The global motorcycle shock absorber market 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 for motorcycle shock absorbers is being fueled by the ongoing developments to enhance the rider's experience including better, handling, braking, friction, centralization of mass, and stability, resulting in a 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 has 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 the 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.
The onset of the COVID-19 pandemic had an inverse impact on the motorcycle shock absorbers 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 of production and sales of new vehicles during the initial months.
COVID-19 pandemic had hurt the demand due to the increase in restrictions, such as the imposition of lockdowns, travel ban, quarantine measures, and several other measures. The automotive sector witnessed a significant slowdown, during the pandemic. Moreover, the sales of two-wheelers had 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 like 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, that 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, designing shock absorbers for motorcycles. The company’s manufacturing plant has been spread 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 TO HAVE A MAJOR 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 the 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 transports. The ease in affordability of motorcycles encouraged people to purchase them rather than traveling via public buses and trains, which in turn, strengthened the market growth of the shock absorbers during the short run.
|Market size value in 2019||US$3,848.266 million|
|Market size value in 2026||US$4,546.337 million|
|Growth Rate||CAGR of 2.41% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Placement, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SHOWA CORPORATION, Öhlins Racing, Duroshox, Nitron Racing Shocks, MINGZHEN Industrial Holding Group Co., ltd, Chongqing Chuandong Shock Absorber Manufacturing Co., Ltd., WP Suspension, JAINSGU BRIGHT STAR SHOCK ABSORBER CO., LTD, KYB CORPORATION|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global motorcycle shock absorbers market?
A1. Motorcycle Shock Absorbers Market was valued at US$3,848.266 million in the year 2019.
Q2. What will be the global motorcycle shock absorbers market size by 2026?
A2. The global motorcycle shock absorbers market is projected to reach a market size of US$4,546.337 million by 2026.
Q3. What are the growth prospects for the global motorcycle shock absorbers market?
A3. The motorcycle shock absorbers market is projected to grow at a CAGR of 2.41% over the forecast period.
Q4. What factors are anticipated to drive the motorcycle shock absorbers market growth?
A4. The motorcycle shock absorbers market is expected to grow during the forecast period owing to the increasing production of motorcycles over the years.
Q5. Which region holds the largest market share in the motorcycle shock absorbers market?
A5. The Asia Pacific is expected to hold a significant share in the motorcycle shock absorbers market owing to the increasing usage of motorcycles.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL MOTORCYCLE SHOCK ABSORBERS MARKET BY PLACEMENT
6. GLOBAL MOTORCYCLE SHOCK ABSORBERS MARKET BY DISTRIBUTION CHANNEL
7. GLOBAL MOTORCYCLE SHOCK ABSORBERS MARKET BY GEOGRAPHY
7.2. North America
7.2.1. North America Motorcycle shock absorbers Market, By Placement
7.2.2. North America Motorcycle shock absorbers Market, By Distribution channel
7.2.3. By Country
184.108.40.206. United States
7.3. South America
7.3.1. South America Motorcycle shock absorbers Market, By Placement
7.3.2. South America Motorcycle shock absorbers Market, By Distribution channel
7.3.3. By Country
7.4.1. Europe Motorcycle shock absorbers Market, By Placement
7.4.2. Europe Motorcycle shock absorbers Market, By Distribution channel
7.4.3. By Country
220.127.116.11. United Kingdom
7.5. Middle East and Africa
7.5.1. Middle East and Africa Motorcycle shock absorbers Market, By Placement
7.5.2. Middle East and Africa Motorcycle shock absorbers Market, By Distribution channel
7.5.3. By Country
18.104.22.168. Saudi Arabia
7.6. Asia Pacific
7.6.1. Asia Pacific Motorcycle shock absorbers Market, By Placement
7.6.2. Asia Pacific Motorcycle shock absorbers Market, By Distribution channel
7.6.3. By Country
22.214.171.124. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. SHOWA CORPORATION
9.2. Öhlins Racing
9.4. Nitron Racing Shocks
9.5. MINGZHEN Industrial Holding Group Co., ltd
9.6. Chongqing Chuandong Shock Absorber Manufacturing Co., Ltd.
9.7. WP Suspension
9.8. JAINSGU BRIGHT STAR SHOCK ABSORBER CO., LTD
9.9. KYB CORPORATION
Nitron Racing Shocks
MINGZHEN Industrial Holding Group Co., ltd
Chongqing Chuandong Shock Absorber Manufacturing Co., Ltd.
JAINSGU BRIGHT STAR SHOCK ABSORBER CO., LTD
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