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Automotive Shock Absorber Market Trends

Report ID: GMI5603
Published Date: Mar 2024
Report Format: PDF

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Automotive Shock Absorber Market Trends

Smart suspension systems use sensors and advanced damping algorithms to control features while driving in real time. These systems enhance ride comfort, handling, and stability, leading to increased demand for advanced shock absorber technologies. Due to integration of technology, automobiles can connect to other electronic devices and can be controlled through smartphones as well. Features such as predictive maintenance, remote diagnostics, and over-the-air software updates are integrated for optimized performance.

The industry is witnessing a shift towards lightweight materials, such as aluminum and high-strength composites, in shock absorber construction. This trend aligns with broader automotive industry goals for weight reduction and improved fuel efficiency. Air suspension systems, which offer adjustable ride height and improved comfort, are becoming more prevalent. These systems are commonly found in premium and luxury vehicles and are gaining popularity in other segments.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of automotive shock absorber reached USD 15 billion in 2023 and is set to witness 4.5% CAGR between 2024 and 2032, owing to higher vehicle production, growing demand for enhanced vehicle comfort and stability, and stringent regulations regarding vehicle safety standards.

The hydraulic type segment reached a revenue of USD 10 billion in 2023, due to their cost-effectiveness compared to advanced technologies.

North America market size was USD 3 billion in 2023, led by the strong preference for light trucks, SUVs, and crossovers.

Some of the major automotive shock absorber firms are Apollo, Arnott Inc., Bilstein, Duro Shox Pvt. Ltd., Gabriel India Ltd., Hitachi, ITT Corporation, KYB Group, Magneti Marelli SPA, Mando Corporation, Meritor Inc., and Sachs.