DUBLIN–(BUSINESS WIRE)–The “Motorcycle Shock Absorber Market – Forecast 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
Global Motorcycle Shock Absorber Market is expected to grow at a compound annual growth rate of 2.41% to reach USD 4,546.337 million by 2026, from USD 3,848.266 million in 2019.
Demand is fueled by ongoing developments to improve the rider experience, including improved handling, braking, friction, mass centralization and stability, resulting in a overall performance of the motorcycle far superior. The market is expected to grow over the forecast period owing to the increase in motorcycle production over the years which is expected to grow over the forecast period.
The demand for motorcycles has seen a significant increase in recent years, complemented by advances in technology that have led to complete vehicles. Additionally, rising environmental concerns coupled with growing need for sustainable transportation is expected to continue driving demand during the forecast period.
The trend is expected to accelerate due to the growing adoption of electric motorcycles across the world. This is due to favorable government regulations that encourage the adoption of electric vehicles. For example, in February 2021, the Indian government announced its plan to support the e-bike market in the country, which currently stands at around 1.5 million units.
The government provides subsidies to buyers through its Faster Adoption and Manufacture of Electric Vehicles (FAME) scheme, which invests a total of INR 10,000 crore in the market. the growing trend of e-bike sales in India is an example of government and corporate efforts.
In addition, the increase in the number of road accidents involving two-wheelers has increased in recent years. To ensure better safety, the demand for reinforced shock absorbers has grown significantly.
Impact of COVID-19 on the Motorcycle Shock Absorber Market
The outbreak of the COVID-19 pandemic has had an adverse impact on the demand for motorcycle shock absorbers across the globe in the year 2020 due to the strict containment measures imposed by governments to curb the spread of disease. This further caused severe disruptions in supply chains and a halt in production and sales of new vehicles in the first few months.
The COVID-19 pandemic has impacted demand due to increased restrictions, such as the imposition of lockdowns, travel bans, quarantine measures, and several other measures. The automotive sector has experienced a significant slowdown during the pandemic. Moreover, sales of two-wheelers had also fallen during the year 2020, due to the pandemic. The main reasons that major players have attributed to the sales are government shutdown and shutdown of production at factories, blocking of shipments and distribution.
By 2022, the market is expected to experience renewed growth due to the easing of COVID measures and economic recovery. Countries like India and China are expected to register significant growth. Major motorcycle companies, such as Bajaj and Hero, said their production and sales are expected to increase in 2021.
Technology improvements for better performance
The motorcycle shock absorber market is expected to be driven by improvements in the production of shock absorbers to improve their overall performance. The demand for improved motorcycle parts has increased exponentially due to the increase in the number of riders in recent years. Major players in the market have invested in the research and development of these products to focus on improving overall performance.
Rise of OEMs
OEM means an original equipment manufacturer. These are known as motorcycle or bicycle parts and accessories, which are usually produced by the original motorcycle manufacturer, such as Showa Corporation, Duroshox and others. The main advantage of OEM is that it provides new, advanced, latest and original motorcycle parts. Additionally, major manufacturers offer warranties for the shock absorber parts of the motorcycle, which is expected to be a major factor in the overall market growth in the coming years.
Showa Corporation, one of the major players in the market, has been one of the main OEM suppliers for Harley Davidson. Other players have also had a significant impact on the market over the past few years. For example, Munjal Showa Limited, which was in financial and technical collaboration with Showa Corporation, operates one of the major OEM channels in the country. The company produces and designs shock absorbers for motorcycles. The company’s manufacturing facility spans over 24,075 square meters in Delhi, India. KYB Corporation, one of the major players in the market, has also been one of the leading original equipment manufacturers globally. The company has sales offices in more than 12 countries.
China is expected to account for a large market share
The main driver of the motorcycle shock absorber market in China is the rapid increase in population. According to the World Bank, in 2019, China’s population was 1.398 billion, which is expected to increase in the coming years. The increasing population of the country will in turn increase the demand for motorcycles in the country which will subsequently accelerate the demand for shock absorbers in the market. Also, increasing production and sales of motorcycles due to low maintenance and low cost in the country will further boost the market growth.
In addition, government initiatives such as public electric motorcycle sharing program aimed at reducing pollution, improving the health of citizens and avoiding congested urban areas will further contribute to the growth of the shock absorber market during the period of forecast. Due to the COVID-19 pandemic, the demand for motorbikes has increased slightly in China, with people preferring to buy their motorbikes to avoid crowded public transport. The ease of affordability of motorcycles has encouraged people to purchase them rather than traveling via public buses and trains, which, in turn, has bolstered the growth of the shock absorbers market in the short term.
Main topics covered
1.1. Market overview
1.2. COVID-19 scenario
1.3. Market definition
1.4. Market segmentation
2. RESEARCH METHODOLOGY
2.1. Research data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.4. Industry Value Chain Analysis
5. GLOBAL MOTORCYCLE SHOCK ABSORBER MARKET BY PLACEMENT
6. GLOBAL MOTORCYCLE SHOCK ABSORBER MARKET BY DISTRIBUTION CHANNEL
6.3. Secondary market
7. GLOBAL MOTORCYCLE SHOCK ABSORBER MARKET BY GEOGRAPHY
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. COMPANY PROFILES
9.1. SHOWA Corporation
9.2. Ohlins race
9.4. Nitron Racing Shocks
9.5. Mingzhen Industrial Holding Group Co.Ltd.
9.6. Chongqing Chuandong Shock Absorber Manufacturing Co. Ltd.
9.8. Jainsgu Bright Star Shock Absorber Co. Ltd.
9.9. KYB Company
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