Automotive Aftermarket Shock Absorbers Market to grow at a CAGR of 4.15% during 2024-2028
The Automotive Aftermarket Shock Absorbers Market is expected to grow at a CAGR of 4.15% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.12 billion. The global Automotive Aftermarket Shock Absorbers Market is experiencing significant disruption from emerging trends such as shared mobility and electric mobility. Additive manufacturing, or 3D printing, is the leading trend in the market, particularly in the automotive industry, where it addresses high manufacturing costs for complex, low-volume products. Manufacturers are increasingly using this technology to create advanced automotive components with intricate designs and improved material compositions, such as lightweight shock absorbers. The benefits of additive manufacturing are expected to drive its rapid adoption among auto component manufacturers, boosting the market in the coming years.
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Technavio analysts predict that the Twin tube subsegment will lead the Type segment during 2024 and 2028. In the automotive aftermarket, twin-tube shock absorbers represent a popular choice for vehicle owners seeking enhanced performance and customization. These shock absorbers feature a design consisting of two tubes: an inner tube housing the piston and an outer tube functioning as an oil reservoir. This configuration enables effective heat dissipation, contributing to improved overall performance. The global aftermarket for shock absorbers is experiencing robust expansion, fueled by the surging demand for high-performance and customizable products. Key companies in this sector, such as Gabriel India and KYB, continue to innovate and deliver top-tier twin-tube shock absorbers, underscoring the significance of quality and technological advancements in the market.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Automotive Aftermarket Shock Absorbers Market Market include:
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There are several factors that are causing the market to flourish aging vehicle fleet with high number of in-use vehicle
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The Automotive Aftermarket Shock Absorbers Market encompasses the production, sales, and distribution of shock absorbers for passenger cars, motorcycles, light trucks, and other vehicles. Shock absorbers are a crucial component of a vehicle's suspension system, responsible for controlling the roll, bounce, and hydraulic system of the vehicle as it navigates the road. Made primarily of materials science and engineering, including metals, polymers, and hydraulic fluid, shock absorbers work in conjunction with springs, pistons, valves, and other components to absorb the energy generated from the vehicle's movement, ensuring optimal vehicle performance and handling. Automakers continue to invest in research and development to improve shock absorber technology, focusing on areas such as aerodynamics, seating comfort, and tire-road contact for enhanced vehicle ride and handling.
The global automotive aftermarket shock absorbers market is a segment of the broader automotive parts and equipment market, which encompasses businesses producing components and accessories for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Technavio's market analysis calculates the size of the global automotive components and equipment market by aggregating the revenues generated by manufacturers in this sector. Key growth drivers for this market include the increasing demand for electronic components in automobiles, such as electronic control units (ECUs), fueled by the rising sales of EVs, motorcycles, and PCs over the past decade.
The Automotive Aftermarket Shock Absorbers Market is experiencing significant growth, fueled by the aging vehicle fleet with high number of in-use vehicle. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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