Future Market Insights’ (FMI) recently published report on the global two wheeler suspension system market provides an unbiased yet exhaustive coverage on prevailing growth trends for the 2022-2030 forecast period. The study opines that the decline in demand for two wheeler suspension systems will be offset in the next couple of years due to growing preference toward personal mobility over public transport.
Despite COVID-19’s recessionary impact in the current year, manufacturers anticipate a surge in growth prospects, attributed to growing incidence of two-wheeler ownership, including scooters, bicycles and motorbikes. Hence, demand for suspension systems is likely to remain sustained in the remainder of the short-run forecast.
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Key Takeaways
- Global two wheeler suspension system market to register 4.9% value CAGR through 2030
- Mono shock rear suspension systems to surpass half-a-billion-dollar mark by 2022-end
- By vehicle type, motorcycle suspension systems to generate nearly 60% revenue by 2021
- Aftermarket sales to generate significant growth opportunities in the upcoming forecast period
- South Asia & Pacific to emerge as an attractive investment destination, with India emerging as a potential cash cow
“Increased investments in motorbikes due to their easy maneuverability and high fuel economy are anticipated to propel the two-wheeler suspension systems market forward, especially in emerging markets,” opines the FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has massively disrupted the global automotive industry, leading to major supply chain impediments and decline in production targets due to government imposed shutdowns. This has significantly impacted growth prospects for the two wheeler suspension system market.
However, recent months have proven favorable for market growth. In India, for example, wholesale dispatches from two-wheeler companies to domestic market expanded by 14% in September 2020, attributed to inventory refilling by OEMs in wake of stabilizing supply chains.
Likewise, production cycles across other markets are gradually reverting to normalcy. However, while growth is expected to remain positive, sluggishness is expected to prevail until 2021-end, as manufacturers grapple with addressing vast supply-demand disequilibria.
Competitive Landscape
The global two wheeler suspension system market is interspersed with the presence of numerous regional and global level players. Some prominent players include Showa Corporation, ZF Friedrichshafen AG, KYB Corporation, Endurance Technologies Limited, Gabriel India Limited, BMW Group, WP Suspension GmbH, Ohlins Racing, Duro Shox Private Ltd and Nitron Racing Shocks.
A combination of strategies, ranging from acquisitions, collaborations, capacity expansions and product launches characterize the aforementioned players’ expansion tactics. For instance, in May 2020, Endurance Technologies acquired a 100% stake in Italian company Grimeca for acquiring its braking solution business.
Around the same time, ZF Friedrichshafen AG closed its acquisition of WABCO in order to expand its commercial vehicle technology business, with the latter functioning as an independent unit of the company.
Regarding product development, WP Suspension GmbH announced the launch of its WP XPLOR 6500 Cartridge motorbike, equipped with a closed cartridge technology, providing reduced cavitation risk and high longevity to the ride.
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Key Segments
Product Type
- Telescopic Front Suspension
- Rear Suspension
- Mono Shocks
- Dual Shocks
Vehicle Type
- Motorcycles
- Scooters
- Mopeds
Sales Channel
- OEM
- Aftermarket
Region
- North America (U.S & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Russia, Spain & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Oceania & Rest of South Asia & Pacific)
- Middle East & Africa (GCC, Turkey, Northern Africa, South Africa & Rest of MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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