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Global Shock Absorber Market Size, Share, Trends, Analysis: By Type: Hydraulic, Gas Charged; By Technology: Active, Passive; By Vehicle Type: Two and Three Wheelers, Passenger Vehicles, Commercial Vehicles; By Sales Channel: OEM, Aftermarket; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Shock Absorber Market Outlook
The global shock absorber market size 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.
Key Trends in the Market
Shock absorbers, also known as dampers, are crucial components of a vehicle's suspension system. Their primary function is to manage the energy generated by the springs and dampen the oscillations and vibrations that occur when a vehicle encounters bumps, potholes, or uneven road surfaces.
- One of the major global shock absorber market trends is technological advancements, such as adaptive and electronic damping and air suspension systems, among others. Innovations in materials, designs, and manufacturing processes have led to the development of more efficient and durable shock absorbers. These advancements focus on enhancing vehicle performance, safety, and comfort, catering to the evolving demands of consumers.
- The automotive industry's expansion, particularly in emerging markets, is a primary factor propelling the global shock absorber market demand. Growing urbanisation, improving infrastructure, and increasing purchasing power in developing economies propel the demand for vehicles, consequently boosting the need for shock absorbers.
- Moreover, the growing emphasis on comfort and ride quality is expected to further increase the demand for sophisticated shock absorbers.
- Governments worldwide are imposing stricter regulations related to vehicle safety and emissions. The global shock absorber market growth is expected to surge as automotive companies increasingly comply with these regulations and mandate the use of high-quality shock absorbers that meet international safety standards. This compels manufacturers to invest in research and development to produce compliant products.
Market Analysis
Based on type, the market can be segmented into hydraulic, and gas charged. The global shock absorber market segmentation, based on technology, includes active and passive. The market, based on vehicle type, is categorised into two and three-wheelers, passenger vehicles, and commercial vehicles.
Based on sales channels, the market is bifurcated into OEM and aftermarket. The major regional markets for shock absorbers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global shock absorber market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by Type
According to the global shock absorber market analysis, hydraulic absorbers are expected to play a crucial role in the development of the market. This trend can be attributed to its effectiveness in managing the vehicle's suspension system and providing a smoother, more controlled ride.
Moreover, they are preferred by consumers and manufacturers as they tend to be simpler in design and maintenance compared to more advanced systems, making it easier and more cost-efficient to service or replace them when needed.
Market Share by Technology
Active shock absorbers are expected to account for the majority of shock absorber market share in the coming years, supported by technological developments and rising sales of passenger vehicles. These shock absorbers are advanced suspension components that dynamically adjust damping characteristics in real time based on various inputs such as road conditions, vehicle speed, steering angle, and driver behaviour.
Moreover, unlike traditional passive shock absorbers that have fixed damping rates, active shock absorbers can adapt and change their damping settings continuously, which is enhancing their adoption in passenger vehicles.
Competitive Landscape
ZF Friedrichshafen AG is one of the major global technology companies, specialising in driveline and chassis technology, as well as active and passive safety technology. Founded in 1915, the company focuses on developing automotive components and systems for cars, trucks, and industrial applications. The company has developed a diverse product portfolio, including transmissions, steering systems, axles, and other critical automotive parts.
thyssenkrupp AG is a multinational industrial and technology company based in Germany. Established in 1999, the company operates in various sectors, including steel production, industrial solutions, elevators, and automotive components. In the automotive field, the company holds expertise in manufacturing high-tech components and systems such as steering systems, chassis technology, and body components.
Tenneco Inc. is one of the leading motor vehicle component manufacturing companies. The company manages four different business groups, DRiV, Performance Solutions, Clean Air, and Powertrain, through which it delivers technology solutions for light vehicles, commercial trucks, off-highway, industrial, motorsport, and the aftermarket.
Other key players in the global shock absorber market are KYB Corporation, Marelli Holdings Co., Ltd., Meritor, Inc., Munjal Showa Limited, Koni BV, Hitachi Astemo Ltd., and DMA Industries, LLC, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Technology |
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| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Shock Absorber Market Analysis
8.1 Key Industry Highlights
8.2 Global Shock Absorber Historical Market (2018-2023)
8.3 Global Shock Absorber Market Forecast (2024-2032)
8.4 Global Shock Absorber Market by Type
8.4.1 Hydraulic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Gas Charged
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Shock Absorber Market by Technology
8.5.1 Active
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Passive
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Shock Absorber Market by Vehicle Type
8.6.1 Two and Three Wheelers
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Passenger Vehicles
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Commercial Vehicles
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Shock Absorber Market by Sales Channel
8.7.1 OEM
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Aftermarket
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Shock Absorber Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Shock Absorber Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Shock Absorber Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Shock Absorber Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Shock Absorber Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Shock Absorber Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ZF Friedrichshafen AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 thyssenkrupp AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Tenneco Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 KYB Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Marelli Holdings Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Meritor, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Munjal Showa Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Koni BV
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Hitachi Astemo Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 DMA Industries, LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Shock Absorber Market: Key Industry Highlights, 2018 and 2032
2. Global Shock Absorber Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Shock Absorber Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Shock Absorber Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Shock Absorber Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Shock Absorber Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global Shock Absorber Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global Shock Absorber Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
9. Global Shock Absorber Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
10. Global Shock Absorber Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Shock Absorber Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Shock Absorber Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Shock Absorber Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Shock Absorber Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Shock Absorber Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Shock Absorber Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Shock Absorber Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Shock Absorber Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Shock Absorber Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Shock Absorber Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Shock Absorber Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Shock Absorber Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 14.76 billion.
The market is projected to grow at a CAGR of 4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around 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.
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