According to a press release by Technavio, the global automotive aftermarket shock absorbers market is estimated to grow by USD 1.12 billion from 2024-2028. The market is projected to grow at a compound annual growth rate (CAGR) of 4.15% during the forecast period. This growth is attributed to the increasing average age of passenger and commercial vehicles in North America and Europe. Key technologies in the market include hydraulic and gas-charged shock absorbers, actuators, microprocessors, sensors, and self-regulating systems.
The aftermarket suppliers offer upgraded and replacement shock absorbers for various vehicles, including cars, trucks, motorcycles, off-road vehicles, and industrial machinery. They also cater to electric and hybrid vehicles with specific designs. The market is driven by materials like lightweight alloys and advanced systems such as variable damping and data analytics, which enhance vehicle performance, handling, seating, and aerodynamics.
The report provides market segmentation by type (twin tube, mono tube), vehicle type (passenger vehicles, commercial vehicles), and geography (APAC, Europe, North America, South America, Middle East, and Africa). The APAC region is experiencing robust growth in the automotive aftermarket shock absorbers market due to factors such as the expanding automotive industry, increasing per capita income, and growing demand for passenger and commercial vehicles, particularly in China and India.
However, the automotive aftermarket is currently facing challenges due to decreasing vehicle sales, driven by trends in shared mobility, electric mobility, and autonomous vehicles. The market has also been significantly impacted by the COVID-19 pandemic, affecting major markets such as the US, China, India, Japan, Russia, and Europe.
Overall, the global automotive aftermarket shock absorbers market is expected to witness significant growth during the forecast period, driven by technological advancements and increasing demand for upgraded and replacement components in the automotive industry.
According to a press release by Technavio, the global automotive aftermarket shock absorbers market is estimated to grow by USD 1.12 billion from 2024-2028. The market is projected to grow at a compound annual growth rate (CAGR) of 4.15% during the forecast period. This growth is attributed to the increasing average age of passenger and commercial vehicles in North America and Europe.
The automotive aftermarket industry refers to the sector that provides services, parts, accessories, and solutions for vehicles after they are sold by the original equipment manufacturers (OEMs). This industry plays a significant role in the global automotive sector, as it caters to the needs of vehicle owners who are looking for replacement parts, upgrades, maintenance, and repairs. The aftermarket suppliers offer a wide range of products and services to meet the needs of different vehicle types and models.
Key technologies in the automotive aftermarket shock absorbers market include hydraulic and gas-charged shock absorbers, actuators, microprocessors, sensors, and self-regulating systems. These technologies are essential for enhancing vehicle performance, handling, and safety.
The aftermarket suppliers cater to various vehicles, including cars, trucks, motorcycles, off-road vehicles, and industrial machinery. With the rising demand for electric and hybrid vehicles, they also offer specific designs for these vehicles. The market is driven by materials like lightweight alloys and advanced systems such as variable damping and data analytics, which further enhance vehicle performance, handling, seating, and aerodynamics.
The automotive aftermarket shock absorbers market is segmented by type (twin-tube, mono-tube), vehicle type (passenger vehicles, commercial vehicles), and geography (APAC, Europe, North America, South America, Middle East, and Africa). The APAC region is experiencing robust growth in this market, primarily driven by the expanding automotive industry, increasing per capita income, and growing demand for passenger and commercial vehicles, particularly in China and India.
However, the automotive aftermarket is currently facing challenges due to decreasing vehicle sales, driven by trends in shared mobility, electric mobility, and autonomous vehicles. The market has also been significantly impacted by the COVID-19 pandemic, leading to a decline in demand and disruption in supply chains. Major automotive markets such as the US, China, India, Japan, Russia, and Europe have been affected by the pandemic.
Despite the challenges, the global automotive aftermarket shock absorbers market is expected to witness significant growth during the forecast period. This growth is driven by technological advancements and the increasing demand for upgraded and replacement components in the automotive industry. As vehicle owners prioritize maintenance and upgrades to extend the lifespan of their vehicles, the market for shock absorbers is expected to experience sustained growth.
For more information on the global automotive aftermarket shock absorbers market, you can visit the Technavio website at Technavio.
Overall, the automotive aftermarket industry is a vital part of the automotive sector, providing a range of products and services to meet the needs of vehicle owners. With the increasing demand for upgraded components and the evolving trends in the automotive industry, the aftermarket market is expected to continue growing and adapting to meet the changing needs of consumers.