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The Motorcycle Suspension Systems market size is forecast to increase by USD 222.39 million at a CAGR of 6.4% between 2022 and 2027. The growth of the market depends on several factors such as increased electrification of mechanical components in motorcycles, the advantages associated with it, and increasing motorcycle sales.
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This market report extensively covers market segmentation by channel (OEM and aftermarket), type (front suspension and rear suspension), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The OEM segment is estimated to witness significant growth during the forecast period. The OEM segment is a crucial driver for the global market, and the increased use of exhaust systems across the world is due to an increasing number of motorcycle users for commuting and longer-distance travel.
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The OEM segment was the largest segment and was valued at USD 367.34 million in 2017. Although developments in the OEMs segment are on the lesser side than aftermarket, which is witnessing continuous developments in material and design, based on new motorcycle sales, it is anticipated that the segment will continue to hold its leading position. Additionally, sport motorcycle OEMs will tend to offer from the factory or optional fitment during the forecast period due to strong demand from racing enthusiast customers.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased electrification of mechanical components in motorcycles is driving growth in the market. The demand for powered motorcycles is increasing worldwide because of their riding experiences and safety benefits. In addition to enhancing the rider's efficiency and experiences on the road, electric components also play a role. This demand is enabling rapid electrification of components, which were being used mechanically and act as a driver for the adoption of cruise control in motorcycles.
The worldwide demand for powered motorcycles is on the rise. A development in one element results in further components that increase the riders' efficiency and experience on the road. This demand is enabling the rapid electrification of mechanical components and driving the adoption of electronic suspension in motorcycles. Thus, such factors will boost the growth of the global market during the forecast period.
The development of electronic damping control to increase safety quotient is a key trend in . In developing the suspension systems for motorcycles, BMW Motorrad has been one of the front runners among original equipment manufacturers. The company developed the damping control system, which was the first to be equipped with a production motorcycle. This electronic system adjusts the damping as per the riding skills and road characteristics with the help of sensors.
Also, the system responds automatically to situations such as accelerating, braking, and cornering to ensure proper road contact. Other companies that have developed the damping control system are Ducati Motor Holding and Ohlin's Racing, and more companies are expected to focus on this technology during the forecast period, which will boost the growth of the global market during the forecast period.
The high development costs of complex design and performance electronic components are a major challenge faced by the motorcycle suspension system. Advances in the field of vehicle technology made it possible to use efficient, lightweight, reliable, and strong electronic components that could achieve optimum performance with minimal energy loss. In making the journey more relaxing and pleasant, these components have had a major role to play. The designers and developers of automotive systems are constantly working on new technologies that are leading to the electrification of several automotive systems.
However, with the development of such advanced systems, the cost of development is also increasing as several electronic components are being used in them. All the stakeholders within the value chain, from component producers and suppliers to clients, share in the increasing cost of development. The increase in the use of advanced electronics in suspension systems is expected to raise the cost of development, which, in turn, will restrict the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Hitachi Ltd. - The company offers such as namely Duroshox 50 CC two and three-wheeler shock absorbers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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APAC is estimated to contribute 87% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is expected to be the largest geographical segment of the global market during the forecast period. In view of the growing sales of motorcycles, the market with focus is projected to experience significant growth over the forecast period. India is a significant contributor and represents the largest market for in APAC.
Increasing income levels and the expanding middle-class population in emerging economies have increased the demand for heavyweight motorcycles in emerging economies of APAC, such as India and China. The increasing popularity of heavy motorcycles is boosting market revenue. The entry of global OEMs into emerging markets such as India, China, and Indonesia is driving the growth of the market in focus. This is attributed to the flat demand in mature markets and attractive domestic consumption in countries in APAC, which has enabled motorcycle part manufacturers to open up manufacturing facilities in APAC.
The market is witnessing continuous innovations and improvements in suspension system designs, driven by the demand for comfort and stability. With a focus on market expansion, attention is directed towards enhancing suspension replacement options, especially in the Asia Pacific region. Brand acceptance and regulatory support contribute to the growth of the motorcycle suspension system industry, catering to diverse age groups and genders.
Innovations like disc brakes and ABS systems further improve overall vehicle quality and safety, particularly in the Indian scooter market. Rising interest in motorcycle road trips and adventures also fuels the demand for improved suspension designs, contributing to moderate market growth. While traditional bikes remain popular among older riders, there's a rising interest among the youth and women demographic.
Overall quality is paramount, especially considering rental reasons and tourist destinations where motorcycles are often used. With a growing population and moderate market growth, there's an increased awareness of road safety and a desire for comfort among riders. The frequency of suspension replacement is a key consideration for riders, prompting manufacturers to focus on enhancing vehicle performance while ensuring durability and reliability.
As disposable income rises and road safety awareness increases, there's a surge in demand for motorcycles with better suspension systems, especially among younger demographics. With strategic partnerships and expansion activities, OEM manufacturers are poised to capitalize on this growing market, offering suspension solutions for conventional motorcycles, scooters, and off-road bikes.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Motorcycle Suspension Systems Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.4% |
Market growth 2023-2027 |
USD 222.39 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.6 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 87% |
Key countries |
US, China, India, Indonesia, and Thailand |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bayerische Motoren Werke AG, Duroshox Pvt. Ltd., Endurance Technologies Ltd., Hero MotoCorp Ltd., Hitachi Ltd., KYB Corp., Matris Srl, Mupo Srl, Nitron Racing Systems Ltd., Tenneco Inc., Penske Racing Shocks, PIERER Mobility AG, Fox Factory Holding Corp., ZF Friedrichshafen AG, K Tech Suspension Ltd., Arnott LLC, BITUBO Srl, Dah Ken Industrial Co. Ltd., GP Suspension, and TFX Suspension Technology |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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