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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 14.76 |
| Market Size 2032 | USD Billion | 21.19 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.0% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 4.6% |
| CAGR 2024-2032 - Market by Country | India | 4.5% |
| CAGR 2024-2032 - Market by Country | Saudi Arabia | 4.4% |
| CAGR 2024-2032 - Market by Type | Gas Charged | 4.8% |
| CAGR 2024-2032 - Market by Technology | Active | 4.7% |
| Market Share by Country 2023 | Australia | 2.3% |
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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