Automotive Gas Charged Shock Absorber Market

Automotive Gas Charged Shock Absorber Market Outlook

The global automotive gas charged shock absorber market share is estimated to gain a revenue of USD 3,671.90 million in 2023. Our automotive domain experts opine that automotive gas charged shock absorber providers can expect an average CAGR of 5.3% through 2033, with a forecast valuation of USD 6,154.30 million by 2033.

Attributes	Details
Automotive Gas Charged Shock Absorber Market Size, 2022	USD 3,487.00 million
Automotive Gas Charged Shock Absorber Market Size, 2023	USD 3,671.90 million
Automotive Gas Charged Shock Absorber Market Size, 2033	USD 6,154.30 million
Value CAGR (2023 to 2033)	5.3%

Top Trends Impacting the Sales of Automotive Gas Charged Shock Absorbers:

• Increasing sales of crossovers and SUVs are propelling the sales of automotive gas charged shock absorbers. This can be attributed to the utilization of powerful and more significant shock absorbers in these cars.
• Surging demand for aftermarket shock absorbers is projected to create an optimistic outlook for automotive gas charged shock absorbers. Various benefits of aftermarket shock absorbers over OEM shock absorbers, including an extensive selection range, the ability to enhance vehicle performance, and competitive prices, contribute to its high demand.
• Rising demand for premium shock absorbers is catalyzing the market growth of automotive gas charged shock absorbers, owing to their better ride comfort and handling, lowered fade, and surged durability.

Historical Growth of the Automotive Gas Charged Shock Absorber Market Vs. Forecast Outlook

Attributes	Details
Automotive Gas Charged Shock Absorber Market Size (2018)	USD 2,836.21 million
Automotive Gas Charged Shock Absorber Market Size (2022)	USD 3,487.00 million

The market valuation of automotive gas charged shock absorbers improved from USD 2,836.21 million in 2018 to USD 3,487.00 million in 2022. In the historical period, KONI, which is a leading market player in adjustable suspension technology, introduced a special active damper product line, as a part of its distinguished range of performance suspension solutions. The active dampers detect an individual’s driving style and the road condition, thus offering comfort, stability, and an exclusive ride.

In 2021, KYB introduced KYB Actimatic Damper System (KADS), an electronically controlled semi-active suspension system. It is intended for motorcycles that combine control technology and hydraulic technology. KADS gives the rider a feeling of being grounded, thus ensuring better control and constancy.

Over the assessment period, the market is anticipated to expand at a CAGR of 5.3% to achieve USD 6,154.30 million by 2033. Growth-inducing factors that are propelling the market forward include:

• Manufacturers' rising emphasis on integrating damping control technology in several vehicles, such as passenger cars, bikes, and heavy-duty trucks, is expected to propel sales of automotive gas-charged shock absorbers.
• Increasing focus of key players to develop new products and invest in innovations to widen their product portfolio.

Category-wise Insights

Demand for Passenger Cars Spearheading the Sales of Automotive Gas Charged Shock Absorbers

Leading Vehicle Type	Passenger Cars
Market Share % (2023)	57.8%

As per the latest market research by FMI’s analyst, the passenger cars segment accounts for 57.8% market share in 2023. The following factors are yielding segment growth:

• The increasing focus of governments across the globe on infrastructure and macroeconomics is projected to build momentum for the sales of passenger cars. This is projected to propel demand for utility vehicles and luxury cars.
• Increasing production and demand for passenger cars in emerging economies are projected to offer an optimistic outlook for automotive gas-charged shock absorbers.
• A rise in prominent manufacturers are focusing on product innovation, thus enhancing sales of these shock absorbers in passenger cars.

Twin-segment Shock Absorbers to Account for a Massive Market Share

Leading Design Type	Twin Segment
Market Share % (2023)	81.9%

Twin design type is in high demand, recording a market share of 81.9% in 2023. The following factors are catalyzing segment growth:

• Increasing demand for better handling and a smoother ride is augmenting the sales of twin automotive gas-charged shock absorbers, which have a separate chamber for oil and gas to facilitate better control of the damping forces.
• High versatility of twin-segment shock absorbers to be used in different vehicles, such as light vehicles and SUVs, makes them an ideal choice for aftermarket and OEM consumers.

Country-wise Insights

Canada to Observe Healthy Demand for Automotive Gas Charged Shock Absorbers

Country	Canada
Forecast CAGR % (2023 to 2033)	3.7%

The Canada automotive gas charged shock absorber market is projected to register a CAGR of 3.7% through 2033. The following factors are encouraging the sales of automotive gas charged shock absorbers:

• Surging industrial production and the consistently rising automotive industry are contributing to the demand for automotive gas charged shock absorbers.
• An increasing number of players launching improved products providing more comfort at an economical range. New shock absorbers that are nitrogen gas charged and possess velocity-sensitive valves provide passenger cars with better comfort at a competitive price.

