The global automotive gas charged shock absorber market is projected to generate USD 3,671.90 million in revenue in 2023. Experts in the automotive sector anticipate an average compound annual growth rate (CAGR) of 5.3% through 2033, leading to an estimated market valuation of USD 6,154.30 million by that year.
A senior research analyst at Future Market Insights notes that driver safety and comfort are the primary factors driving the demand for automotive gas charged shock absorbers worldwide. As essential components of a vehicle’s suspension system, these shock absorbers mitigate the impact of rough terrains by controlling excessive suspension movements, resulting in a firmer and more stable ride. The ride quality and handling performance of vehicles will continue to be significant factors influencing consumer purchasing decisions, particularly in areas with challenging road conditions.
The analyst adds that a growing number of vehicles, from passenger cars to heavy-duty trucks, are being equipped with damping control technology. This advancement enhances on-road performance and protects vital vehicle components from 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 USD 181.9 Million annually.
- Revenue from aftermarket automotive gas charged shock absorbers segment is anticipated to increase at moderate CAGR, valued a little over USD 208 Million by 2027.
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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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