Europe, Asia-Pacific and UAE Aftermarket Shock Absorber Market to Hit $10,289.46 Mn by 2032

The Europe, Asia-Pacific, and UAE aftermarket shock absorber market size was valued at $5,263.45 million in 2022 and is anticipated to reach $10,289.46 million by 2032, exhibiting a CAGR of 7.2% from 2023 to 2032.

An automotive aftermarket shock absorber is defined as a replacement component that is developed to dampen and control the movement of a vehicle's suspension system. It is primarily installed as a replacement for the original equipment shock absorbers offered by the vehicle manufacturer. Aftermarket shock absorbers are widely available from numerous manufacturers and suppliers and are often preferred for their performance characteristics, customization options, or cost-effectiveness compared to OEM parts. These components play a pivotal role in improving ride comfort, vehicle stability, and handling by absorbing and scattering the energy generated from road irregularities, bumps, and vibrations. This shock absorber comes in a range of designs, such as standard replacement shocks, performance shocks, adjustable shocks, or specialized shocks tailored to specific driving preferences or vehicle applications. In addition, it finds significant usage in the automotive aftermarket sector for different purposes, including vehicle maintenance, repair, customization, and performance upgrades.

Recently, there has been a growing trend toward vehicle customization and personalization, with numerous automotive owners seeking to improve their vehicles' performance, aesthetics, and functionality. In response to this, aftermarket shock absorbers deliver customization options, such as adjustable damping rates or specialized valving, enabling owners to personalize their vehicles' suspension systems to meet their specific preferences and driving needs. This has increased the growth prospects for the aftermarket shock absorber market across Asia-Pacific and Europe.

Aftermarket shock absorbers often gain wider traction in the automotive aftermarket industry, where this component has become essential for vehicle safety and performance. This has often led regulatory authorities and government bodies to introduce new norms and standards that facilitate automotive suppliers to ensure their products meet or exceed regulatory standards and certification requirements. Hence, the rising regulatory requirement for automotive suppliers ensures consumers safe and reliable replacement options for their vehicles, which in turn, drives the market growth.

Moreover, a lot of new evolving technologies are being developed to meet the rising needs of the aftermarket shock absorber market. These developments include adjustable damping systems, electronically controlled shocks, or innovative damping materials, which drive innovation and product development in the aftermarket. Aftermarket suppliers are constantly launching new and advanced shock absorber products with enhanced performance, reliability, and features, as a large consumer base is seeking the latest technological advancements. These aforementioned factors are likely to improve performance all around the shock absorber technology, expanding the growth outlook of the aftermarket shock absorber industry.

In addition, with an increasing number of end-users shifting towards aftermarket automotive components, market players in shock absorbers aftermarket have placed their focus on the expansion of their product portfolio. For instance, in April 2023, in April 2023, ZF Aftermarket introduced three new TRW products in India as part of its expansion plan to support one of its key business areas in the independent aftermarket. The products introduced in the Indian market include TRW shock absorbers, now manufactured in India, along with TRW brake discs and brake pads. Such product launches and developments are projected to pave the growth opportunities of the market.

However, the big limiting factor for this market growth may be the high cost associated with installing new or advanced suspension systems. The prospect of providing premium features in vehicles generally incurs additional expenses to consumers in the form of hardware, applications, and service charges, which is expected to restrain the market growth. Moreover, the serviceability of such vehicles is quite difficult and requires skilled workers, owing to several components and sensors. The complex structure of systems reduces the service life of vehicles. Thus, high initial cost and complex structure are expected to obstruct the growth of the aftermarket shock absorber market across Europe and Asia-Pacific.

Furthermore, Asia-Pacific is growing fast. This implies that there is a growing need for vehicle maintenance and performance upgrades, as consumers in this region are increasingly eager to invest in premium aftermarket products to enhance the ride comfort, handling, and overall driving experience of their vehicles, contributing to the growth of the aftermarket shock absorber market. Also, the expansion of the e-commerce sector and the need for better ways to improve vehicle safety have made this market grow even more. In addition, the competitive landscape across the aftermarket players in the Asia-Pacific encourages innovation and the adoption of cutting-edge technologies, which fuels the growth of the market in this region.

The Europe, Asia-Pacific and UAE aftermarket shock absorber market is segmented into type, vehicle type, and region. Depending on the type, the market is segregated into twin tube and mono tube. As a vehicle type, it is fragmented into large commercial vehicles, heavy commercial vehicles, trailers, and buses. Region-wise, the market is analyzed across Europe, Asia-Pacific, and UAE. Europe aftermarket shock absorber market is categorized into Germany, France, Italy, UK, Spain, Finland, Poland, Israel, Sweden, Denmark, Netherlands, Belgium, Ireland, and Rest of Europe. Asia-Pacific includes China, India, Japan, South Korea, Thailand, and Rest of Asia-Pacific.

KEY FINDINGS OF THE STUDY.

• By type, the mono tube segment is anticipated to exhibit significant growth in the aftermarket shock absorber market in the near future.
• By vehicle type, the trailers segment is projected to show significant growth in the market during the forecast period.
• By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players covered in the Europe, Asia-Pacific and UAE aftermarket shock absorber market report include Brighel SRL, Diesel Technic SE, Ferdinand Bilstein GmbH + Co. KG, Gabriel, Koni, Partex Italia s.r.l., Roberto Nuti Group, Sampa, Way Assauto s.r.l., ZF Friedrichshafen AG (Boge), Hitachi Astemo, Ltd., Airtac International Group, Arnott Suspension Products, LKQ Corporation, KYB Corporation (KYB), Magneti Marelli Parts & Services (MARELLI), Tenneco Inc., ThyssenKrupp AG, and HL Mando Corp.