Surging Demand for High-end Features in Automotives Propelling Market Growth in Germany

Country	Germany
Forecast CAGR % (2023 to 2033)	6%

The German automotive gas charged shock absorber market is anticipated to witness a CAGR of 6% through 2033. Mentioned below are the leading factors that are contributing to the market growth:

• An increase in consumers seeking vehicles with high-end features to experience comfort is amplifying the demand for shock absorbers in modern vehicles.
• Rising government initiatives to propel the adoption of EVs are creating a positive outlook for automotive gas charged shock absorbers.

Automotive Gas Charged Shock Absorbers Gaining Popularity in France

Country	France
Forecast CAGR % (2023 to 2033)	5.5%

The France automotive gas charged shock absorber market is estimated to observe a CAGR of 5.5% through 2033. Over the forecast period, the market is projected to expand owing to the following factors:

• Increasing popularity of gas-charged shock absorbers among high-end car manufacturers as they improve durability and performance by these shock absorbers.
• Upsurge in technological progressions in the automotive industry is providing an optimistic outlook for automotive gas charged shock absorbers.

Increasing Sales and Production of Vehicles in India Creating a Bright Outlook

Country	India
Forecast CAGR % (2023 to 2033)	6.6%

The India automotive gas charged shock absorber market is anticipated to expand at a CAGR of 6.6% through 2033. The following factors are yielding market growth:

• Accelerating the production of vehicles in the country is expected to catalyze sales of these shock absorbers.
• Rising demand for safety and comfort is augmenting the sales of automotive gas-charged shock absorbers.

Product Suppliers Making Efforts to Expand Their Presence in ASEAN Countries

Country	ASEAN
Forecast CAGR % (2023 to 2033)	6.2%

The ASEAN automotive gas charged shock absorber market is expected to register a 6.2% CAGR over the forecast period. Mentioned below are the leading factors that are propelling market growth:

• Increasing demand for performance-enhancing equipment in automotive and manufacturing sectors is propelling sales of automotive gas charged shock absorbers.
• Rising focus of product manufacturers to widen their presence in the aftermarket of ASEAN countries.

Plan of Action of Key Players Operating in the Automotive Gas Charged Shock Absorbers Market

On the competitive front, the market is characterized as pretty consolidated, with few market participants accounting for a significant market share. Key players are concentrating on enhancing their market presence in the aftermarket of Asian countries due to the lucrative opportunities offered in the region. Additionally, manufacturers based in emerging economies are boosting their exports to developed automotive markets.

Market participants are widening their product portfolio to present a multitude of gas charged shock absorbers to cater to the needs of various vehicle applications and types. In line with this, players can be seen researching and innovating gas charged shock absorbers that provide an elevated performance and durability. Market players are consolidating their market position by acquiring and merging with other firms, thereby gaining access to more resources and the latest technologies.

Key Developments in the Automotive Gas Charged Shock Absorbers Market:

• In November 2022, Apollo officially declared that it is acquiring Tenneco, a prominent manufacturer and marketer of automotive parts for aftermarket and OEM customers.
• The WN Group, in March 2021, signed a 10-year bond with Mando Corp. worth USD 1.25 billion to offer 50 million suspension systems for its upcoming EVs.

Scope of Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD 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	Gabriel India Limited; Samvardhana Motherson Group (SMG); ITT Corporation; Magneti Marelli S.p.A.; Tenneco Inc.; Meritor, Inc.; ZF Friedrichshafen AG; Hitachi Automotive Systems Ltd.; Showa Corporation; KYB Corporation; Thyssenkrupp AG; Arnott Inc.; ACDelco Inc.; Zhejiang Sensen Auto Parts Co., Ltd.
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization and Pricing	Available upon Request

Key Players Operating in Automotive Gas Charged Shock Absorbers Market

• Gabriel India Limited
• Samvardhana Motherson Group (SMG)
• ITT Corporation
• Magneti Marelli S.p.A.
• Tenneco Inc.
• Meritor, Inc.
• ZF Friedrichshafen AG
• Hitachi Automotive Systems Ltd.
• Showa Corporation
• KYB Corporation
• Thyssenkrupp AG
• Arnott Inc.
• ACDelco Inc.
• Zhejiang Sensen Auto Parts Co., Ltd.

Segmentation of Automotive Gas Charged Shock Absorbers Market

By Sales Channel:

• OEM
• Aftermarket

By Vehicle Type:

• Passenger Car
• LCV
• HCV
• Two Wheelers

By Design Type:

• Twin
• Mono

By Region:

• North America
• Latin America
• Europe
• Japan
• Asia Pacific Except Japan
• Middle East and Africa

Frequently Asked Questions

How Big is the Automotive Gas Charged Shock Absorber Market?

The automotive gas charged shock absorber market is to be worth USD 3,671.90 million in 2023.

What is the Growth Potential of Automotive Gas Charged Shock Absorber?

The market is predicted to expand at a CAGR of 5.3% through 2033.

What is the Future of the Automotive Gas Charged Shock Absorber Market?

The market is anticipated to account for USD 6,154.30 million by 2033.

Which Region Offers High Growth Prospects for Automotive Gas Charged Shock Absorber?

ASEAN is predicted to provide high growth opportunities.

Which Vehicle Type Utilizes Significant Amount of Automotive Gas Charged Shock Absorber?

Passenger cars are the significant consumer of these shock absorbers.