Motorcycle Shock Absorbers Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Placement (Front, Rear), By Distribution Channel (OEM’s, Aftermarket), And By Geography - Forecasts From 2021 To 2026

The global motorcycle shock absorbers market size is projected to witness a compound annual growth rate of 2.41% to grow to US$4,546.337 million by 2026, from US$3,848.266 million in 2019. The demand is being fueled by ongoing developments to enhance the rider's experience including better, handling, braking, friction, centralization of mass, and stability, resulting in much greater overall motorcycle performance. The market is expected to grow during the forecast period owing to the increasing production of motorcycles over the years which is anticipated to grow during the forecast period. The demand for motorcycles has witnessed a significant rise in recent years complemented by technological advancements which have led to feature-full vehicles. Moreover, the increasing environmental concerns coupled with the rising need for sustainable transportation are expected to continue driving the demand during the forecast period.

The trend is expected to pick up pace owing to the increasing adoption of e-motorcycles across the globe. It is due to supportive government regulations which are encouraging the adoption of e-vehicles. For instance, in February 2021, the Indian government announced its plan to support the electric bikes market in the country which is at around 1.5 million units currently. The government is providing subsidies for the buyers via its Faster Adoption and Manufacturing of Electric-Vehicles (FAME) scheme, which invests a total of INR 10,000 Crore in the market. the increasing trend of e-bike sales in India is an example of government and corporate efforts.

Additionally, the rise in the number of road accidents in two-wheelers has increased in recent years. To ensure better safety, the demand for enhanced shock absorbers witnessed significant growth.

COVID-19 impact on the motorcycle shock absorbers market

The onset of the COVID-19 pandemic had an inverse impact on the motorcycle shock absorber demand across the globe during the year 2020 owing to strict lockdowns that were imposed by governments to curb the widespread of the disease. This further caused severe disruptions in the supply chains and a halt in production and sales of new vehicles during the initial months.

The COVID-19 pandemic impacted the demand due to the increase in restrictions, such as the imposition of lockdowns, travel bans, quarantine measures, and several other measures. The automotive sector witnessed a significant slowdown, during the pandemic. Moreover, the sales of two-wheelers also dropped during the year 2020, due to the pandemic. The major reasons that the major players attributed to the sales are government shutdown and stopping production in factories, blocking of shipments, and distribution. By the year 2022, the market is expected to witness a revival in growth due to the relaxation in covid measures and economic recovery. Countries such as India and China are expected to register significant growth. Major motorcycle companies, such as Bajaj, and Hero stated that their production and sales had been expected to increase in the year 2021.

Improvements in technology for better performance

The market for motorcycle shock absorbers is expected to be driven by the improvements done in the production of shock absorbers in order to enhance their overall performance. The demand for enhanced motorcycle parts has risen exponentially owing to the rise in the number of bike riders in recent years. Key market players have been investing in the research and development of these products to emphasize overall performance improvements. 

Rise of OEMs

OEM stands for an original equipment manufacturer. These are known as motorcycle or bike parts and accessories, which are usually produced by the original motorcycle manufacturer, such as Showa Corporation, Duroshox, and others. The major advantage of OEM is that it provides brand new, advanced, latest, and original motorcycle parts. Moreover, major manufacturers have been providing warranties for the motorcycle’s shock absorber parts, which is expected to be a major factor in the overall market growth, in the coming years. Showa Corporation, one of the key players in the market, has been a major OEM supplier to Harley Davidson. Other players have also been making a significant impact in the market, in the past few years. For instance, Munjal Showa Limited, which had been in financial and technical collaboration with Showa Corporation has been operating one of the major OEM channels in the country. The company has been producing and designing shock absorbers for motorcycles. The company’s manufacturing plant has been spread over more than an area of 24075 sq mt in Delhi, India. KYB Corporation, one of the key players in the market, has also been one of the major original equipment manufacturers, globally. The company has sales offices in over 12 countries.

China is expected to account for a significant market share.

The key driver of the motorcycle shock absorbers market in China is the rapidly increasing population. According to the World Bank, 2019, the population of China was 1.398 billion, which is expected to surge in the coming few years. The increasing population of the country will in turn spike the demand for motorcycles in the country which will subsequently accelerate the demand for shock absorbers in the market.  In addition, the increasing production and sales of motorcycles owing to the low maintenance and costs in the country will further drive market growth. Furthermore, the government initiatives such as the public e-motorcycle sharing scheme to reduce pollution, improve the health of the citizens, and avoid congested urban areas will further contribute to the market growth of shock absorbers during the forecast period. Due to the Covid-19 pandemic, the demand for motorcycles slightly shot up in China as people preferred to purchase their motorcycles to avoid congested public transport. The ease in affordability of motorcycles encouraged people to purchase them rather than travel via public buses and trains, which in turn, strengthened the market growth of the shock absorbers during the short run.

Motorcycle Shock Absorbers Market Scope:

Segmentation:

• By Placement
  • Front
  • Rear
• By Distribution Channel
  • OEM’s
  • Aftermarket
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • France
    • Germany
    • Spain
    • UK
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others