Automotive Gas Charged Shock Absorbers Market Trends [2031]

Report Description

Automotive Gas Charged Shock Absorbers Market Outlook 2031

The global automotive gas charged shock absorbers market size was valued at USD 3.4 billion in 2022 and is likely to reach USD 5.6 billion by 2031, expanding at a CAGR of 5.9% during 2022 – 2031. The growth of the market is attributed to the growing demand for the advanced and efficient automotive parts to enhance vehicles performance and comfort.

Increasing popularity and demand for SUVs is resulting in boosting the automotive gas-charged shock absorbers market growth. SUVs are typically larger and heavier than compact cars and sedans. The weight and size of these vehicles need a suspension system that provides stability and control for uneven or off-road terrain. Gas-charged shock absorbers are vastly used to enhance damping performance and better handle the additional load.

• According to the report published by the International Energy Agency on February 27, 2023, states that stated that SUV sales accounted for about 46% of global car sales in 2022. Furthermore, there has been a 3% increase in SUV sales between 2021 and 2022.

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Automotive gas-charged shock absorbers also commonly known as gas shocks or gas struts are essential components of a vehicle's suspension system. They are used for dampening the impact and vibrations generated when a vehicle travels over uneven or bumpy surfaces.

These shock absorbers consist of a piston inside a cylinder filled with gas and a hydraulic fluid. Additionally, they improve the handling and control of the vehicle especially during cornering and braking, as they help maintain tire contact with the road.

The research reports find that the COVID-19 pandemic hampered the market. The pandemic disrupted the production and supply chain of automotive components, including shock absorbers. Supply chain interruptions, factory closures, and decreased consumer demand for new vehicles resulted in reduced production and sales which further hampered the market growth.

Artificial Intelligence (AI) Impact on Automotive Gas Charged Shock Absorbers Market

Emergence of artificial intelligence is expected to propel the market. AI-driven technologies are being integrated into vehicle systems to optimize the performance of shock absorbers. AI continuously monitors road conditions and adjusts shock absorber settings in real time, ensuring a smoother and controlled ride. Furthermore, AI is also being used in the manufacturing and quality control processes for precise and efficient production.

Automotive Gas Charged Shock Absorbers Market Dynamics

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Major Drivers

Growth in the automotive industry is expected to drive the market during the forecast period. The automotive industry is producing a higher volume of vehicles to cater to the rising demand. Gas-charged shock absorbers are widely being used in the automotive to ensure that these vehicles provide a comfortable and safe driving experience. Furthermore, the increasing number of car purchases in baby boomers and Gen Z population is further fueling the market growth.

• As per the report published on September 2, 2022, reveals that Baby Boomers were the primary purchasers of new cars in the United States, accounting for approximately 36% of sales. In contrast, Gen X accounted for the majority of used car buyers, representing almost 40% of sales.

Existing Restraints

High production cost of automotive gas-charged shock absorbers is expected to hinder the market. This pricing factor deters buyers, especially in price-conscious segments and further reduces demand for the advanced gas-charged absorbers.

Emerging Opportunities

Increasing adoption of electric vehicles and hybrid vehicles is expected to create immense opportunities for the players competing in the market. These vehicles demand specialized shock absorbers to cater to their unique characteristics and weight distribution.

Manufacturers are developing advanced shock absorber solutions tailored to electric and hybrid vehicles. Moreover, the rising number of vehicle owners seeking to upgrade or customize their suspension systems is further boosting the market growth.

Scope of the Automotive Gas Charged Shock Absorbers Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Automotive Gas Charged Shock Absorbers Market Segment Insights

Design Type Analysis

Based on design type, the automotive gas charged shock absorbers market is divided into twin and mono. The mono segment is expected to hold a major market revenue share during the forecast period due to their growing demand for two-wheeler manufacturing. They are designed to disperse heat effectively which is important in high-performance and demanding driving conditions.

Gas charged shock absorbers ensure that the shock absorbers maintain consistent performance over extended periods while reducing the risk of overheating. Moreover, increasing the purchase of new motorbikes further propels the demand for mono gas charged shock absorbers.

• As per the report published on August 31, 2023, customers in the United States bought approximately 550,000 new motorcycles in 2021. Additionally, the retail sales have seen a surge compared to 2020 with 2021 marking the highest sales point for new motorcycles in the past ten years.

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Application Analysis

On the basis of application, the market is classified as aftermarket, and OEM. The OEM segment is anticipated to register robust growth during the forecast period owing to their importance in providing shock absorbers for new vehicles during the manufacturing process. This segment caters to the increasing global demand for new vehicles with advanced features.

Original equipment manufacturers collaborate closely with vehicle manufacturers to deliver customized shock absorber solutions that seamlessly integrate into new vehicles. These all factors are contributing to boosting the segment.

The aftermarket segment is expected to expand at a significant CAGR during the forecast period owing to the increasing demand for advanced equipment to customize and upgrade existing vehicles. The aftermarket offers consumers a choice to enhance their vehicles with advanced shock absorbers, improving ride comfort and safety.

Additionally, consumers often prefer auto aftermarket shock absorbers to tailor their vehicles to their specific needs and preferences which further boosts the market growth.

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Vehicle Type Analysis

In terms of vehicle type, the automotive gas charged shock absorbers market is fragmented into two wheelers, passenger car, LCV, and HCV. The passenger car segment is expected to hold a key market share during the projected period due to their rising demand for a high degree of comfort and driving experience within a car.

Passenger car owners generally place a high value on comfort during their daily drives. Advanced gas charged shock absorbers are widely integrated in passenger cars to minimize vibrations and shocks. Moreover, the high vehicle production volume of passenger cars further contributes to fuels the market growth.

Regional Outlook

In terms of region, the global automotive gas charged shock absorbers market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market due to the region's strong automotive industry presence with a high demand for quality shock absorbers.

North America is home to a large and diverse vehicle population, including a large number of passenger cars, trucks, and SUVs. These vehicles require dependable gas charged shock absorbers for safe and comfortable driving.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years due to the expanding middle-class population which is heavily investing in personal vehicles. These factors are fueling the need for quality shock absorbers to ensure a safe and comfortable driving experience. Many consumers in Asia Pacific prioritize ride comfort and safety in their vehicles leading to a growing demand for advanced shock absorbers.

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