Automotive shock absorber companies specialize in designing and manufacturing shock absorbers and dampers for vehicles. These components enhance ride comfort, stability, and handling, ensuring a smooth driving experience on different road conditions.
*Disclaimer: List of key companies in no particular order
Latest Company Updates:
October 2023
The Anand Group's flagship company, Gabriel India, which has its headquarters in New Delhi and is a leading supplier of suspension components, including over 500 high-precision ride-control products like shock absorbers and dampers to two-, three-, four-, and commercial vehicle OEMs in India and abroad, is entering its next phase of growth.
To accomplish its long-term growth goals, the organisation is pursuing a four-pronged approach. While Gabriel India is optimistic about the continued demand for cars on the domestic market, which last year surpassed Japan to become the third-largest market for passenger cars, it is also working to increase its exports as more and more international OEMs consider reducing their reliance on China after Covid-19.
At its cutting-edge technology centres in Hosur and Chakan, the company performs extensive endurance, performance, and abuse-condition testing of its shock absorbers and dampers. All of the deployed equipment is from MTS, the industry leader in suspension testing solutions.
February 2023
The OESpectrum shock and mount assembly by Tenneco Inc. has been introduced to the Monroe line of shocks and struts. The part is preassembled, which removes the need for specialised tools and streamlines the installation procedure.
The top mount, shock, compression bumper, and dirt shield of the OESpectrum are comprised of excellent preassembled aluminium. The assembly uses valving technology to reduce harshness, noise, and vibration while maintaining compatibility with the original equipment design.
Because the valving is uniquely tailored to each vehicle and adapts to harsh road conditions, the PTFE-banded piston seals for control, durability, and handling are also improved. Greater consistency in damping control is made possible by the larger bore.
Top listed global companies in the industry are:
Automotive Shock Absorber Market Size was valued at USD 16.3 billion in 2023. The automotive shock absorber market industry is projected to grow from USD 17.2 billion in 2024 to USD 42.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.7% during the forecast period (2024 - 2030). An increase in sales of automobiles and a growing automotive aftermarket are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
There has been a noticeable rise recently in the desire for comfort in driving-related aspects, including handling, seating, and aerodynamics. It has increased demand for better automotive shock absorbers, which provide vehicles with more stability. The need for an automotive shock absorber is increasing as automakers equip their vehicles with new comfort features, including stability and lessened impact of bumps or speed breakers. For instance, in March 2019, GFG style, a business that designs cars, developed a system that connects fully adjustable 3-way adjustable shock absorbers to a hydraulic system.
By offering resistance to the vehicle's bounce, roll, and control, the automotive shock absorber also aids in maintaining the vertical loads exerted on the tires. They aid in achieving a balanced ride by reducing braking, dive, and acceleration squat. For instance, in September 2019, for the 2016–2019 Mazda MX-5 (ND chassis), KONI Shock Absorbers released the KONI Sport adjustable automotive shock absorber. It offers different spring seat and ride height settings, improving driving comfort and stability. Consequently, the demand for automotive shock absorbers is rising due to consumer demand for comfort and safety.
The automotive shock absorber industry's key players continue to invest a lot of money in improving their suspension systems, which has led to major improvements in design, functionality, and other factors. Stakeholders in the industry are deploying cutting-edge technologies like damping control, air dumpers, body roll control monitors, air spring ride height sensors, and automatic auxiliary suspensions. Implementing these cutting-edge suspension technologies will contribute to extending service intervals and the overall durability of the vehicle. Additionally, it is anticipated that these new automotive shock absorber solutions would improve overall handling, lessen tire wear, and offer vehicles with a high level of safety—a feature that will propel the market forward during the assessment period enhanced automotive shock absorber market CAGR across the globe in the recent years.
Businesses also produce electronic, ride-characteristic-adjustable automotive shock absorbers based on ECUs to increase power requirements. For instance, Vibracoustic produced an air springs system in November 2020 that includes switchable three-chamber air springs with an actively managed automotive shock absorber, an electronic control unit (ECU) made of software, and the integration of the system's parts into complete automobile vehicles. This system offers premium comfort and enhances a vehicle's overall performance, another factor driving the automotive shock absorber market revenue growth.
The Automotive Shock Absorber Market segmentation, based on technology, includes air shock absorbers, damping shock absorbers, active, and semi-active. The damping shock absorber segment held the majority share 2021 of the Automotive Shock Absorber Market revenue. The damper shock absorbers typically ensure cost-effective, reliable, and durable operations of the passenger cars, trucks, and light commercial vehicles to create a stiff ride in some passenger cars, such as the Maruti Suzuki Gypsy and Maruti Suzuki WagonR. Over the forecast period, these factors are anticipated to fuel demand for damper shock absorbers, particularly for passenger automobiles, which in turn fuels the expansion of the automotive shock absorber market.
