PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616348
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616348
Off-Road Vehicle Shock Absorber Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Off-Road Vehicle Shock Absorber Market was valued at USD 17.3 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2032. The surge in off-road leisure activities and the rising demand for advanced off-road vehicles, especially among U.S. youth and adults, are key drivers of this market growth. As the youth increasingly engage in recreational pursuits like trail sports, motorcycle riding, and adventure sports, the demand for power sports vehicles has surged. Furthermore, the emergence of eco-friendly UTVs is not only raising awareness among non-users but also appealing to environmentally conscious consumers. Economic improvements, highlighted by rising per capita GDP and disposable income, alongside a growing urban populace, are propelling the industry expansion.
The overall off-road vehicle shock absorber industry is classified based on vehicle, product, sales channel, application, and region. The market categorizes vehicles into UTV, ATC, snowmobile, and off-road motorcycle segments. In 2023, UTVs commanded a dominant market share of approximately 50%, with projections indicating continued growth by 2032. UTVs' versatility across recreational, agricultural, and industrial domains solidifies their leading position in the off-road vehicle shock absorber market. Their capability to handle heavy loads and navigate tough terrains underscores the need for top-tier shock absorbers, ensuring both performance and comfort.
As UTVs gain traction in outdoor activities like hunting and camping, the demand for advanced shock absorber systems intensifies. The market segments end-use into OEM and aftermarket categories. In 2023, the OEM segment captured a substantial market share of around 64%. This dominance is largely attributed to the growing preference for factory-fitted, high-quality shock absorbers.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $17.3 Billion |
| Forecast Value | $30.7 Billion |
| CAGR | 6.5% |
Both consumers and manufacturers lean towards OEM shock absorbers for their reliability, compatibility, and warranty benefits, all of which enhance vehicle performance and lifespan. With leading automotive firms ramping up off-road vehicle production, the appetite for OEM shock absorbers is on the rise. In 2023, North America led the off-road vehicle shock absorber market, boasting a commanding share of over 70%. The region's varied terrains, from deserts to mountains, heighten the demand for off-road vehicles with sophisticated shock absorber systems.The allure of off-road motorsports, including Baja racing and motocross, further fuels this demand. Supportive government regulations promoting recreational vehicle use, combined with the presence of major manufacturers in the region championing innovative suspension technologies, bolster the adoption of off-road vehicle shock absorbers in North America.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates & calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market scope & definition
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Raw material supplier
- 3.2.2 Component supplier
- 3.2.3 Manufacturer
- 3.2.4 Technology providers
- 3.2.5 End user
- 3.3 Profit margin analysis
- 3.4 Technology and innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing recreational off-road vehicle usage
- 3.8.1.2 Rising demand for comfortable and safe rides
- 3.8.1.3 Growth in off-road sports events and activities
- 3.8.1.4 Technological advancements in shock absorber design
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High costs of advanced shock absorber systems
- 3.8.2.2 Availability of low-quality counterfeit products
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2021-2032, ($Mn, Units)
- 5.1 Key trends
- 5.2 ATV
- 5.3 UTV
- 5.4 Snowmobile
- 5.5 Off-road motorcycle
Chapter 6 Market Estimates & Forecast, By Product, 2021-2032, ($Mn, Units)
- 6.1 Key trends
- 6.2 Twin-tube shock absorbers
- 6.3 Mono-tube shock absorbers
- 6.4 Coilover shock absorbers
- 6.5 Air shock absorbers
Chapter 7 Market Estimates & Forecast, By Sales Channel, 2021-2032, ($Mn, Units)
- 7.1 Key trends
- 7.2 OEM
- 7.3 Aftermarket
Chapter 8 Market Estimates & Forecast, By Application, 2021-2032, ($Mn, Units)
- 8.1 Key trends
- 8.2 Utility
- 8.3 Sports
- 8.4 Recreation
- 8.5 Military
Chapter 9 Market Estimates & Forecast, By Region, 2021-2032, ($Mn, Units)
- 9.1 Key trends, by region
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Netherlands
- 9.3.7 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 AFCO Racing Products
- 10.2 Bilstein (ThyssenKrupp AG)
- 10.3 Eibach
- 10.4 Elka Suspension Inc.
- 10.5 Fabtech Motorsports
- 10.6 Fox Factory, Inc.
- 10.7 ICON Vehicle Dynamics
- 10.8 King Shocks
- 10.9 Koni (ITT Corporation)
- 10.10 KYB Corporation
- 10.11 Monroe (Tenneco Inc.)
- 10.12 Ohlins Racing AB
- 10.13 Old Man Emu (ARB 4x4 Accessories)
- 10.14 Pro Comp USA
- 10.15 Race Tech Suspension
- 10.16 Rancho (Tenneco Inc.)
- 10.17 Sachs Performance (ZF Friedrichshafen AG)
- 10.18 Skyjacker Suspensions
- 10.19 Teraflex
- 10.20 Walker Evans Racing
