Europe Shock Absorber Market , By Installed Vehicles

Growth Outlook

• The Europe Shock Absorber Market , By Installed Vehicles market is on a steady long-term growth path. Segment value stands at roughly USD 1638 Mn in 2021 and is projected to reach USD 2630 Mn by 2030 — a gain of about 61% over the forecast period, translating to a CAGR in the mid-single digits.
• The European shock absorber market is gaining significant demand due to the increasing number of installed vehicles in the region. Shock absorbers are essential automotive components that help in reducing the impact of bumps and rough roads on the vehicle.
• What the regional split looks like (2021): D-Segment leads, holding roughly 36% of segment value — the single largest regional share. C-Segment is the second-largest contributor. B-Segment, E-Executive Segment and A-Segment make up the remainder, in descending order.
• By 2030, D-Segment alone is expected to reach USD 1011 Mn, with C-Segment at USD 764 Mn.

Market Dynamics

The European shock absorber market is gaining significant demand due to the increasing number of installed vehicles in the region. Shock absorbers are essential automotive components that help in reducing the impact of bumps and rough roads on the vehicle. They are designed to absorb and dissipate the kinetic energy generated by the vehicle's suspension system, providing a smooth and comfortable driving experience. One of the main drivers of the demand for shock absorbers in Europe is the growing sales of passenger cars and commercial vehicles. The European Automobile Manufacturers Association (ACEA) reported a 1.2% increase in passenger car registrations in 2019, reaching over 15 million units. This rise in vehicle sales is attributed to the economic growth, availability of financing options, and the continuous launch of innovative and advanced vehicle models by manufacturers. Another factor contributing to the demand for shock absorbers in Europe is the increasing average age of vehicles on the road. According to the European Commission, the average age of cars in the EU in 2019 was 11 years. As vehicles age, the wear and tear of shock absorbers increase, leading to a higher need for replacements.

Additionally, the European Union's focus on implementing strict emission norms is encouraging vehicle owners to maintain their old vehicles instead of purchasing new ones, further boosting the demand for shock absorbers. Moreover, the growing trend of electric and hybrid vehicles in Europe is also propelling the market demand for shock absorbers. Electric and hybrid vehicles require specialized shock absorbers due to their unique suspension system and powertrain. As the adoption of these environmentally-friendly vehicles increases, so does the demand for customized shock absorbers. Furthermore, the high-performance and luxury car segment in Europe is another significant contributor to the demand for shock absorbers. These vehicles require advanced shock absorbers to provide a smooth driving experience and enhance the overall performance of the vehicle. With the rising disposable income and changing consumer preferences, the demand for luxury and high-performance cars is increasing, further driving the demand for shock absorbers in Europe. Overall, the demand for shock absorbers in Europe is fueled by the increasing number of installed vehicles, aging vehicle population, the rising trend of electric and hybrid vehicles, and the demand for high-performance and luxury cars.

This trend is expected to continue in the future, making Europe a key market for shock absorber manufacturers.

Research Methodology

Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2024.