Automotive Shocks and Struts Market Size, Share, Growth, and Industry Analysis, By Type (Shocks and Struts), By Application (Passenger Vehicles and Commercial Vehicles), Regional Insights, and Forecast To 2032

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AUTOMOTIVE SHOCKS AND STRUTS MARKET REPORT OVERVIEW

The global automotive shocks and struts market size was USD 0.39 billion in 2023 and the market is projected to touch USD 0.58 billion by 2032 at a CAGR of 4.4% during the forecast period.

The Automotive Shocks and Struts market is experiencing a notable transformation with the increasing integration of smart suspension systems into vehicles. Advanced sensor technologies and electronic control systems are being seamlessly incorporated into shocks and struts to create intelligent systems that can dynamically adjust to driving conditions in real-time. This innovative approach enhances ride comfort, improves handling, and ensures optimal performance, catering to the growing demand for a more sophisticated driving experience. The integration of smart suspension systems aligns with the broader automotive industry trends, including the development of connected vehicles and autonomous driving capabilities. As vehicles become more technologically advanced, the demand for intelligent shock absorbers and struts is expected to rise, signaling a paradigm shift towards smarter, more responsive automotive suspension solutions.

A key evolution in the market revolves around the increasing emphasis on sustainable and lightweight materials in the manufacturing of these components. Manufacturers are actively exploring materials that not only enhance the performance of shocks and struts but also contribute to fuel efficiency and overall sustainability. The use of advanced composite materials, including carbon fiber and high-strength alloys, is gaining prominence as they offer a favorable strength-to-weight ratio, contributing to reduced vehicle weight and improved fuel efficiency. This shift aligns with the broader automotive industry's commitment to sustainability and the development of greener technologies. Additionally, lightweight materials contribute to better handling and responsiveness, addressing both environmental concerns and performance expectations in the market.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Global supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a significant impact on the automotive shocks and struts market share. The global supply chain disruptions led to manufacturing delays and impacted the distribution of automotive shocks and struts. The initial lockdowns and reduced travel resulted in decreased vehicle production, affecting the aftermarket demand for these components. Economic uncertainties during the pandemic influenced consumer spending patterns, impacting the automotive market. However, as economies stabilized, the market witnessed a resurgence, driven by the need for vehicle maintenance and replacement parts.

LATEST TRENDS

"Integration of Smart Suspension Systems to Drive Market Growth"

A notable trend in the market is the integration of smart suspension systems. Advanced sensors and electronic control systems are being incorporated into shocks and struts to provide real-time adjustments based on driving conditions. This trend is driven by the automotive industry's pursuit of enhanced ride comfort, improved handling, and increased safety. The integration of smart suspension systems aligns with the broader automotive trend towards connectivity and autonomous driving capabilities.

AUTOMOTIVE SHOCKS AND STRUTS MARKET  SEGMENTATION

• By Type

Based on type the global market can be categorized into with Shocks and Struts.

Shocks, also known as shock absorbers, primarily function to dampen and control the movement of the vehicle's suspension system. They absorb shocks and vibrations caused by uneven road surfaces, enhancing stability and preventing excessive bouncing. On the other hand, Struts serve a dual purpose by incorporating a structural component along with the shock absorber function. Struts provide support to the vehicle's suspension system while also contributing to the vehicle's structural integrity. The choice between shocks and struts often depends on the vehicle's design, with some vehicles utilizing shocks on both the front and rear axles, while others employ struts in the front suspension.

• By Application

Based on application the global market can be categorized into Passenger Vehicles and Commercial Vehicles.

In the realm of Passenger Vehicles, including sedans, hatchbacks, and SUVs, shocks and struts play a crucial role in ensuring a smooth and comfortable ride for drivers and passengers. The emphasis in this segment is often on ride comfort, handling, and overall driving experience. In contrast, Commercial Vehicles, encompassing trucks, buses, and other heavy-duty vehicles, prioritize durability and load-bearing capacity. Shocks and struts in commercial vehicles are engineered to withstand the rigors of heavy loads and challenging road conditions, contributing to both safety and the longevity of the vehicle's suspension system. The differentiation in application highlights the tailored approach that the market adopts to meet the specific demands of diverse vehicle categories.

DRIVING FACTORS

"Focus on Vehicle Safety and Comfort to Boost the Market"

A primary driving factor for the market is the increasing focus on vehicle safety and comfort. Consumers and regulatory bodies emphasize the importance of safety features in vehicles. Shocks and struts play a crucial role in maintaining stability, handling, and overall ride comfort. As vehicle manufacturers strive to meet stringent safety standards and consumer preferences for smoother rides, the demand for advanced shocks and struts continues to grow.

"Aging Vehicle Fleet and Aftermarket Demand to Expand the Market"

The aging vehicle fleet worldwide represents another significant driving factor for the market. As vehicles age, the wear and tear on shocks and struts become more pronounced, necessitating replacements. The aftermarket demand for shocks and struts is thus fueled by the need for vehicle maintenance and the desire to extend the operational life of older vehicles. The increasing average age of vehicles on the roads contributes to sustained demand for replacement shocks and struts.

RESTRAINING FACTORS

"Price Sensitivity in Aftermarket to Potentially Impede Market Growth"

Despite positive market dynamics, the market faces a restraining factor in the form of price sensitivity in the aftermarket. Consumers in the aftermarket segment often prioritize cost-effective solutions for vehicle maintenance. The perception of shocks and struts as relatively expensive components can influence purchasing decisions. Manufacturers in the market are addressing this challenge by offering a range of products at different price points while emphasizing the quality and performance of their offerings.

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AUTOMOTIVE SHOCKS AND STRUTS MARKET  REGIONAL INSIGHTS

"North America Region Dominating the Market due to the Region's Large Vehicle Fleet"

North America is expected to be the highest automotive shocks and struts market growth. This growth is attributed to factors such as a large vehicle fleet, a strong aftermarket presence, and a robust automotive industry. The focus on vehicle safety standards, along with the prevalence of aging vehicles on the roads, contributes to the continued demand for shocks and struts in the North American market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Automotive shocks and struts market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF TOP AUTOMOTIVE SHOCKS AND STRUTS COMPANIES

• GKN (UK)
• Tenneco (U.S)
• ZF (Germany)
• KYB (Japan)
• Magneti Marelli (Italy)
• Bilstein (Germany)
• Monroe (U.S)
• Fox (U.S)
• KONI (Netherlands)

INDUSTRIAL DEVELOPMENT

January 2016: The latest industrial development in the market is the introduction of eROT, a novel ether-based suspension system developed by Audi, which offers greater storage capacity, more stability, and the ability to operate at a wider temperature range.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.