Automotive Shock Absorber Market Size By Type (Hydraulic, Gas-Filled), By Design (Twin Tube, Mono Tube), By Vehicle Type (Passenger car, LCVs, HCVs, Two Wheelers), By Sales Channel (OEM, Aftermarket) & Global Forecast, 2023-2032

Industry Statistics

Automotive Shock Absorber Market size surpassed USD 14.5 billion in 2022 and is anticipated to grow at 4.5% CAGR from 2023 to 2032 driven by rising sales of commercial and passenger vehicles and a steady shift towards electric vehicles.
 

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Consumers these days are looking for purchasing vehicles with high-end features to pleasure an improved driving experience and comfort. This trend may amplify the demand for shock absorbers and similar equipment in modern vehicles. Government initiatives to boost the adoption of electric vehicles will also support the industry growth. Under the Inflation Reduction Act (IRA), consumers in the U.S. buying EVs are qualified to attain USD 7,500 tax credit for vehicles that are assembled in North America. Attempts to lower carbon footprint levels and meet the climate targets defined by the Paris Agreement will drive the production and sales of electric vehicles.
 

Sales of luxury vehicles that are mounted with durable and high-performance shock absorbers have particularly increased across countries like India and Japan. As per estimates, over 9,500 luxury vehicles were sold in India in the first three months of 2023. Increasing emphasis of automobile manufacturers to improve passenger and vehicle safety will complement the automotive shock absorber market growth.
 

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Growing preference for twin tube shock absorbers to influence the product demand

The industry size from the twin tube segment is expected to witness 4.2% growth between 2023 and 2032. Twin Tube shock absorbers contain two cylinders ­– One cylinder is placed inside the shell case while the second rigs the piston valve which moves vertically. It is the most preferred type of shock absorber by automotive manufacturers due to its simple structure and cost-effectiveness compared to mono-tube shock absorbers.
 

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Higher reliability & performance to boost demand for OEM shock absorbers

OEM automotive shock absorber market crossed USD 8 billion in 2022. Compared to aftermarket shock absorbers, OEM shocks perform better for all terrains, and last longer. These shocks tend to be more reliable and come with a warranty to assure the customer of part replacement in case of a defect. Higher consumer preference for quality automotive parts should advocate segment growth by end of 2032.
 

Strong automotive sales across Asia Pacific will shape business development

APAC automotive shock absorber industry reached USD 8.5 billion in 2022. Automakers across the region are observing robust growth in the sales of passenger vehicles. For instance, in 2023, Toyota Motor announced that recorded an all-time high in global vehicle sales and production for the year ending March. Such developments could create a favorable environment for sector expansion across the region.
 

Key manufacturers in the global automotive shock absorbers industry

Meritor Inc, ZF Friedrichshafen, Showa Corporation, ITT Corporation, Tenneco Inc., Gabriel India Ltd., Hitachi Automotive Systems, Thyssenkrupp AG, KYB Corporation, Zhejiang Sensen Auto Parts Co. Ltd., Mando Corp, Arnott Inc., Duro Shox Pvt. Ltd., Magnetti Marelli S. P. A.
 

Automotive Shock Absorber Market News:

• In November 2022, Apollo announced the acquisition of Tenneco, a leading manufacturer and marketer of automotive products for OEM and aftermarket customers
   
• In March 2021, The VW Group inked a 10 year contract with Mando Corp. for USD 1.25 billion to provide 50 million suspension systems for its forthcoming EVs.
   

This market research report on automotive shock absorber includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million units and revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Type

• Hydraulic
• Gas-Filled

Market, By Design

• Mono Tube
• Twin Tube

Market, By Vehicle Type

• Passenger Vehicle
• LCVs
• HCVs
• Two Wheelers

Market, By Sales Channel

• OEM
• Aftermarket

Market, By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Indonesia
• Latin America
  • Brazil
  • Argentina
• Middle East & Africa
  • GCC
  • South Africa