The Automotive Shock Absorber Market segmentation, based on application, includes passenger cars, SUV trucks, heavy vehicles, e-vehicle, and others. The passenger car segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. The growing demand for pickup trucks and vans for commercial use is the main reason propelling the commercial vehicles segment in the worldwide shock absorber market. Additionally, it is anticipated that the increasing demand for commercial vehicles will increase the production of automobile parts and components, such as steering and suspension, high-volume engines, transmissions, and powertrain parts. During the forecast period, these factors are anticipated to work together to enhance demand for automotive shock absorbers in commercial vehicles, positively impacting the market growth.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Automotive Shock Absorber market accounted for USD 7.11 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The annual increase in vehicles on the road and the rise in demand for shock absorbers in the aftermarket are helping automotive shock absorber producers in China. China is a significant supplier of automotive shock absorber, with multiple domestic producers working with foreign businesses.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The North America automotive shock absorber market accounts for the second-largest market share. This is because the United States is one of the world's largest automobile markets, boasting a sizeable OEM and aftermarket sector. Due to the integration of multiple technologies and improvements, the United States continues to be one of the world's largest markets for automotive shock absorbers, making it a profitable niche for producers. Further, the US automotive shock absorber market held the largest market share, and the Canadian automotive shock absorber market was the fastest-growing market in the North American region.
The Europe Automotive Shock Absorber Market is expected to grow at the fastest CAGR from 2024 to 2030. Numerous well-known OEMs and producers of aftermarket parts are based in Germany. The aftermarket has benefited from an increase in automotive shock absorber replacements nationwide due to increasing vehicle age and more awareness of vehicle safety features. Moreover, the German automotive shock absorber market held the largest market share, and the UK automotive shock absorber market was the fastest-growing market in the European region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the automotive shock absorber market grow even more. Market participants are also taking various strategic initiatives to grow their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the automotive shock absorber industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global automotive shock absorber industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the automotive shock absorber industry has provided some of the most significant benefits. The automotive shock absorber market major player such as Meritor Inc (US), ZF Friedrichshafen (Germany), Gabriel India Ltd. (India), Hitachi Automotive Systems (Japan), and others are working on expanding the market demand by investing in research and development activities.
Showa Corporation is a maker of high-performance motorcycle, vehicle, and outboard suspension systems based in Gyoda, Saitama, Japan. Showa provided aircraft suspension and landing systems to several aircraft manufacturers as part of Japan's effort to improve its military capability in anticipation of World War II. In October 2019, along with Keihin and Nissin Kogyo, also partners of both Honda and Hitachi, Showa started to be incorporated into Hitachi Automotive Systems as their steering and suspension components supplier.
Also, American original equipment maker of car components, Tenneco, produces aftermarket ride control and emissions devices. Since November 5, 1999, it has been publicly traded on the New York Stock Exchange under the ticker code "TEN." It is a Fortune 500 corporation. In February 2022, Apollo Global Management will purchase Tenneco for $7.1 billion, according to a statement from the company. The purchase was finished in November 2022.
• Meritor Inc (US)
• ZF Friedrichshafen (Germany)
• Gabriel India Ltd. (India)
• Hitachi Automotive Systems (Japan)
• Showa Corporation (Japan)
• Tenneco Inc. (US)
• Thyssenkrupp AG (Germany)
• KYB Corporation (Japan)
• Mando Corp. (South Korea)
• Arnott Inc. (US)
• Zhejiang Sensen Auto Parts Co Ltd (China)
• Duro Shox Pvt Ltd (India)
• ITT Corporation (US)
• Magnetti Marelli S. P. A. (Italy), among others
March 2021: The Volkswagen Group has contracted with Mando Corp. for a 10-year, USD 1.25 billion deal to provide 50 million suspension systems for its forthcoming EVs and well-known vehicles.
February 2022: Meritor, Inc. and Cummins Inc. declared that they had signed a legally binding agreement in which Cummins will buy Meritor, Inc. for a reported sum of USD 3.7 billion.
February 2022: ZF established a new plant manufacturing automotive shock absorbers in India. The new production line, which has an installed capacity of 0.7 million units annually, will be a part of the regional headquarters of ZF, which is headquartered in Pune, India.
Air shock absorber
Damping shock absorber
Active
Semi-active
Passenger car
SUV truck
Heavy vehicle
Others
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Automotive Shock Absorber Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)