According to a market report, published by Sheer Analytics and Insights, The global shock absorber market was valued at $14.2 billion in 2022 and it is expected to reach $23.1 billion at a CAGR of 5% between 2023 and 2032. During the forecast period, the market expansion is anticipated to be aided by the aviation industry's growing demand for satellite communication solutions to enhance airline operations and air traffic management. In addition, the development of satellite communication in the connectivity field has compelled Satcom operators to provide worldwide Internet of Things solution deployment. Currently, satellites provide support for more than 2.7 million devices, including those utilized for military support, infrastructure, trade, environmental monitoring, and aviation. The introduction of the 5G network and several upcoming Medium Earth Orbit and Low Earth Orbit satellite launches are expected to accelerate the Satcom market's expansion.
The market for automotive shock absorbers is anticipated to grow as a result of factors including rising consumer demand for safety and comfort, the expansion of the automotive aftermarket sector, and rising demand for lightweight shock absorbers. The market expansion is nonetheless constrained by the varying cost of raw materials and the high maintenance costs of sophisticated suspension systems. On the other hand, the expanding electric vehicle sector and technological developments in shock absorbers are expected to provide the market's players with lucrative expansion prospects. Moreover, in recent years, there has been a noticeable rise in the desire for comfort in driving-related aspects including handling, seating, and aerodynamics. This has increased the demand for improved shock absorbers, which provide vehicles with more stability. Hence, these primary factors would propel the market growth during the forecast period.
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Furthermore, the need for shock absorbers is increasing as automakers equip their vehicles with additional comfort features including stability and lessened impact from bumps or speed breakers. Sales in the automotive sector have been steadily increasing around the world in recent years. The automation sector is facing enormous changes, particularly in developing nations like China, Mexico, India, Japan, Thailand, Indonesia, and South Korea. This is mostly because there is an increasing focus on vibration reduction to improve vehicle comfort. These rising factors are expected to create more growth opportunities for this market in the future.
On the other side, some factors could restrain the market in the future. For instance, among the fundamental components utilized in shock absorbers are lead, molybdenum, nickel, chromium, magnesium, silicon, and carbon. The cost of these raw materials is higher than that of plastic shock absorbers. Although plastic shock absorbers are inexpensive, they also have an impact on the environment and are sensitive to changes in the price of plastic on global markets, which are likely to halt the manufacture of shock absorbers.
According to the study, key players dominating the global shock absorber market are Asia Investments Pvt Ltd (India), Arnott Inc (U.S), BMW Group (Germany), Cummins Inc (U.S), Endurance Complete Solutions (India), General Motors (U.S), Hitachi (Japan), ITT (U.S), KYB Corporation (Japan), Mando Corporation (South Korea), Marelli Holdings (Italy), Showa Corporation (Japan), Tenneco (U.S), among others.
The Global Shock Absorber Market – by Vehicle Type:
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