Home > Automotive & Transportation > Automotive Shock Absorber Market

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

  • Report ID: GMI5603
  • Published Date: May 2023
  • Report Format: PDF

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.
 

Automotive Shock Absorber Market

To get more details on this report: Request Free Sample PDF
 

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.
 

Global Automotive Production, 2021 – 2032 (Billion Units)

To get more details on this report: Request Free Sample PDF
 

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.
 

Global Automotive Shock Absorber Market Revenue Share, By Design, 2022

To get more details on this report: Request Free Sample PDF
 

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.
 

Global Automotive Shock Absorber Market Size, 2022 & 2032 (USD Billion)

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:

Click here to Buy Section of this Report


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

 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size and automotive shock absorber surpassed USD 14.5 billion in 2022 and will observe 4.5% CAGR during 2023 to 2032, explains GMI report.

Automotive shock absorber industry size from the twin tube segment is estimated to witness 4.2% growth between 2023 to 2032 due to its simple structure and cost-effectiveness compared to mono-tube shock absorbers.

Asia Pacific automotive shock absorbers industry was valued at USD 8.5 billion in 2022 driven by rising sales of passenger vehicles in the region.

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.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 285
  • Countries covered: 21
  • Pages: 320
Inquiry Before Buying

Budget constraints? Get in touch with us for special pricing

Request Discount