Asia Pacific Likely to Become a Lucrative Market
According to this latest report by Future Market Insight, the steadily expanding growth of the automotive industry in APEJ, has had a positive impact on the motorcycle suspension system market in this region. This can be attributed to the increasing industrial growth and economic stability of countries in this region and is a trend that is likely to continue during the forecast period with APEJ staying a lucrative market. This has led to players in the market focusing on strategic expansion in this region and increasing their footprint in this region.
Technological Advancements Lead the Way
As the demand for motorcycles continues to rise and sales for the same grow, the global motorcycle industry is set to have a significant positive impact on the motorcycle suspension systems market. This is being driven by an increased demand for product innovation based on consumer safety and efficiency, with companies placing risk-free riding at the center of development. Manufacturers are also focusing on R&D to accommodate the varying needs of consumers based on road conditions, demographics as well.
The pervasive influence of technology has also played an important part in innovation as manufacturers are looking at advanced technology to build lighter and more efficient motorcycle suspension system to cater to the consumer’s growing need for a safer ride.
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Global demand for motorcycle suspension system is forecast to surpass the valuation of US$ 1.5 billion in 2020, on account of increasing two-wheeler sales, particularly motorcycles and scooters. Future Market Insights (FMI), in its recent market intelligence report on the global motorcycle suspension systems market, presents a comprehensive analysis of the motorcycle suspension system landscape on the basis of product type, sales channel, motorcycle type, technology, and region offering the maximum lucrative opportunities.
As per the analysis, overall sales growth of motorcycle suspension system will be driven by:
- Considerable demand for motorcycles, in rural areas given the lack of last-mile connectivity, is expected to directly impact the sales of motorcycle suspension systems.
- Affordability is expected to remain a major push-factor driving the sales of motorcycle, in turn, motorcycle suspension systems. The trend is mostly prevalent in Asian countries. Moreover, as per the Federation of Asian Motorcycle (FAMI), it is common to have one or more motorcycles or scooters in a household, in South-East Asian countries.
- FMI also foresees lengthy commutation time in countries including Argentina and Brazil as a major market growth factor.
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- Transformational shift from cars to two-wheelers such as motorcycles and scooter, given the increasing prices of gasoline.
- Developing landscape for the cocooning trend to push sales demand for motorcycles, as per the Motorcycle Development Program Participants Association (MDPPA), given the increasing rate of online sales.
- Performance improvement additions made in motorcycles, including mileage and other advantages such as larger fuel tank, low cost of maintenance, and longevity, will sustain the growth of motorcycle suspension systems.
Technological advancements Leads the Way
Elaborating on other innovations in the motorcycle suspension systems, Australia-based Motorcycle Innovations, after 16 years spent in the development process, has created a suspension system exploring the potentiality around two-wheeled in-line vehicle geometry. Their Triangulated Steering and Suspension System, is aimed at delivering performance and compliance, while also optimizing stability of the motorcycle. Keeping in view the limiting background of traditional telescopic forks—that are known to flex and create slop. The new technology—promising decisive two wheel handling is anticipated to work in line with the parallel front suspension geometry, keeping the front wheel at the same angle. Another front suspension-based technology—aimed at providing riding accuracy and precision, is the BMW Motorrad’s Duolever front suspension. The Duolever technology is projected to provide a superior road grip compared to the traditional fork motorcycle suspension system. FMI indicates a lucrative landscape for rear suspensions, through 2022, attracting promising avenues for future advancements.
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Manufacturers Hold Firm Dominance over Motorcycle Suspension System Landscape
Showcasing a fairly consolidated landscape, the global motorcycle suspension market is dominated by top 6-8 players, accounting for nearly 55 percent share in the global market. Improved affordability, stronger product launches, and multiple ownerships will create new growth prospects in the global motorcycle suspension system market. Considering the potential investment opportunities in the APEJ region, in the backdrop of strengthening rural demand for motorcycles, specifically in country in India, well-structured and efficient supply chain along with an improved retailing network are key growth strategies for reaching out to customers. In addition, long term supply relations and wider product offerings could benefit players in the market