Government initiatives to boost EV adoption are driving sales of automotive gas charged shock absorbers. The report highlights the leading role of passenger cars in driving demand, and profiles the top companies and their market share, ranking, and competitive landscape.
NEWARK, Del., Nov. 13, 2023 /PRNewswire/ -- The global automotive gas charged shock absorber market value is expected to rise from US$ 3,671.90 million in 2023 to US$ 6,154.30 million by 2033. This estimated growth is expected to be driven by an average CAGR of 5.3% in the automotive gas charged shock absorber market over the next decade.
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Rising sales of passenger and commercial vehicles are propelling demand for automotive gas charged shock absorbers for more comfort and safety. Besides, the surging adoption of EVs is augmenting the demand for automotive gas charged shock absorbers, as they require strong shock absorbers to ensure optimal ride handling and comfort.
Countries in Asia Pacific are projected to showcase higher growth prospects, thus motivating manufacturers to shift their attention to emerging economies of the region for higher returns on investments.
Evolving consumer preferences and growing awareness about ride safety and comfort are expected to catalyze demand for automotive gas charged shock absorbers. Automakers are also complying with the strict regulations related to vehicle emissions and security by integrating advanced shock absorber technologies in their vehicles, thus boosting investments in these products.
"Increasing research and development activities to enhance the shock absorber performance is projected to be a key factor in shaping the market dynamics. Moreover, innovative materials and designs are going to be instrumental in enhancing the overall effectiveness of the shock absorbers," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Scope of Automotive Gas Charged Shock Absorber Market Report
Attribute | Details | |
Forecast Period | 2023 to 2033 | |
Historical Data Available for | 2018 to 2022 | |
Market Analysis | US$ million for Value and Units for Volume | |
Key Regions Covered | North America, Eastern Europe, Western Europe, Latin America, SEA and Pacific, China, MEA | |
Key Countries Covered | The United States, Canada, Brazil, Mexico, Italy, France, the United Kingdom, Spain, BENELUX, Russia, Poland, India, Japan, ASEAN, and Oceania | |
Key Segments Covered | Sales Channel, Vehicle Type, Design Type, and Region | |
Key Companies Profiled |
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Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!
Key Takeaways from the Automotive Gas Charged Shock Absorber Market Report
- In North America, the United States and Canada both are projected to register a CAGR of 3.7% through 2033.
- In Europe, Germany and France are estimated to expand at CAGRs of 6% and 5.5%, respectively, through 2033.
- In Asia Pacific, India, and China are anticipated to account for CAGRs of 6.6% and 5.5%, correspondingly, through 2033.
- The ASEAN countries are forecast to expand at a CAGR of 6.2% through 2033.
- Based on vehicle type, passenger cars are expected to account for a market share of 57.8% in 2023.
- Based on design type, the twin segment is anticipated to acquire a market share of 81.9% in 2023.
Market Players Aiming for a Larger Market Share
Key players are strategizing on launching lightweight and durable materials to attract more customers. Apart from typical steps like acquisitions and mergers, new product launches, and research and development, the market players are expected to make their way into emerging countries with lucrative opportunities.
Given below are the recent market developments:
- Toyota Motor, in 2023, recorded an all-time high in the sales and production of vehicles across the globe for the year ending in March. Developments like these are projected to create a conducive environment for automotive gas charged shock absorbers.
- In August 2023, Ola Electric, which is a leading producer of electric two-wheelers, debuted two new models on August 15. Among these models is the Ola S1X electric scooter, which is expected to be based on a new Gen EV platform. The EV maker is projected to outfit the S1X with twin gas-charged shock absorbers at the rear and telescopic forks at the front.
- ZF Friedrichshafen AG, in 2020, acquired WABCO, which is a leading supplier of buses, trucks, and semi-trailers. WABCO's technological access is projected to assist ZF in extending its product portfolio.
Purchase this report now to get 20+ key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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