According to the recent study, the motorcycle suspension system market is expected to register moderate growth during the forecast period owing to the increasing frequency of suspension replacement, growing population, and increased demand for comfort is expected to drive the growth of the market.
Proliferating Two-Wheeler Sales to fuel Growth of the OEM Manufacturing Units
A notable rise in the sales of two-wheelers around the world is propelling the growth of OEM manufacturing units in the motorcycle suspension system market. Lower fuel emissions, increasing efficiency, relative affordability, and convenient maneuverability are some of the vital reasons that have been instrumental in the burgeoning sales of two-wheelers around the world. The expanding two-wheeler market is anticipated to aid OEM manufacturers in gaining more than half of the motorcycle suspension system market share.
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Another vital reason behind the substantial rise in revenue generated by OEMs is the presence of leading multinational OEM brands in developing regions. Further, the per capita rise in the disposable income of the population in the region is causing a surge in the demand for high-powered scooters and motorcycles. The growth of the electric bike sector in the European region is also estimated to boost the demand for motorcycle suspension systems.
OEMs continue to bank on using passive suspension systems in two-wheelers owing to their simple design and durability. Demand for independent front suspension is estimated to remain high in the foreseeable future owing to the system providing an assortment of benefits such as better handling, steering, cornering, and stability while providing more comfort while riding the bike. In addition to this, its lightweight components do not add additional mass to the vehicle.
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APEJ to Remain at the Forefront of the Motorcycle Suspension System Market Growth
Bolstering industrial production, developing economies, and a steady proliferation of the automotive industry in APEJ are estimated to drive the growth of the motorcycle suspension system market in the region. The factors are anticipated to make APEJ the biggest market for the motorcycle suspension system market both in terms of volume and value. The motorcycle suspension system market in the Western European region is expected to steadily gain traction on the back of anticipated growth in the manufacturing and evolving automotive sector in the area. The motorcycle suspension system market is expected to grow at a moderate rate in the other regions around the world.
India and ASEAN are expected to outpace North America and Eastern Europe in terms of the development of production facilities in the region. Owing to this, the growth of the motorcycle suspension system market in these regions is estimated to be slower than the proliferation of the market in the other areas around the world.
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Leading Players look to Focus on Expansion in the Aftermarket
The motorcycle suspension system market remains highly consolidated with the top leading players accounting for 60% to 70% of the market share. Companies continue to focus on launching innovative products to gain an edge over their contenders in the motorcycle suspension system market. In addition to this, leading players are working towards expanding their market presence in the aftermarket especially targeting the South East Asian zone due to an assortment of lucrative opportunities on offer in the region. Other strategies followed by companies to expand their footprint in the motorcycle suspension system market include extending their services worldwide to capitalize on the growing demand. For instance, Indian-based motorcycle suspension system manufacturers plan to substantially increase exports to Australia, Europe, and North America to leverage the growing demand for suspension systems in these regions.
Some of the key players operating in the motorcycle suspension system market are Duro Shox Pvt. Ltd., BMW Motorrad, Gabriel India Ltd., KYB Corporation, Progressive Suspension Inc., Nitron Racing Shocks, ZF Friedrichshafen AG, SHOWA Corporation, K-Tech Suspension, Inc., WP-Group, Ohlins USA, Nitron Racing Shocks, BITUBO S.r.l., Tractive Suspension, ABE Bike Engineering, RST Suspension, Traxxion Dynamics, Mupor Srl, and Marzocchi Moto.
Additional Questions Answered in the Report
Apart from the aforementioned insights, the report answers the following vital questions about the motorcycle suspension system market:
- How has the motorcycle suspension system market performed in the recent past?
- How will the motorcycle suspension system market fare in the foreseeable future both in terms of value and volume?
- What are the key trends that impact the growth of the motorcycle suspension system market?
- What are the vital market dynamics prevalent in the motorcycle suspension system market?
- What are the key micro and macroeconomic industry facets that influence the motorcycle suspension system market growth?
- What are the key challenges that the motorcycle suspension market is facing?
- What are the lucrative opportunities on offer in the motorcycle suspension system market?
- What strategies do leading market players follow to maintain their consolidation in the motorcycle suspension system market?
- What level of competitiveness is prevalent in the motorcycle suspension system market and how has it changed during the years?