The global two wheeler suspension system market experienced 4.3% blip in 2020, attributed to the onset of COVID-19. Growth is likely to remain sluggish until 2021, owing to production shortfalls experienced due to government imposed shutdowns and reduced demand.
However, a fillip is anticipated post-COVID-19, as consumers are likely to migrate from public transportation fearing infection, opting for an alternative approach to personal mobility. Hence, 2-wheeler sales are expected to rebound, restoring the market’s growth trajectory, albeit at moderate levels.
Compounding Traffic Congestion Problems
As urbanization picks up pace, per capita vehicle ownership has also risen. It is expected that the global two wheeler market shall cross 60 million by 2025. This is in response to growing traffic congestion problems experienced due to rising four-wheeled automobile ownership, compelling consumers to opt for quicker mobility alternatives.
The burden is especially high across developing countries in Asia. India especially represents a significant investment destination for 2-wheeler suspension system market players, with 90% of India using the road network for passenger traffic.
Likewise, in 2018, Americans spent an average of 97 hours a year on roads due to congestion, according to the 2018 Global Traffic Scorecard, costing the nation almost US$ 87 billion, with average cost per driver amounting to US$ 1,348. Based on these trends, the global two wheeler suspension system market outlook appears positive.
Prolific Developments in E-Commerce
In recent years, the global e-commerce market has expanded prolifically. According to UNCTAD, global sales reached US$ 25.6 trillion in 2018, representing an increase of 8% from 2017. Consequently, transportation services to deliver products is also increasing.
Most delivery services utilize two-wheelers to ensure fast and timely delivery of consumer products, leading to increased motorcycle, moped and scooter sales across the world. Their easy manoeuvrability across heavily congested roads makes two-wheelers an ideal choice for delivery agents.
Based on these aforementioned trends, demand for suspension systems across two-wheelers is aggrandizing. Over the years, numerous automotive manufacturers have diversified their product portfolios to include two-wheelers suspension systems.
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Increasing Fuel and Gasoline Prices
Increasing automotive ownership has exerted an upward trend in gasoline and fuel prices around the world. Consequently, consumers have experienced increased expenditure on vehicle maintenance, leading to them preferring cheaper alternatives. As a result, two-wheeler ownership is steadily inclining.
In addition, two-wheelers offer double the mileage of a typical car, thereby allowing owners to incur significant cost savings. On an average, a motorbike yields 43 to 56 miles per gallon of gasoline, which surpasses even the most fuel-efficient cars.
Manufacturers are capitalizing on this trend to introduce suspension systems aimed at achieving fuel economy. BMW’s F 750 GS motorcycles, for instance, is equipped with a water-cooled 4 stroke in-line two cylinder engine which helps achieve a maximum speed of 118 mph, yielding a mileage of 57 miles per gallon.
Two-Wheeler Suspension System- Regional Outlook
North America Two Wheeler Suspension System Market
In 2019, the North America two wheeler suspension market size was US$ 119.5 Mn, declining to US$ 112.1 Mn due to the COVID-19 induced trough. Albeit sluggish, growth prospects will rebound in the post-pandemic scenario.
As of August 2020, motorcycle sales across the United States declined by over 15%, as consumers increasingly adopt social distancing measures to curb the pandemic’s spread. Fortunately, as restrictions began easing in the latter half, sales are slowly rebounding.
As of today, nearly 8% of households (10 million) in the United States own at least one motorcycle. As a result of this increasing ownership, the two-wheeler suspension system market growth is likely to escalate.
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Europe Two Wheeler Suspension System Market
The European two wheeler suspension system market is anticipated to grow modestly, with y-o-y growth projections pegged at over 4%. Increased emphasis on vehicle engineering and streamlined equipment adoption for enhanced safety is augmenting two wheeler suspension systems applications.
The European Commission’s Mobility and Transport Division has established numerous safety standards to be complied with by two-wheeler manufacturers, thus paving way for suspension systems sales across the continent.
For instance, the Commission has made it mandatory for two-wheeler manufacturers to install anti-lock braking systems (ABS) to prevent front wheels from locking during emergency braking, thereby ensuring greater vehicular stability. Thus, sales of suspension systems equipped with shock absorbers are experiencing an increase, uplifting growth prospects.
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South Asia & Pacific Two Wheeler Suspension System Market
The South Asia & Pacific market is expected to grow the fastest, owing to surging two-wheeler ownership across developing countries such as India. Growth is likely to be underpinned by the presence of various manufacturers owing to favourable investment climates across these countries.
Gabriel India Ltd., for instance, is a prominent two-wheeler suspension system player, manufacturing a range of aftermarket suspension accessories, ranging from shock absorbers and front fork components to tyre and tube components.
Likewise, Endurance Technologies acquired Adler S.p.A for acquiring access to the latter’s technical know-how and intellectual property rights for developing clutches, gears and friction plates to OEM two and four wheeler manufacturers.
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Mono Shock Rear Suspension Systems to Hold Sway
By product type, the mono shock rear suspension systems are likely to be most preferred, owing to high manoeuvrability and greater stability compared to dual shock suspensions. Nearly 6 out of 10 two-wheelers are equipped with mono shock rear suspension systems.
In 2019, Hero Motocorp launched its Xpulse 200 motorbike across the Indian market, equipped with a 200cc engine and mono shock with 10 Step adjustable Gas Charged rear Suspension measuring 170mm and Telescopic Front Suspension measuring 190 mm respectively.
Motorcycles to Remain Dominant Vehicle Type
The motorcycles suspension systems segment is likely to be the most attractive market, likely to grow at nearly 5% CAGR throughout the forecast period. Increasing incidence of motorbike ownership across developing countries is expected to provide stimulus to market growth.
