As per changing consumer buying behavior, motorcycle suspension system is gaining stature as a key performance indicator in motorcycles. The growth of the motorcycle suspension system market is directly related to the production and on-road fleet of two wheelers. Motorcycle suspension system market is anticipated to reach ~US$ 2.4 Bn by the end of 2029 and is expected to grow at ~5% CAGR in the forecast period of 2019-2029. Rising usage of motorcycles for recreational purposes is resulting in increasing demand for shock absorbers for long-distance touring.
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Motorcycle Suspension System Market Key Takeaways
- Establishing long-standing direct sales-supply agreements with automotive OEMs is a key winning strategy for market participants in the motorcycle suspension system market.
- A suspension system is one of the few noticeable components and is now gradually turning out to be among the deciding factors while purchasing a motorcycle.
- Suspension systems these days are being marketed as USPs of vehicles during new launches and advertisements by key players.
- Increasing recreational activities, including off-road biking, are an unevolved opportunity for market players to launch specific suspension systems to gain competitive advantages.
- Rising traffic congestion is an inescapable condition resulting in lengthy commutation time. This, in turn, is a key factor responsible for the inclination of customers towards motorcycles and is expected to subsequently contribute to the growth of the motorcycle suspension system market in the coming years.
- In the current scenario, scooters are trending as compared to conventional motorcycles, owing to their easy handling, good stability, and low price range. Scooters are being preferred by all age groups, especially aged citizens, teenagers, and females.
- Passive motorcycle suspension system technology is anticipated to remain popular across the globe in the motorcycle suspension system market.
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New players at global and regional levels can reap rich benefits by focusing on replacement and aftermarket sales, riding on the new trend of retrofitting and customizing motorcycles.
ASEAN Countries Emerging as Growth Hub for Market Players
The motorcycle suspension system market is fairly consolidated, with key market players such as Gabriel India Limited, ZF Friedrichshafen AG, Showa Corporation, KYB Corporation, and BMW Group accounting for significant share of the total market value. The participation of local companies carrying technical licensing agreements with foreign brands has substantially contributed to the development of the motorcycle production and assembly market in ASEAN countries.
Key participants in the motorcycle suspension system market are targeting ASEAN countries to win a competitive edge in Asia Pacific. Regions including North America and Europe have high preference for sports and cruiser monocycles as compared to standard ones. Manufacturers can develop suspension systems targeting the premium motorcycle segment in these regions.
The increasing demand for motorcycles in tier-2 cities and rural areas in developing countries of South East Asia and Eastern Europe is expected to fuel the growth of the motorcycle suspension systems market. Introduction of latest advanced features such as electronic controlled suspension systems in conventional motorcycles and scooters are ramping up the current market scenario.
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Know More About Report
The research report analyzes the total sales of motorcycle suspension systems on the basis of volume (units) and value (US$ Mn). The market is projected on the basis of factors such as automobile industry forecast, fleet on road, automotive aftermarket, and urbanization trend for motorcycles. The scope of the research report includes front and rear suspension systems used in standard, cruiser, sports, scooter, mopeds, and other types of motorcycles. In this research study, FMI has included scooters as a type of motorcycles.
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