According to Future Market Insights (FMI), the global two wheeler suspension system market is slated to expand at a CAGR of 4.4% in the forecast period, 2020 to 2030. Rising traffic congestion problems owing to growing car ownership has prompted vehicle owners to explore more fuel and cost-efficient personal means of transport, resulting in mushrooming motorbike sales. This is stirring sales prospects for two-wheeler suspension system. However, a notable drop was foreseen due to COVID-19 following a declining output.
“Increased investments in motorbikes owing to their high fuel economy and easy maneuverability are expected to push the two-wheeler suspension systems market forward, particularly in developing markets.” says an FMI analyst.
- North America to remain dominant despite COVID-19 scenario in the global market.
- Mono shock rear suspension systems will foresee wide adoption due to greater stability and maneuverability than dual shock suspensions.
- Motorcycles vehicle type is expected to grow at a CAGR of 5% over the forecast period.
- Aftermarket sales will be gaining traction in the global market due to the constant need for after sales maintenance.
- Rising traffic congestion problems experienced owing to increasing four-wheeled automobile ownership, obligating consumers to opt for quicker mobility alternatives such as two-wheeler is contributing to the market growth.
- Prolific growth in E-Commerce industry encouraging manufacturers to have diversify their product lines to incorporate two-wheelers suspension systems, thus driving market growth.
- Steady expansion of two-wheeler ownership as a result of rising fuel and gasoline prices complimenting market growth.
- High cost associated with the system can act as a deterrent in the global market.
- Risk of breakdown might pose a challenge to the markets expansion.
COVID-19 Impact on the Market
COVID-19 has notably impacted development prospects for the two wheeler suspension system market. On the other hand, recent months have been recognized favorable for market expansion. The production cycles across different markets are steadily returning to normalcy. However, as growth is anticipated to remain positive, sluggishness will endure by the end of 2021, as market player’s tackle with addressing vast demand-supply imbalances.
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Key companies operating in the global two wheeler suspension system market are Showa Corporation, KYB Corporation, ZF Friedrichshafen AG, Gabriel India Limited, Endurance Technologies Limited, WP Suspension GmbH, BMW Group, Duro Shox Private Ltd, Ohlins Racing, Marzocchi Motor, Nitron Racing Shocks, Progressive Suspension, Inc., K-Tech Suspension Limited, BITUBO Srl and TFX Suspension Technology.
Market players are engaged on extending their geographical footprint by increasing their contract acquisitions, partnerships, collaborations and production capacities. In addition, they are presenting tailor-made products according to consumers need, therefore pulling in a wider clientele.