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Automotive Shock Absorber Market Size Growing at 3.4% CAGR Set to Reach US$ 22.54 Billion by 2034: Fact.MR

Constant Advancements in Suspension Systems Leading to Development of Adaptive Electronic Shock Absorbers: Fact.MR Report

ROCKVILLE, MD, UNITED STATES, May 21, 2024 / -- The global automotive shock absorber market, estimated at US$ 16.14 billion for 2024, is projected to reach US$ 22.54 billion by the end of 2034. Demand for lightweight automotive shock absorbers, the growth of the automotive aftermarket industry, and the growing need for safety and comfort are all factors that are projected to drive the shock absorber market.

Shock absorbers are utilized in vehicles and light trucks with standard suspension systems. By pushing hydraulic fluid through piston valves as it rises and falls, shock absorbers provide resistance and lessen the movement of springs when they compress and rebound while in transit. The suspension's rate of movement determines the degree of resistance. Without shock absorbers, cars would bounce all the time, making them hard to move. In addition to making the ride comfortable, shock absorbers guarantee that the tires are in contact with the road, improving control and stability.

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Key Takeaways from Market Study

The global automotive shock absorber market is set to reach US$ 16.14 billion in 2024. Demand for automotive shock absorbers is projected to rise at a CAGR of 3.4% from 2024 to 2034. The market is projected to reach US$ 22.54 billion by 2034-end.

The market in East Asia is forecasted to expand at a CAGR of 3% through 2034. Demand for gas-filled automotive shock absorbers is projected to increase at a CAGR of 5.8% during the forecast period. The market in North America is projected to expand at a CAGR of 4.3% from 2024 to 2034.

“Market growth trajectory can be attributed to the rise in sales of passenger and commercial cars, with a notable trend toward electrified versions. Shock absorbers and other related components are in high demand because modern consumers want cars with cutting-edge features to improve their comfort and driving experience,” says a Fact.MR analyst.

Growing Need for Comfort and Safety Driving Demand for Advanced Suspension Technologies

Desire for improved driving comfort in terms of handling, seating arrangement, and aerodynamics has grown dramatically in the last several years. Better shock absorbers are now more necessary as a result, giving cars more stability. Shock absorbers are in high demand because automakers are adding additional comfort features to their cars, such as stability and less impact from bumps or speed breakers.

Adaptive and electronic shock absorbers are the result of ongoing developments in suspension systems. These systems improve ride quality, comfort, and control of the vehicle by instantly adapting to changing road conditions. These shock absorbers can instantaneously adjust to different driving scenarios due to the integration of sensors and AI algorithms.

For example, in March 2019, the automotive design business GFG Style devised a system that connects three-way adjustable shock absorbers to a hydraulic system.

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Competitive Landscape

The competitive landscape of the automotive shock absorber market is dynamic, featuring a mix of well-established companies and emerging challengers. Market growth hinges on technological innovation, strategic positioning, and the ability to adapt to evolving automotive trends and consumer demands.

Key Developments:

Meritor, Inc. and Cummins Inc.: In February 2022, Meritor, Inc. and Cummins Inc. signed a legally binding agreement for Cummins to acquire Meritor, Inc. for $3.7 billion.

Mando Corp. and Volkswagen: In March 2021, Mando Corp. secured a 10-year contract worth $1.25 billion with Volkswagen to supply 50 million suspensions for their upcoming EVs and popular vehicles.

Explore More Related Studies Published by Fact.MR Research:

Off-road Vehicle Shock Absorber Market: The global off-road vehicle shock absorber market reached a valuation of US$ 1.25 billion in 2022 and is expected to progress at a CAGR of 5.5% to climb to US$ 2.27 billion by the end of 2033.

Automotive Mobile Accessories Market: Global demand for automotive mobile accessories reached a market value of US$ 51.3 billion in 2023 and is estimated to climb to US$ 99 billion by 2033-end. The global automotive mobile accessories market is forecasted to exhibit expansion at a healthy 6.8% CAGR over the next ten years.

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