in emerging regions like Asia and Africa present significant expansion opportunities for the shock absorber market.

Intensified competition in automotive component sector and other vulnerabilities.

• The market faces intense competition from traditional and new entrants in the automotive component sector. 

• Fluctuations in the prices of raw materials, such as steel and rubber, can impact production costs and profitability.

Key Players in the Global Shock Absorber Market and their Key Initiatives

ZF Friedrichshafen AG

• Increased funding for developing advanced shock absorber technologies

• Implemented eco-friendly manufacturing processes

• to capture the shock absorber market opportunities. 

thyssenkrupp AG

• Introduced advanced adaptive dampers for electric vehicles

• Partnered with automotive OEMs for customized solutions

Tenneco Inc.

• Introduced cutting-edge shock absorbers with enhanced durability and performance.

• Implemented eco-friendly production methods

• to meet the growing demand of the shock absorber market. 

KYB Corporation

• Investment in R&D for innovative technologies.

• Launch of Aftermarket Products to expand product offerings.

Global Shock Absorber Industry Segmentation

“Global Shock Absorber Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Hydarulic

• Gas Charged

Market Breakup by Product Technology

• Active

• Passive

Market Breakup by Mode of 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

Shock Absorber Market Share

The growth of the shock absorber industry can also be attributed to the hydraulic absorbers. This tendency can be linked to its ability to manage the vehicle's suspension system and provide a smoother, more controlled ride. Furthermore, customers and manufacturers favour them because they are simpler in design and maintenance than more complicated systems, making them easier and less expensive to fix or replace when necessary.

The shock absorber market dynamics and trends are being driven by increased vehicle production, technical developments, expanding aftermarket demand, regulatory regulations, and rising consumer expectations for a better driving experience.

The shock absorber market also emphasizes advances in material technology. Advanced materials, such as composites and lightweight alloys, contribute to lower the overall weight of shock absorbers, are also expected to propel the shock absorber demand growth.

Leading Companies in the Shock Absorber Market

These companies specialize in creating revolutionary shock absorber technologies that improve vehicle performance, safety, and comfort through inventive engineering and cutting-edge solutions.

• ZF Friedrichshafen AG

• thyssenkrupp AG

• Tenneco Inc.

• KYB Corporation

• Marelli Holdings Co., Ltd.

Key Highlights of the Report

Shock Absorber Market Report Snapshots

Shock Absorber Market Size

Shock Absorber Market Growth

Shock Absorber Market Analysis

Shock Absorber Market Share

Shock Absorber Companies