(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Shock Absorber Market Report 2023" report has been added to ResearchAndMarkets's offering.
The automotive industry witnesses an incremental growth trajectory, with the global automotive shock absorber market anticipated to expand from $13.20 billion in 2022 to an estimated value of $14.06 billion in 2023. This represents a robust compound annual growth rate (CAGR) of 6.5%. In the wake of global disruptions such as the Russia-Ukraine war and the ongoing effects of the COVID-19 pandemic, the market still shows resilience with a forecast to reach $17.41 billion by 2027 at a CAGR of 5.5%.
One of the primary drivers of this growth is the sustained demand for automobiles globally. As vital components of vehicle suspension systems, shock absorbers play a crucial role in ensuring stability and comfort by moderating suspension movement and maintaining tire-road contact. Innovative product developments are also fueling market growth, with industry leaders introducing advanced tools and solutions designed to align with Original Equipment (OE) specifications and cater to evolving consumer needs.
Regional Insights and Leading Competitors in the Automotive Shock Absorber Sector
The Asia-Pacific region holds the supremacy in the automotive shock absorber market , owing to robust vehicle production and aftermarket services. Europe is hot on the heels as the fastest-growing market, projected to experience considerable growth during the forecast period.
ZF Friedrichshafen AG Magna International Inc. Tenneco Inc. Marelli Europe S.p.A. Benteler Automotive Corporation
These industry giants, among others, are strategically positioning themselves through R&D initiatives, mergers, and acquisitions to bolster their market presence and enhance product offerings.
Product Highlights and Application Spectrum
Within the automotive shock absorber domain, differentiation is marked by single-tube and twin-tube shock absorbers, with advances spotlighting hydraulic and gas-filled technologies, as well as cutting-edge air, damping, and active/semi-active shock absorbers. The integration of these products spans a diverse array of vehicles, including passenger cars, SUV trucks, heavy vehicles, and the burgeoning sector of electric vehicles (e-vehicles).
The market report encapsulates a comprehensive analysis, presenting a detailed segmentation and focusing on the manufacturing and sales dynamics of these critical automotive components. The scope of the study ensures an extensive review of factors influencing the market, regional evaluations, and a scrutiny of the competitive landscape.
Conclusively, the automotive shock absorber market exemplifies substantial growth potential amidst evolving vehicle dynamics and consumer preferences, with industry participants poised to capitalise on burgeoning opportunities within this sector. The detailed market research report provides valuable insights for stakeholders, strategists, and investors looking to navigate and excel in this vibrant marketplace.
A selection of companies mentioned in this report includes
ZF Friedrichshafen AG Magna International Inc. Tenneco Inc. Marelli Europe S.p.A.;Benteler Automotive Corporation Mando Corporation Sumitomo Riko Company Limited KYB Corporation Hitachi Astemo Ltd. Continental AG Moog Inc. Meritor Inc. Showa Corporation FOX Factory Holding Corp. Endurance Technologies Limited BWI Group DMA Sales Inc. Arnott Industries Denso Corporation KONI BV Datsons Engineering Works Pvt Ltd. Brinn Inc. ACDelco Corporation H&R Spezialfedern GmbH & Co. KG FCS Automotive International Inc. Ohlins Racing AB QBAutomotive LLC Kobe Suspension Co Pvt Ltd.
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Global Automotive Shock Absorber Market
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