Hydraulic Shock Damper Market Size, Share, Growth, and Industry Analysis, By Type (Adjustable Shock Absorber, Non-adjustable Shock Absorber), By Application (Metalworking, Factory Automation, Material Handling & Packaging, Pharmaceutical & Medical, Others) and Regional Forecast to 2028

Updated On: 29 April 2024

HYDRAULIC SHOCK DAMPER MARKET REPORT OVERVIEW

The global hydraulic shock damper market size was USD 92 million in 2023 and the market is projected to touch USD 110.7 million by 2029, exhibiting a CAGR of 3.1% during the forecast period.

Hydraulic shock absorbers are critical components in various industrial applications and are designed to minimize the negative effects of unexpected shocks and impacts. As a consultant or industry expert in this field, it is important to understand the trends and growth opportunities for Hydraulic Shock Absorber.

Market research shows growing demand for these devices, mainly driven by the automotive, aerospace and manufacturing sectors. The global hydraulic shock absorber market is expected to grow significantly in the coming years due to industrial automation, increasing safety concerns, and improved equipment performance. This provides profitable opportunities for companies operating in this market to expand their product offerings and take advantage of the growing demand. It is an important requirement to ensure the safety of the vehicle. Increased global demand for automobiles, especially cars and motorcycles, coupled with the desire to drive smoothly to reduce shocks on rough roads, is expected to drive the demand for shock absorbers.

COVID-19 Impact: Market Growth Restrained by Pandemic due to 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 pandemic has caused a temporary global shutdown in many sectors. This temporary shutdown caused by the COVID-19 pandemic has adversely affected several industries, resulting in reduced revenues, reduced product sales, reduced production rates, unemployment and many other serious consequences. This caused a downturn in the economy, as most manufacturing facilities were closed or operating at half capacity. Due to the travel restrictions and closures imposed on the regions, passenger demand for transport has decreased significantly, which continues to affect turnover and investments.

LATEST TRENDS

"Increasing Adoption Of Advanced Technologies Such As Electromagnetic Shock Absorbers Drive Market Growth"

Some of the emerging trends in global shock damper include the increasing adoption of advanced technologies such as electromagnetic shock absorbers that offer better control and stability in various applications. The growing demand for shock absorbers in the automotive industry is boosting the growth of the market as more attention is given to the safety and comfort of cars. Additionally, the expanding aviation sector is increasing the demand for shock absorbers to improve aircraft performance and safety. The trend towards lightweight and compact shock absorbers is also gaining traction due to their advantages in reducing weight and improving the energy efficiency of machinery and equipment.

HYDRAULIC SHOCK DAMPER MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Adjustable Shock Absorber, Non-adjustable Shock Absorber.

Adjustable shock absorbers allow the user to adjust the damping force according to their needs, providing flexibility and adaptability.

Non-adjustable shock absorbers, on the other hand, have a fixed damping force and cannot be changed.

By Application

Based on application the global market can be categorized into Metalworking, Factory Automation, Material Handling & Packaging, Pharmaceutical & Medical, Others.

The metal industry uses these shock absorbers to improve the performance and safety of machinery and equipment.

In factory automation, hydraulic shock absorbers help minimize vibration and shock, ensuring smooth and efficient operation.

The materials handling and packaging industries rely on these dampers to protect goods from damage during transport. In the pharmaceutical and pharmaceutical industries, hydraulic shock absorbers are used to maintain the stability of sensitive processes and equipment.

Other industries also use hydraulic shock absorbers to meet their special requirements, such as automotive, aerospace and construction.

DRIVING FACTORS

"Growing Demand for Safety and Comfort to Accelerate Market Growth"

The desire for comfort has recently increased significantly in driving-related matters, including handling, seating and aerodynamics. This has increased the demand for better car shock absorbers that give vehicles more stability. The need for automotive shock absorbers is growing as car manufacturers equip their vehicles with new comfort features such as stability and reduced impact from bumps or speed. For example, in March2019, the car design company GFG style developed a system that combines fully adjustable 3-way shock absorbers with a hydraulic system.

"Increasing growing demand from various end-use industries propel Market growth"

The hydraulic shock absorbers market is primarily driven by the growing demand from various end-use industries such as automotive, aerospace and industrial machinery. The growing need to improve the safety and comfort of vehicles is also driving the hydraulic shock damper market growth. In addition, the increasing use of shock absorbers in heavy machinery and equipment will further increase the market demand. However, there are some limitations in the market, such as the high price of hydraulic shock absorbers and the availability of alternative solutions. In addition, the complexity of designing and manufacturing hydraulic shock absorbers poses challenges to market players. However, the expanding industrial sector in developing economies offers the market many growth opportunities during the forecast period.

RESTRAINING FACTORS

"Fluctuation of Raw Material Costs Impede Market Growth"

New trends can lead to an increase in costs, which can affect the global market. Even rising prices of raw materials can limit market expansion.

Shock absorbers require a wide range of raw materials such as carbon, silicon, chromium, magnesium, nickel, molybdenum and lead. The price of these raw materials is high compared to plastic shock absorbers. In addition, plastic shock absorbers are cost-effective, but also harm the environment and the price fluctuation of plastic in the international market, which is expected to make the production of shock absorbers more difficult.

HYDRAULIC SHOCK DAMPER MARKET REGIONAL INSIGHTS

"Asia Pacific Region Dominating the Market due to Presence of a Large Consumer Base"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America and Middle East and Africa.

During the forecast period of 2023-2029, North America region is expected to dominate the global hydraulic shock damper market share. By 2029, North America region is expected to hold the largest market share. This is because the US is one of the largest automotive markets in the world, with a significant number of OEMs and a large aftermarket industry. Thanks to the integration of many technologies and advances, the United States continues to be one of the largest markets for auto shock absorbers in the world, making it a lucrative pocket for manufacturers.

KEY INDUSTRY PLAYERS

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

The hydraulic shock absorbers market is significantly influenced by key industry players who play a key role in market dynamics and shaping consumer preferences. These key players have extensive retail networks and online platforms that provide consumers with easy access to a wide range of clothing options. Their strong global presence and brand recognition-built consumer trust and loyalty, leading to increased product uptake. In addition, these industry giants continuously invest in research and development, introducing innovative designs, materials and smart features to meet the changing needs and preferences of consumers. The joint efforts of these major players will significantly affect the competitive situation and the future of the market.

List of Market Players Profiled

• Parker Hannifin (U.S.)
• ITT Enidine (U.K.)
• ACE Controls (Germany)
• Zimmer Group (Germany)
• AVENTICS (Germany)
• Weforma (Italy)
• Modern Industries (U.S.)
• Hanchen (Germany)
• Koba (U.S.)
• Taylor Devices (U.K.)
• Wuxi BDC (China)
• IZMAC (U.S.)
• ZF (Germany)
• Tenneco (U.S.)

INDUSTRIAL DEVELOPMENT

"November 2022": Apollo announced the acquisition of Tenneco, a leading manufacturer and marketer of automotive products to OEM and aftermarket customers.

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.