The global automotive gas charged shock absorber market share is estimated to gain a revenue of US$ 3,671.90 million in 2023. Our automotive domain experts opine that automotive gas charged shock absorber providers can expect an average CAGR of 5.3% through 2033, with a forecast valuation of US$ 6,154.30 million by 2033.
Explaining the market dynamics, a senior research analyst at Future Market Insights, elaborates, “Driver’s safety and driving comfort are the two major factors favouring automotive gas charged shock absorbers demand, globally.
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An important part of a vehicle’s suspension, automotive gas charged shock absorbers reduces the effect of travelling in rough terrains, by controlling excessive suspension movements providing a much firmer ride. Ride and handling performance of a vehicle will remain the top influencers in consumer buying decisions, with demand being significantly high in region with poor road conditions”.
Explaining further, the analyst explains, “All vehicles, whether passenger cars to heavy duty trucks, are being increasingly equipped with damping control technology, ensuring improved on-road performance along with protecting critical vehicular components against premature wear and failure.
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Technologically Advanced Electronic and Monotube Variants to Take Over Conventional Shock Absorbers
Compared to the twin-tube design, a monotube shock absorbers are being increasingly preferred owing to its design that further prevents any aeration and cavitation from occurring. Considered ideal for luxury sedans, SUV rear axles, and sports car applications, monotube shock absorbers offers faster damping reaction and prompt responses to changing road conditions, as a result of continuous pressure exerted on the oil, by the gas.
M&A Remains a Preferred Forward Market Strategy
FMI anticipates strategic mergers and acquisitions to remain a critical expansion strategy among manufactures of automotive gas charged shock absorbers, creating a substantial opportunity for the shock absorber market. Some key developments include:
- Recently, Samvardhana Motherson Group (SMG) entered in a partnership with MS Global India Pvt. Ltd., engaged in the manufacturing of pressed sheet metal and frames for chassis used in commercial vehicles. This partnership is aimed at business expansion in the automotive vehicle components sector. During the same fiscal year, the company established a shock absorber manufacturing company, Magnetti Marelli Shock Absorbers India Pvt. Ltd., to supply shock absorbers for automotive vehicles.
- In 2018, Tenneco Inc. offered Continuously Variable Semi-Active (CVSA2) suspension technology for SUVs of Mercedes-Benz G-Class. The aim for this product launch was to enrich its market share in the SUV vehicle segment.
FMI Offers Segmentation Analysis of Automotive Gas Charged Shock Absorbers
- Europe, is anticipated to remain the most lucrative region as the automotive parts and accessories industry continues to remain strong in the region, on account of positive sentiment and perception towards European parts and component. Moreover, intense transition towards EVs and ADAS, collaboration with tech companies, and increasing investment in R&D are likely to be the key trends in the Europe automotive gas charged shock absorbers market.
- Automotive gas charged shock absorbers market in India and SEAP is anticipated to grow at a notable growth rate during the forecast period
- Sales of automotive gas charged shock absorbers through OEM channel is anticipated to represent a market share of nearly 45 percent, through the forecast period of 2018 to 2027, growing at US$ 181.9 Mn annually.
- Revenue from aftermarket automotive gas charged shock absorbers segment is anticipated to increase at moderate CAGR, valued a little over US$ 208 Mn by 2027.
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Automotive Gas Charged Shock Absorbers Market: Segmentation
Sales Channel:
- OEM
- Aftermarket
Vehicle Type:
- Passenger Car
- LCV
- HCV
- Two Wheelers
Design Type:
- Twin
- Mono
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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