At the same time, scooters are expected to generate significant growth opportunities in the future. This expansion is largely credited to increasing ownership of electric two-wheelers with the objective of reducing carbon emissions and achieve environmental sustainability.
Opportunities Abound in Aftermarket Sales
The aftermarket sales of two wheeler suspension systems are expected to provide traction to the global market, spurred by the need for constant after sales maintenance of two-wheelers. The segment is expected to reach US$ 563.9 Mn by 2021.
Numerous aftermarket service providers such as TRW and Anand Group India specialize in providing parts such as automotive brake systems, suspensions, front fork components and shock absorbers.
COVID-19’s Impact on Two Wheeler Suspension System Market
The COVID-19 pandemic has eclipsed robust growth projections for the two wheeler suspension system market in the long-term forecast period. As governments imposed mandatory lockdowns to curb the virus’s spread, the automotive industry experienced adverse gaps in the demand-supply equation, with production targets diminishing drastically.
Consequently, allied markets such as those of spare parts, suspension systems, shock absorbers and braking systems all experienced major setbacks due to inadequate inventory. Fortunately, the past few months have recorded stability in operations, with governments lifting most restrictions, allowing automotive manufacturers to resume production.
As concerns about limited to no social distancing compel people to abstain from using public transport, they are investigating other travel alternatives. As a result, sales of motorbikes have escalated in recent months. For instance, British Automotive Giant Royal Enfield reported a 1.36% increase in domestic sales across India.
Likewise, Yamaha Motor India reported a 31% increase in sales from October, reaching a total of 60,176 units. Such promising sales figures are expected to peg the two wheeler suspension system trends on a positive trajectory throughout the short-run forecast period.
Two Wheeler Suspension System Market- Competitive Landscape
Future Market Insights has profiled the following market players in its two-wheeler suspension system landscape:
- Showa Corporation
- ZF Friedrichshafen AG
- KYB Corporation
- Endurance Technologies Limited
- Gabriel India Limited
- BMW Group
- WP Suspension GmbH
- Ohlins Racing
- Duro Shox Private Ltd
- Nitron Racing Shocks
- Marzocchi Motor
- K-Tech Suspension Limited
- Progressive Suspension, Inc.
- TFX Suspension Technology
- BITUBO Srl.
*This list is indicative- full details about the two wheeler suspension system players is available upon request.
Manufacturers are concentrating on expanding their geographical footprint by expanding their production capacities, collaborations, partnerships and contract acquisitions. Additionally, they are introducing tailor-made products as per customer requirements, thus attracting a wider clientele.
In 2019, Showa Corporation inked a sponsorship agreement with Honda Asia Dream Racing for the Asia Road Racing Championship. Under the agreement, the company provided racing front forks (twin chamber) and racing rear cushions (balance free rear cushion) to the vehicles used during the race.
In May 2020, ZF Friedrichshafen AG successfully completed the acquisition of WABCO with the objective of furthering a customer-focused powerhouse for commercial vehicle technology. WABCO is expected to function as an independent division within the company.
Recently, in December 2020, KYB Corporation announced the initiation of mass production for KADS, an electronically controlled suspension system for motorcycles which integrates control technology and hydraulic technology. The system is expected to be installed in Yamaha Motor Co. Ltd.’s TRACER9 GT model.
Two Wheeler Suspension System Market- Report Scope
Historical Data Available for
US$ Mn for Value & Units for Volume
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, Middle East & Africa
Key Countries Covered
U.S., Canada, Mexico, Brazil, Germany, Italy, France, U.K., Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Oceania, GCC, Turkey, Northern Africa & South Africa
Key Segments Covered
Product Type, Vehicle Type & Sales Channel
Key Companies Profiled
Showa Corporation, ZF Friedrichshafen AG, KYB Corporation, Endurance Technologies Limited, Gabriel India Limited, BMW Group, WP Suspension GmbH, Ohlins Racing, Duro Shox Private Ltd, Nitron Racing Shocks, Marzocchi Motor, K-Tech Suspension Limited, Progressive Suspension, Inc., TFX Suspension Technology and BITUBO Srl.
Market Overview, Key Market Trends, Key Success Factors, Demand Analysis, Market Background, COVID-19 Impact Assessment, Segmental Analysis, Regional Profiling, Market Structure Analysis and Competitive Landscape
Customization & Pricing
Key questions answered in the report
- How will the two wheeler suspension systems market grow until 2030?
The global two wheeler suspension system market is expected to reach US$ 2.3 Bn by 2030, owing to increasing two-wheeler ownership across emerging countries. However, a substantial blip was registered due to COVID-19 in the wake of declining output
- What drivers are likely to underpin the market growth?
Growing traffic congestion problems due to rising car ownership has led vehicle owners to investigate more cost and fuel-efficient personal means of transport, leading to burgeoning motorbike sales. This is uplifting prospects for two-wheeler suspension system sales
- Which is the most lucrative two wheeler suspension system market?
South Asia & Pacific is expected to attract maximum investment, particularly across India as it is the world’s largest two wheeler market. Hence, prominent manufacturers are expected to glean maximum revenue out of the South Asian economic giant in the forthcoming forecast period
- Which are the prominent two wheeler suspension system market players?
The global two wheeler suspension system market players profiled in this report are Showa Corporation, ZF Friedrichshafen AG, KYB Corporation, Endurance Technologies Limited, Gabriel India Limited, BMW Group, WP Suspension GmbH, Ohlins Racing, Duro Shox Private Ltd, Nitron Racing Shocks, Marzocchi Motor, K-Tech Suspension Limited, Progressive Suspension, Inc., TFX Suspension Technology and BITUBO Srl.
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- Telescopic Front Suspension
- Rear Suspension
- Mono Shocks
- Dual Shocks
- 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)