Automotive Shock Absorber Global Market Report 2024

The automotive shock absorber market size has grown strongly in recent years. It will grow from $14.06 billion in 2023 to $14.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The expansion observed in the historical period can be ascribed to the implementation of vehicle safety regulations, a surge in vehicle ownership, heightened demand for comfortable transportation, increased popularity of off-road and performance vehicles, as well as urbanization and infrastructure development.

The automotive shock absorber market size is expected to see strong growth in the next few years. It will grow to $18.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The expansion anticipated in the forecast period is linked to the increase in electric and autonomous vehicles, the adoption of adaptive and smart suspension systems, global urbanization patterns, a heightened emphasis on vehicle customization, and growing concerns about environmental sustainability. Key trends projected for the forecast period encompass partnerships in research and development, technological progress in suspension systems, advancements in materials and coatings, personalized driving modes, and the implementation of energy harvesting shock absorbers.

The automotive shock absorber market is anticipated to experience growth in the future, driven by the rising demand for automobiles. Automobiles, commonly referred to as cars or vehicles, are self-propelled wheeled vehicles designed for road transportation. Shock absorbers are utilized in automobiles to manage suspension movement and ensure continuous contact between the tires and the road surface. For instance, in March 2022, the European Automobile Manufacturers' Association (ACEA), the lobbying and standards group for the automobile industry, reported a 5.5% increase in the sales of passenger cars in the US from 2020 to 11.9 million units in 2021. Additionally, approximately 6.3 million passenger cars were manufactured in US auto facilities in 2021, contributing to the demand for automobiles and subsequently fostering the growth of the automotive shock absorber market.

The increasing demand for tires is also expected to drive the growth of the automotive shock absorber market in the future. Tires, cylindrical structures filled with air or made of solid rubber, are mounted on vehicle wheels to provide a resilient and durable contact surface with the road or ground. Automotive shock absorbers play a crucial role in maintaining constant contact between tires and the road during acceleration, braking, and cornering to ensure optimal traction. For instance, in August 2023, Tire Grades, a US-based website offering information about automotive tires, reported the annual sale of 300 million tires in the US. Consequently, the growing demand for tires is a key factor propelling the expansion of the automotive shock absorber market.


A prominent trend gaining traction in the automotive shock absorber market is the emphasis on product innovations. Leading companies in the automotive shock absorber sector are embracing inventive products to maintain their market standing. For example, in June 2021, ZF Friedrichshafen AG, a Germany-based provider of auto components, unveiled an assembly tool kit for automotive shock absorbers. This tool kit, designed to replace a variety of specialized tools, adheres to vehicle manufacturer specifications, enabling the precise installation of replacement components with Original Equipment (OE) repair instructions. Notably, the tool's ergonomic design and compact construction make it well-suited for use in confined installation environments. The kit includes tools such as a dual-mass flywheel testing tool, a clutch disc lateral runout tester, a clutch centering set for trucks, and equipment for replacing the XTend self-adjusting clutch in automobiles and vans.

Major players in the automotive shock absorber market are strategically introducing advanced solutions, including shock absorbers tailored for Class 7 and 8 commercial vehicles, to gain a competitive advantage. These heavy-duty shock absorbers are engineered to enhance ride quality, vehicle safety, and stability for trucks. For instance, in May 2021, Dayton Parts, a US-based replacement parts manufacturer, launched CARGOMAXX HD shock absorbers. Equipped with a nitrogen gas-charged system for faster response to road changes and reduced fade, this product is available in three models - cab shocks, standard-duty shocks, and steering damper shocks. These shock absorbers are particularly suitable for linehaul trucks, tractors and trailers, vocational and last-mile delivery vehicles, as well as school buses.

In November 2022, Apollo Global Management Inc., a US-based Private Equity firm, completed the acquisition of Tenneco for an undisclosed amount. This acquisition is expected to enhance Apollo Global Management Inc.'s automotive product category, with Tenneco being a US-based automotive component manufacturer specializing in the production of automotive shock absorbers. The move is anticipated to strengthen their position in the market, allowing for the delivery of innovative client solutions and facilitating accelerated growth.

Major companies operating in the automotive shock absorber market report are 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.

Asia-Pacific was the largest region in the automotive shock absorber market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive shock absorber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive shock absorber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The principal categories of automotive shock absorbers encompass single-tube shock absorbers and twin-tube shock absorbers. Single-tube shock absorbers, also identified as monotube shock absorbers, belong to the hydraulic suspension component category. These shock absorbers are available in hydraulic and gas-filled variants, featuring technologies such as air shock absorbers, damping shock absorbers, as well as active and semi-active systems. These products find application through diverse sales channels, including original equipment manufacturers (OEM) and the aftermarket, catering to passenger cars, SUV trucks, heavy vehicles, e-vehicles, and other segments.

The automotive shock absorber market research report is one of a series of new reports that provides automotive shock absorber market statistics, including automotive shock absorber industry global market size, regional shares, competitors with an automotive shock absorber market share, detailed automotive shock absorber market segments, market trends and opportunities, and any further data you may need to thrive in the automotive shock absorber industry. This automotive shock absorber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive shock absorber market consists of sales of products such as coil springs, leaf springs, and struts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.