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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Shock Absorber Market Report Snapshots
Shock Absorber Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global shock absorber market attained a value of nearly USD 14.76 billion.
The global shock absorber market is assessed to grow at a CAGR of 4% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 21.19 billion by 2032.
The market is driven by technological advancements and rising vehicle production owing to urbanisation and improving infrastructure.
The implementation of stringent safety regulations for automobiles and the rising emphasis on comfort and ride quality are expected to aid the expansion of the market.
The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different vehicle types include two and three-wheelers, passenger vehicles, and commercial vehicles.
The key players in the market include ZF Friedrichshafen AG, thyssenkrupp AG, Tenneco Inc., KYB Corporation, Marelli Holdings Co., Ltd., Meritor, Inc., Munjal Showa Limited, Koni BV, Hitachi Astemo Ltd., and DMA Industries, LLC, among others.
The leading types in the market are hydraulic and gas charged.
The significant modes of technology of shock absorber in the market are active, and passive.
The competitive landscape consists of ZF Friedrichshafen AG, thyssenkrupp AG, Tenneco Inc., KYB Corporation, Marelli Holdings Co., Ltd., among others.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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