NEW YORK, April 5, 2024 /PRNewswire/ — The global automotive aftermarket shock absorbers market size is estimated to grow by USD 1.12 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.15% during the forecast period. The automotive aftermarket shock absorber market in North America and Europe is thriving due to the increasing average age of passenger and commercial vehicles. Key technologies include hydraulic and gas-charged shock absorbers, actuators, microprocessors, sensors, and self-regulating systems. Materials like lightweight alloys and advanced systems such as variable damping and data analytics enhance vehicle performance, handling, seating, and aerodynamics. Aftermarket suppliers offer upgraded and replacement shock absorbers for cars, trucks, motorcycles, off-road vehicles, and industrial machinery. Electric and hybrid vehicles also utilize shock absorbers with specific designs.
Technavio has announced its latest market research report titled Global Automotive Aftermarket Shock Absorbers Market 2024-2028
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Automotive Aftermarket Shock Absorbers Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.15% |
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Market growth 2024-2028 |
USD 1.12 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.89 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Germany, and UK |
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Key companies profiled |
ADD Industry Zhejiang Co Ltd, AL-KO Vehicle Technology Group, ANAND Group, Arnott LLC, Dorman Products Inc., DRiV Inc., Festo SE and Co. KG, Hangzhou Smart Mfg Group Co. Ltd., Hitachi Ltd., KAVO B.V., KYB Corp., MAPCO Autotechnik GmbH, MEYLE AG, Roberto Nuti Group, Skyjacker Ltd., SUSPA GmbH, Taylor Devices Inc., Tenneco Inc., thyssenkrupp AG, and ZF Friedrichshafen AG |
Segment Overview
This automotive aftermarket shock absorbers market report extensively covers market segmentation by Type (Twin tube, Mono tube) Vehicle Type (Passenger vehicles, Commercial vehicles) Geography (APAC, Europe, North America, South America, Middle East and Africa)
Market segmentation by Type
The global Automotive Aftermarket Shock Absorbers Market caters to various vehicle types, including Heavy vehicles, E-vehicles, Commercial vehicles, Pickup trucks, and Vans. Steering and suspension systems are essential components in vehicles, and shock absorbers play a vital role in ensuring handling, sitting structure, and ride comfort. High-volume engines and transmissions in powertrain parts require robust shock absorbers made of raw materials like rubber, carbon, silicon, chromium, magnesium, nickel, molybdenum, lead, and plastic. OEM shock absorbers are designed to meet specific vehicle requirements, while aftermarket shock absorbers cater to various vehicle makes and models. Shock absorbers mitigate vertical loads, bounce, roll, brake dive, and acceleration squat, enhancing tire-road contact and vehicle safety. Off-road vehicles also benefit from shock absorbers, ensuring optimal performance under extreme conditions. Hydraulic fluid, valves, piston, and springs are essential components of shock absorbers, ensuring efficient and reliable operation.
Geography Overview
The Automotive Aftermarket Shock Absorbers Market in APAC is experiencing robust growth due to the expanding automotive industry. Factors such as increasing per capita income, financing services, and the growing demand for passenger and commercial vehicles in countries like China and India are key drivers. Commercial vehicles, particularly in the e-commerce logistics, construction, and mining sectors, are experiencing significant demand. Automakers are producing a wide range of vehicles, from passenger cars and SUVs to heavy vehicles, pickup trucks, vans, and e-vehicles. Shock absorbers play a crucial role in handling, seating comfort, and aerodynamics. They control bounce, roll, and vertical loads, ensuring balanced ride, braking performance, and tire wear. Damping control technologies, including air dumpers and automatic auxiliary suspensions, enhance handling and suspension systems. High-volume engines, transmissions, and powertrain parts require advanced shock absorbers, such as air springs systems, air shock absorbers, and damping shock absorbers. OEMs continue to innovate, producing hydraulic fluid and valve technologies to optimize performance.
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The automotive industry is disrupted by trends in shared mobility, electric mobility, and autonomous vehicles. Apple, Google, and Uber lead innovation, pushing traditional firms to form alliances and acquire start-ups specializing in electric, connected, and autonomous solutions. Keywords: shock absorbers, aftermarket, hydraulic, gas-charged, lightweight alloys, electric vehicles, hybrid vehicles. These components are essential for vehicle performance, made of materials like rubber, carbon, silicon, and metals such as nickel, magnesium, and lead. Companies focus on reducing CO2 emissions through lightweight materials and electronic controlled components. Suspension systems, including air springs and shock absorbers, are crucial for vehicle ride quality and vertical loads management.
The automotive aftermarket is experiencing a downturn due to decreasing vehicle sales, driven by consumers’ shift to usage over ownership, emission norms, fuel prices, and bans on diesel cars. Major markets like the US, China, India, Japan, Russia, and Europe have been significantly impacted by COVID-19. Keywords: Shock absorbers, suspension systems, handling, vehicles, tires. The market for shock absorbers includes passenger cars, SUVs, heavy vehicles, e-vehicles, and commercial vehicles. Components include damping control, air dumpers, automatic auxiliary suspensions, and hydraulic fluid.
Insights on Market Drivers, trends, & Challenges, historic period(2018 – 2022) and forecast period(2024-2028)- Request a sample report!
Research Analysis
The Automotive Aftermarket Shock Absorbers Market encompasses the production, sales, and installation of shock absorbers for various types of vehicles, including cars and light trucks. These essential components of a vehicle’s hydraulic suspension system ensure proper handling and seating comfort by controlling the bounce and roll caused by the road. Automakers rely on advanced materials science and automotive engineering to design and manufacture high-performance shock absorbers, utilizing hydraulic fluid, valves, pistons, springs, and other components. The market caters to both passenger cars and motorcycles, with a focus on enhancing vehicle performance and safety. The suspension system’s effectiveness is crucial for maintaining optimal tire contact with the road, ultimately contributing to the overall machinery’s functionality and efficiency.
Market Research Overview
The Automotive Aftermarket Shock Absorbers market is a significant sector in the vehicle maintenance industry. These essential components are crucial for maintaining proper vehicle suspension and ensuring safe driving conditions. The market for Automotive Shock Absorbers is driven by various factors, including the increasing demand for vehicle upkeep and maintenance, the growing number of vehicles on the road, and the rising trend of vehicle personalization. The market is competitive, with key players such as ACDelco, Monroe, and Gabriel offering a wide range of shock absorber models and types. These include passive and active, hydraulic and gas-charged, and heavy-duty and standard shock absorbers. The market also caters to various vehicle makes and models, ensuring a comprehensive solution for automotive suspension needs. The future of the Automotive Aftermarket Shock Absorbers market looks promising, with advancements in technology leading to the development of more efficient and durable shock absorbers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Twin Tube
Mono Tube
Vehicle Type
Passenger Vehicles
Commercial Vehicles
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio