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The automotive aftermarket shock absorbers market size is forecast to increase by USD 1.12 billion at a CAGR of 4.15% between 2023 and 2028. The global market is experiencing significant growth due to several key trends. The aging vehicle fleet, with a high number of in-use vehicles, presents a substantial opportunity for market expansion. As vehicles age, the need for replacement parts, including shock absorbers, increases. Additionally, auto component manufacturers are shifting towards selective alliances and collaborations to enhance their product offerings and improve operational efficiency. However, the market is also facing challenges, such as the decreasing global sales and production of vehicles due to economic downturns and changing consumer preferences towards electric and autonomous vehicles. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for vehicle maintenance and repair services.
The oil pump plays a crucial role in the operation of various vehicles, including motorcycles and automobile, by ensuring proper lubrication and pressure in the cylinder. In suspension systems, components like carriage springs, leaf spring, and steering spindles work together to enhance driver control and ride comfort. The integration of single-adjustable shocks allows for tailored performance, adapting to different driving conditions and improving overall handling. Additionally, kinetic energy is effectively managed through systems that utilize sliding pistons and friction disks, providing a smoother ride and better stability. In aviation, landing gear systems rely on similar principles to ensure safe takeoffs and landings, highlighting the importance of these mechanical elements across various applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The twin tube segment is estimated to witness significant growth during the forecast period. The global automotive aftermarket for shock absorbers is experiencing notable expansion, driven by the escalating demand for enhanced vehicle performance and customization. Twin-tube shock absorbers, a popular choice among car and light truck owners, comprise two tubes - an inner and an outer tube. The inner tube accommodates the piston, while the outer tube functions as an oil reservoir. This design offers superior heat dissipation and improved handling capabilities. Suspension systems, a critical component of vehicles, rely on shock absorbers to manage vertical loads, bounce, roll, brake dive, and acceleration squat. Raw materials such as hydraulic fluid, valves, pistons, and springs are integral to shock absorber manufacturing.
Furthermore, raw materials like rubber, carbon, silicon, chromium, magnesium, nickel, molybdenum, lead, plastic, and activated carbon are used in various applications. Off-road vehicles also require strong shock absorbers to tackle challenging road conditions. The World Bank's focus on reducing CO2 emissions has led to the development of lightweight automotive materials, which in turn, is fueling the demand for high-performance shock absorbers. Companies such as Gabriel India and KYB are at the forefront of this market, delivering innovative and top-quality products to cater to the evolving needs of consumers.
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The twin tube segment was valued at USD 2.78 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the dynamic automotive landscape of Asia-Pacific (APAC), the market for aftermarket shock absorbers is experiencing strong growth. With a burgeoning consumer base in countries like China and India, where socioeconomic conditions have stabilized, the demand for cars and light trucks is surging. These vehicles' suspension systems, comprised of hydraulic fluid, valves, pistons, and springs, are crucial for handling the road's vertical loads and ensuring proper tire contact. Raw materials such as rubber, carbon, silicon, chromium, magnesium, nickel, molybdenum, lead, plastic, and activated carbon are essential for manufacturing these components. The automotive industry's expansion in APAC is driven by the rising demand for passenger and commercial vehicles, fueled by increasing per capita income and financing services.
Furthermore, commercial vehicles, in particular, are gaining traction due to the growth of e-commerce logistics, construction, and mining sectors. The region's relatively low vehicle-to-population ratio and inadequate public transportation infrastructure further fuel the demand for personal vehicles. Suspension systems play a vital role in vehicles' handling, sitting structure, and aerodynamics. They help mitigate bounce, roll, brake dive, and acceleration squat, ensuring a comfortable and safe ride. As the automotive industry in APAC continues to evolve, the aftermarket shock absorber market is poised for significant growth, driven by the region's burgeoning vehicle population and the demand for improved vehicle performance and reduced CO2 emissions. The adoption of lightweight automotive materials is also expected to contribute to the market's expansion.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An aging vehicle fleet with high number of in-use vehicle is the key driver of the market. The increasing average age of vehicles, particularly in regions such as North America and Europe, presents a significant opportunity for the aftermarket components industry, including shock absorbers. Commercial vehicles, which typically have higher ages than passenger cars, also contribute to this trend. With the total number of in-use vehicles in the US increasing by 10% in 2021, the demand for replacement parts, such as upgraded shock absorbers, is on the rise.
