As a core component of the automotive suspension system, automotive shock absorbers are crucial to enhancing driving comfort and safety. Currently, the global shock absorber market is expanding steadily, and China is playing an increasingly key role in it, moving from a ‘global factory’ to a ‘technology and innovation centre’.
1. The global market is growing steadily, and Asia-Pacific and China have become the core driving force.
According to the research data of QYResearch, the global automotive dampers and shock absorbers market size is estimated to be US$13,169.27 million in 2024, and is expected to continue to expand at a compound annual growth rate (CAGR) of 3.43% to reach US$16,823.17 million by 2031. This growth has been fuelled by the recovery and transformation of the global automotive industry, especially the explosive growth of the new energy vehicle market in the Asia-Pacific region, which has injected strong momentum into the industry.
2. China: the world's largest production base and a pivotal consumer market
Although European, American and Japanese manufacturers still dominate in terms of brand and technology, China has undoubtedly become the world's largest shock absorber producer.
Global dominance on the production side: China accounts for about 40.84% of the global production share, thanks to its increasingly sophisticated automotive industry chain, abundant labour resources and increasingly sophisticated manufacturing processes.
Consumer market leadership: In terms of regional market share, China has one of the largest single-country markets in the world with a global market share of 26.46 per cent in 2024. This is not only due to the huge volume of new car production and sales, but also inseparable from the after-sales demand brought about by the huge number of car ownership.
3. Growth Prospects: China Leads the World in Growth Rate
In the coming years, the growth momentum of the Chinese market will far exceed the global average. It is expected that the compound annual growth rate (CAGR) of China's shock absorber market will be as high as 4.35% during the period of 2025-2031, which is much higher than the global 3.43% and the U.S.'s about 3.00%. At this rate of growth, China's market size is expected to reach US$4,769.73 million by 2031, and its global influence will be further strengthened.
4. Huge aftermarket: a solid base for growth
China's car ownership will reach 336 million by 2023 and keep growing steadily. Given that the shock absorber is a key wearing parts related to safety, usually has a replacement cycle of 50,000-100,000 kilometres or 6-8 years, and therefore formed a huge and stable after-sales demand market. This ‘blue ocean’ for the domestic shock absorber suppliers to provide a solid performance guarantee, is an indispensable and important part of the market.
5. the policy and technology double-wheel drive, leading the industry's future changes
The future development of China's shock absorber industry is driven by two major factors:
1. Policy support: The Chinese government has actively introduced policies to support the automotive parts manufacturing industry to digital, intelligent transformation, and to encourage high-performance, lightweight products capacity building, laying a solid foundation for the industry upgrade.
2. Technological change: The transformation of the global automotive industry to electrification and intelligence is driving the development of shock absorber technology in the direction of intelligence (active adaptation to road conditions), lightweight (reducing energy consumption) and high-performance (improving handling). Domestic enterprises are increasing their R&D investment in order to seize the technological high ground in the field of new energy vehicle supporting.
Summary and Prospect
To sum up, China's automotive shock absorber industry has become an indispensable pole in the global pattern by virtue of its manufacturing scale and market volume. In the future, under the joint promotion of policy dividend, leading global growth rate, huge aftermarket and technological transformation opportunities, China's shock absorber industry will not only continue to expand its global market share, but also is expected to realise the rise of the value chain in the wave of intelligence and electrification, and move from a ‘manufacturing power’ to a ‘smart manufacturing power’. From ‘manufacturing power’ to ‘intelligent manufacturing power’. In the face of regional competition and technological challenges, Chinese enterprises still need to continue to improve the core technology innovation capacity, in order to win a broader future in the global market.
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