Shock Absorbers – Offering Smooth Rides Since Many Years
Shock absorbers are considered to be the most essential components of the suspensions of two-wheelers. The primary function of a shock absorber is to lessen the shock impacts while riding a two-wheeler and further offer a smooth ride. These shock absorbers work in fluid mechanism as they work through the displacement of fluid during its phase of expansion and compression of the spring component.
The global motorcycle shock absorber market is poised to show nominal growth throughout the course of the next five years. The major factors that are responsible for the market growth include the significant increase in the demand for two-wheelers, especially in the developing economies due to the presence of a considerably large population base that cannot afford cars. Furthermore, two-wheelers further offer easy mobility on congested roads which is also a key factor bolstering the adoption of them in highly populated countries such as India and China among others. The market is also poised to witness a decent growth over the next five years due to the constant participation of market players in the development of new and enhanced shock absorbers that are even lighter and highly durable. The graph below represents the global motorcycle shock absorber market size that shows the market reached US$4,433.888 million by 2025 from US$3,848.266 million in the year 2019.
Global Motorcycle Shock Absorbers Market, Forecasts From 2019-2025, in US$ Million
Source: Knowledge Sourcing Intelligence Estimates
Furthermore, the growing consumer requirements regarding smooth mobility has further led to the adoption of advanced suspension systems by two-wheeler manufacturers with an aim to add comfort to their bikes and further offer enhanced comfort to the riders. For instance, in December 2019, TVS, a multinational motorcycle company based out of India launched a new motorcycle that was equipped with an adjustable shock-absorbing system. However, the market may be restrained by the fact that in the developing and underdeveloped economies the customers are still inclined towards getting their shock absorbers repaired rather than getting them replaced which is comparatively less costly than the replacement costs of shock absorbers, thus negatively impacting the growth to some extent during the next five years.
The market for shock absorbers is projected to witness a considerable growth on account of the growing demand and growing penetration of electric two-wheelers in many countries around the globe. This can be backed up by the fact that global electric motorcycles and two-wheeler market has shown significant growth in the past years. For instance, the market for electric motorcycles and two-wheelers reached US$16.087 billion by the year 2024 from US$11.798 billion in the year 2019 (Source: Knowledge Sourcing Intelligence).
Global Electric Motorcycles and Scooters Market, Forecasts From 2019-2025, in US$ Million
Source: Knowledge Sourcing Intelligence Estimates
The market for these two-wheelers is poised to grow on account of the burgeoning requirements regarding the use of those greener mobility technologies that are aimed towards the preservation of the environment. Furthermore, several government initiatives that are further aimed towards the promotion of electric two-wheelers further play a significant role in widening up the opportunities for the manufacturers over the next five years.
The global motorcycle shock absorber market has been segmented on the basis of placement, distribution channel, and geography. On the basis of placement, the market has been segmented on the basis of the front and rear. On the basis of the distribution channel, the market has been classified into OEMs and aftermarket. Geographically, the market has been distributed on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By placement, the front segment is projected to hold a substantial market share throughout the course of the next five years. The major factor responsible for supporting the significant share of this segment is that the majority of the two-wheelers are equipped with two shock absorbers at the front as it offers better handling and comfort while riding. Furthermore, to support the handling of the two-wheelers better and advanced shock absorbers are equipped in the front. Furthermore, the rear segment is expected to witness a considerable growth throughout the course of the next five years. The key factor bolstering the growth of this segment is the constant participation of both two-wheeler manufacturers towards equipping mono-shock absorption systems in high end as well as in standard bikes also.
By the distribution channel, the aftermarket segment is projected to witness a substantial growth throughout the forecast period primarily on account of the rising requirements for the replacement of shock absorbers as their life span is limited and these are required to be replaced as their efficiency reduces due to the wear and tear. Also, the availability of custom products that are tailored to the needs of the customers is also supplementing the growth of this segment during the forecast period. Furthermore, the rising trend of custom made bikes in the developed economies as well is further augmenting the growth of the aftermarket segment throughout the next five years.
Geographically, the Asia Pacific region is anticipated to hold a noteworthy amount of share in the market throughout the course of the next five years. The presence of highly populated countries in the region such as China and India among others play a significant role in driving the demand for two-wheelers for local traveling as two-wheelers offer convenient mobility for short distances. Furthermore, the growing acceptance of two-wheeler ride-hailing services has also positively impacted the demand for motorcycles in the APAC region, thereby positively impacting the market growth during the next five years. Additionally, the constantly growing penetration of high-end sports bikes and cruiser bikes due to the growing middle-class population and improvements in the standards of living of the people living across these economies is also anticipated to propel the market growth in the Asia Pacific region over the next five years. Furthermore, the presence of key players in the region is also expected to supplementing the market growth in the coming years.
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