Furthermore, this trend is driven by the need to maintain vehicle performance and safety, especially in machinery applications, including motorcycles, off-road vehicles, industrial machinery, passenger cars, commercial trucks, and the emerging markets of electric and hybrid vehicles. Advanced shock absorber technologies, such as hydraulic shock absorbers, gas-charged shock absorbers, self-regulating shock absorbers, variable damping systems, and machine learning-enabled actuators, sensors, and microprocessors, offer solutions to address the unique requirements of various vehicle loads and vehicle performance parameters. Materials science advancements, including the use of lightweight alloys, further enhance the capabilities and efficiency of these shock absorber systems.
Auto component manufacturers shift towards selective alliances is the upcoming trend in the market. The market is witnessing significant growth due to advancements in automotive engineering and materials science. Companies such as Vibracoustic are innovating in the field of shock absorbers, offering solutions for various types of vehicles, including passenger cars, commercial trucks, motorcycles, and off-road vehicles. Hydraulic shock absorbers and gas-charged shock absorbers are commonly used, but the market is also seeing an increase in demand for upgraded and replacement shock absorbers made from lightweight alloys. The integration of technology in shock absorbers, such as actuators, microprocessors, sensors, and variable damping systems, is also gaining popularity. Additionally, the rise of electric and hybrid vehicles is driving the development of smart shock absorbers that can self-regulate based on vehicle loads and performance parameters.
Furthermore, machine learning and vehicle performance optimization are also being integrated into shock absorbers to improve overall vehicle performance. The industrial machinery sector is also utilizing advanced shock absorber systems to enhance the efficiency and durability of machinery.
Decreasing global sales and production of vehicles is a key challenge affecting market growth. The global automotive aftermarket for shock absorbers is experiencing a significant transformation, driven by advancements in automotive engineering and materials science. Shock absorbers, a crucial component of a vehicle's suspension system, are essential for optimizing vehicle performance and ensuring safety. The market caters to various vehicle types, including passenger cars, commercial trucks, motorcycles, off-road vehicles, and industrial machinery. Hydraulic shock absorbers and gas-charged shock absorbers are the most common types but upgraded shock absorbers, such as self-regulating and variable damping systems, are gaining popularity. These advanced shock absorbers use actuators, microprocessors, sensors, and machine learning algorithms to adjust to vehicle loads and performance parameters in real-time.
Moreover, the shift toward electric and hybrid vehicles is driving innovation in shock absorber technology. Lightweight alloys and smart shock absorbers with self-diagnostics capabilities are being developed to cater to the unique requirements of these vehicles. The aftermarket for replacement shock absorbers is also growing, as consumers seek to maintain their vehicles' performance and safety. In summary, the automotive aftermarket for shock absorbers is witnessing significant growth, driven by advancements in automotive engineering, materials science, and the increasing popularity of electric and hybrid vehicles. The market caters to various vehicle types and offers both standard and advanced shock absorber solutions to optimize vehicle performance and ensure safety.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is evolving with innovations in suspension designs that enhance ride performance and passenger comfort. Key technologies include adjustable shocks, such as single-adjustable and double-adjustable shocks, alongside specialized high-performance applications for drag racing and competition engineering. Popular designs like twin-tube and mono-tube offer various damping options, including Position Sensitive Damping and Acceleration Sensitive Damping, crucial for optimizing steering performance and reducing road-induced noise and vibration. Brands are trusted for their original equipment (OE) quality. The market also sees a rise in custom auto shock absorbers and aftermarket solutions tailored to specific vehicle models. As mechanics focus on inspection and reducing wear and tear, these innovations improve the overall ride experience.
Furthermore, the automotive applications of shock absorbers have become essential in enhancing vehicle performance, comfort, and safety. Innovations like adjustable shock absorbers including single-adjustable and nonadjustable shocks are designed to improve steering precision and reduce harshness during drives. Brands like Monroe are recognized as a trusted brand in this space, offering solutions such as twin-tube design, mono-tube design, and gas charged design to optimize tyre grip and tyre-to-road contact. Features like Frequency Dependent Damping and electronic suspensions allow for advanced handling and control, minimizing issues like wheel hop and clunking sounds. With a focus on reducing unsprung weight and enhancing stopping performance, manufacturers are continuously advancing automotive technology to deliver superior suspension solutions for motorcycles, automobiles, and even industrial machines.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.15% |
Market Growth 2024-2028 |
USD 1.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.89 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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