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Automotive Shock Absorber Market Size

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

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Automotive Shock Absorber Market Size

Automotive Shock Absorber Market size was valued at USD 15.2 Billion in 2023 and is estimated to register a CAGR of over 4.5% between 2024 and 2032. Increasing vehicle production, growing demand for enhanced vehicle comfort and stability, and stringent regulations regarding vehicle safety standards are expected to drive market growth.

Automotive Shock Absorber Market

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By reducing vibrations and subsequent risk of accidents, shock absorbers contribute significantly to a smooth ride, improving both comfort and safety. There have been significant innovations in suspension technologies, such as the development of smart damping systems and electromagnetic shock absorbers. This provides optimized performance, increased comfort, and higher safety for customers.

Automotive Shock Absorber Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Shock Absorber Market Size in 2023:	USD 15.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.5%
2032 Value Projection:	USD 22.5 Billion
Historical Data for:	2018 – 2023
No. of Pages:	287
Tables, Charts & Figures:	25
Segments covered:	Type, Design, Vehicle, Region
Growth Drivers:	Rising demand for comfort and safety Technological advancements Rising demand for EVs Advancements in suspension technology
Pitfalls & Challenges:	Volatility in raw material prices Intense competition

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There are several manufacturers competing for market share in the highly competitive automotive shock absorber industry. Expenditures in areas such as pricing, profit margins, and research and development (R&D) are expected to be high, potentially causing challenges for price-sensitive consumers and leading to fluctuating demand. The manufacturing of automotive shock absorbers involves the use of various materials, including metals and polymers. Fluctuations in the prices of these raw materials can impact production costs, potentially affecting profit margins for manufacturers.

Authors: Preeti Wadhwani, Aishvarya Ambekar

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.