Air suspension systems have practical applications on any motorcycle configuration and other vehicles. Highly influenced by the adaptability quotient, motorcycle suspension systems improve the vehicle’s ride characteristics and the overall function. The rising suspension replacement frequency, increasing populace, and augmented demand for comfort are anticipated to push the market growth for the motorcycle suspension system. As per the latest market research, the motorcycle suspension system market is likely to reach US$ 2.4 Bn by 2029 and will expand at CAGR of 5% during 2019-2029.
With the growing traffic congestion, scooters are in demand when compared to conventional motorcycles, because of their low price range, good stability, and easy handling. It is being opted by all age groups, especially females, teenagers, and aged citizens. Higher gasoline and the natural gas costs are also pushing users to choose two-wheelers rather than four-wheelers. This might positively influence the growth of OEM production units in the motorcycle suspension system market during the projected period. Also, building well-established direct sales-supply agreements with OEMs in the automotive sector is a major winning approach for market players.
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Demand for Aftermarket and Electronic Controlled Suspension Systems to Witness Rapid Growth
Although the motorcycle suspension systems market keeps on leading the sales by OEM, the aftermarket is anticipated to record the highest expansion during the estimated time frame. This trend is stronger in developed regions in which, suspension systems replacement rate is more prominent than the rest of the world. According to a study published by World Economic Forum, road conditions in Latin American, African, and South Asian nations are poor; thus, in these countries, the prospects for the aftermarket will be medium to high in the global market.
Presentation of advanced features, for example, electronic controlled suspension systems in conventional scooters and motorcycles are driving the market growth.
COVID -19 Impact Analysis
COVID-19 could influence the worldwide economy by directly impacting market demand and production, by supply chain disruption, along with its financial effect on firms. With the strict implementation of lockdown, quarantines along with cross border travel bans, it has brought effects on the automotive sector.
Now, with a little relaxation in lockdown, especially in Asian nations, makers are opting for various measures to cope up with the current scenario such as OEMs have set up disinfectant chambers at the plant, put out mandatory usage of personal preventive equipment(PPE), set about periodic sanitization, as well as made social distancing standards-essential as guided by the Government. Moreover, to ascertain the safety of the potential consumers, participants and dealerships are likely to embrace digitization.
The motorcycle suspension system market is fairly consolidated. Major players operating in the market include ZF Friedrichshafen AG, Gabriel India Limited, KYB Corporation, Showa Corporation, and BMW Group. These prominent market players hold a noteworthy market value share.
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