Hood Struts Market to Reach $2.6 Billion by 2032 at 5.9% CAGR with 320 Million Unit Demand

The global Hood Struts market was valued at approximately $1.6 billion in 2023 and is projected to reach $2.6 billion by 2032, expanding at a CAGR of 5.9%. Rising global vehicle production, which exceeded 93 million units in 2023, along with increasing vehicle parc of over 1.5 billion units, is driving demand. Annual hood struts shipments surpassed 210 million units in 2023, reflecting a 5.8% year-over-year increase.

Historical Market Performance (2015–2023)

The Hood Struts market has demonstrated stable growth over the past decade. In 2015, the market size stood at $1.1 billion, increasing to $1.3 billion in 2017, reflecting a CAGR of 8.5%. Between 2018 and 2019, the market reached $1.45 billion, growing at 5.6% annually.

In 2020, the market declined slightly to $1.4 billion, reflecting a 3.4% contraction due to reduced automotive production. Recovery followed in 2021, with the market rebounding to $1.5 billion (7.1% growth), then $1.55 billion in 2022 and $1.6 billion in 2023, each growing at approximately 3–4% annually.

Year-over-Year Growth Trends (2020–2024)

The Hood Struts market has experienced moderate growth in recent years. From 2020 to 2021, growth increased by 7.1%, followed by 3.3% in 2022. Between 2022 and 2023, growth stabilized at 3.2%.

Preliminary estimates for 2024 indicate the market reaching $1.68 billion, reflecting a 5.0% YoY growth. The aftermarket segment accounted for 48% of total revenue in 2023, supported by replacement cycles averaging 5–6 years per vehicle.

Volume Analysis and Product Segmentation

Global hood struts production exceeded 215 million units in 2023, up from 185 million units in 2019, representing a CAGR of 3.8%. Gas-charged hood struts dominate the market with 82% share, followed by mechanical struts at 18%.

Steel-based hood struts accounted for 64% of total revenue, while aluminum variants held 26% share, and composite materials contributed 10%. High-durability hood struts saw a 6.4% YoY growth in 2023, driven by demand for long-lasting components.

Application and End-Use Insights

Passenger vehicles dominate the Hood Struts market with 74% revenue share, generating approximately $1.18 billion in 2023. Commercial vehicles contribute 26%, primarily in light and heavy-duty segments.

The aftermarket segment generated $768 million in 2023, growing at 5.6% YoY, compared to OEM demand growth of 4.3%. On average, each vehicle is equipped with 2 hood struts, with replacement demand rising as vehicle age exceeds 6 years.

Regional Market Breakdown

Asia-Pacific leads the Hood Struts market with a 45% share, valued at $720 million in 2023, driven by automotive production exceeding 52 million units annually. China and India together account for over 61% of regional demand.

North America holds 26% share, with market size reaching $416 million, growing at 5.1% YoY. The region benefits from a vehicle parc exceeding 300 million units, boosting aftermarket demand.

Europe accounts for 21% of the market, valued at $336 million, with steady growth of 4.7% annually. Latin America and the Middle East & Africa collectively contribute 8%, growing at 5.3% per year.

Industry Statistics and Competitive Landscape

The Hood Struts market is moderately consolidated, with the top five manufacturers accounting for 47% of global revenue. Leading companies generated over $750 million in combined revenue in 2023, with annual growth rates ranging from 5% to 8%.

Production efficiency improved by 12% between 2018 and 2023, while defect rates declined to below 1.9%. Additionally, over 39% of manufacturers adopted automated gas-filling technologies, increasing production capacity by 17%.

Investment Trends and Automotive Industry Influence

Global investments in automotive components exceeded $58 billion in 2023, with hood struts accounting for approximately 2.8% of total investments. Governments worldwide are investing heavily in automotive manufacturing and safety improvements.

In Asia-Pacific, automotive investments worth over $1.9 trillion are expected to drive component demand by 6.2% annually. In North America, infrastructure and automotive investments exceeding $600 billion are supporting steady growth in vehicle demand.

Additionally, safety and durability standards have increased adoption of premium hood struts by 21% since 2020.

Future Market Projections (2025–2032)

The Hood Struts market is expected to grow steadily over the next decade. By 2025, the market is projected to reach $1.8 billion, expanding at a 5.4% CAGR. By 2028, it is forecast to hit $2.2 billion, supported by increasing global vehicle production exceeding 105 million units annually.

By 2032, the market is expected to surpass $2.6 billion, with annual unit shipments reaching 320 million units. The aftermarket segment is projected to grow at a 6.1% CAGR, outpacing OEM demand at 5.0%.

Asia-Pacific will continue to dominate, adding over $900 million in incremental revenue, while North America is expected to exceed $650 million by 2032.

Technological Advancements and Product Innovation

Technological advancements are reshaping the Hood Struts market. Advanced gas-charged systems saw adoption increase by 27% between 2019 and 2023, improving lifting performance and durability.

Lightweight aluminum hood struts are growing at a 6.8% CAGR, reducing vehicle weight and improving fuel efficiency. Anti-corrosion coatings improved product lifespan by 18%, reducing replacement frequency.

Electric vehicle production, which exceeded 14 million units in 2023, is expected to drive demand for specialized hood struts by 8.7% annually, particularly in premium and electric vehicle segments.

Conclusion: Data-Driven Outlook for Hood Struts Market

The Hood Struts market is poised for consistent growth, expanding from $1.6 billion in 2023 to $2.6 billion by 2032 at a 5.9% CAGR. Strong automotive production, increasing aftermarket demand, and technological innovations are key growth drivers.

With global shipments projected to exceed 320 million units annually, and Asia-Pacific maintaining a 45% market share, the industry will continue to expand steadily. Rising investments, improved product durability, and evolving vehicle technologies will sustain long-term growth through 2032.

Read Full Research Study: https://marketintelo.com/report/hood-struts-market