The global two-wheeler suspension market revenue was valued at USD 1.7 billion in 2023 and is projected to reach USD 3.2 billion by 2032, registering a CAGR of 7.3% during the forecast period (2024-2032). The expansion of OEM production units in the motorcycle suspension systems market is expected to increase the two-wheeler suspension industry share.
Two-wheeler suspension is the mechanism in motorcycles and scooters that absorbs shocks and maintains stability, improving rider comfort and control. It consists of components such as forks, shock absorbers, and springs that work together to reduce the impact of uneven terrain, resulting in a smoother and safer riding experience.
One of the key factors driving the two-wheeler suspension market growth is the increased electronic content in two-wheelers. Incorporating modern electronics increases the need for improved safety and comfort. For example, with the anti-lock braking system, the vehicle's speed can be monitored via the speed sensor, and the braking pressure can be adjusted correspondingly. Electronic fuel injection helps to boost fuel efficiency. Premium motorcycles are moving away from traditional suspension systems and toward electronic ones. The breadth of consumer needs and OEM offerings includes safety, performance, stability, and comfort. Special characteristics also demonstrate product differentiation, which helps to sustain competition. As a result, the two-wheeler suspension system market is experiencing growth.
The growing global demand for motorcycles and scooters, particularly in emerging regions, drives the Two-wheeler suspension market trend. As the world's urban population grows, there will be an increased demand for convenient and economical ways of transportation. Motorcycles and scooters meet this need, especially in highly populated places where traffic congestion is an issue. Based on registration data from the 84 countries we cover, global 2-wheeler (scooters + motorcycles) sales in 2022 were 60.4 million (+2.6%), the second-highest level ever. As more people use two-wheelers for daily transportation, dependable and innovative suspension systems are required to assure safety, comfort, and overall vehicle performance.
Furthermore, emerging economies such as India, China, Southeast Asian countries, and parts of Africa are experiencing significant growth in the two-wheeler industry. Motorcycles and scooters, for example, are popular modes of transportation in India because they are affordable and easy to maneuver in congested urban areas. According to the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales in India were 1,34,70,570 units from April to December 2023. SIAM announced that two-wheeler sales were 87,39,406 units between April and September 2023. SIAM recorded a total of 18,95,799 two-wheeler sales in October 2023. This stems from the rural market's recovery and the broader economy's robust expansion.
As a result, urbanization, rising disposable incomes, and the need for low-cost, fuel-efficient transportation all contribute to these developments. As more individuals choose two-wheelers for daily transportation, the demand for dependable and high-performance suspension systems rises, favoring the worldwide two-wheeler suspension market.
The cost-sensitive aspect of the two-wheeler business presents a challenge, as consumers frequently favor affordability over complex suspension systems, limiting the adoption of cutting-edge technologies. An all-in-one motorcycle air suspension kit typically costs between USD 1,200 and USD 2,500. Adding components such as pump covers, complex controllers, and other improvements can raise the price by several hundred dollars. In India, where economic concerns heavily affect purchasing decisions, the commuter segment accounts for the vast bulk of two-wheeler sales. In November 2023, the motorcycle segment of the Indian two-wheeler market accounted for 66% of overall sales. This is due to increased demand for commuter bikes returning from rural India. These customers are frequently more concerned with budget and fuel efficiency than advanced amenities like high-end suspension systems.
Similarly, in Southeast Asian markets, entry-level scooters sell the most. Consumers in nations like Indonesia and Vietnam value affordable and practical transportation options. This desire hinders the adoption of modern suspension systems since manufacturers frequently prioritize price in this competitive market area. The cost sensitivity of these markets presents a barrier for makers of complex suspension systems, as consumers may be reticent to pay a premium for features beyond essential operation. This constraint necessitates a careful balance between improving performance and minimizing production costs to maintain competitive pricing.
As the electric two-wheeler market expands, there is excellent potential to adjust suspension systems to the specific characteristics of electric vehicles (EVs). Electric motorcycles and scooters frequently benefit from lightweight construction to increase range and efficiency. Advanced suspension systems based on materials like carbon fiber or light alloys can assist in offsetting the extra weight of batteries while retaining performance. Furthermore, in March 2023, the European Union (EU) approved new CO2 rules for automobiles and vans. These regulations call for a 55% decrease in new automobile and van emissions by 2030 and 100% by 2035. Some European countries, like Germany, the Netherlands, and Scandinavia, have already established extensive infrastructure for charging electric vehicles.
Additionally, McKinsey predicts that 30% of two-wheelers will be electric by 2030. This growth trajectory represents a vast market potential for sophisticated suspension system manufacturers focused on the electric mobility category. Buyers expect improved comfort, performance, and safety levels as electric vehicles become popular. Advanced suspension systems are essential in achieving these expectations by delivering a smoother ride and better handling characteristics, increasing the overall appeal of electric two-wheelers.
| Study Period | 2020-2032 | CAGR | 7.3% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 1.7 billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD 3.2 billion |
| Largest Market | Asia-Pacific | Fastest Growing Market | Asia-Pacific |
Asia-Pacific's two-wheeler suspension market share is estimated to grow at a CAGR of 7.8% over the forecast period. One of the primary causes for the rapid growth of the two-wheel suspension system market is the strong demand for low-power and economical motorcycles. In developing nations such as India, this development is primarily attributable to increased ownership of two-wheelers. Due to the favorable investment climate, various manufacturers in these countries are expected to help drive growth. China's market enjoys the top position in the area. The presence of multiple manufacturers and their vast manufacturing capacities for vehicle components drives the development. These variables substantially impact the growth of the two-wheeler suspension system market in China. China's motorcycle industry manufactured 1.4443 million in 2023, with 1.3921 million sold in December. This represents a 1.21% rise in production and a 0.32% decline in sales over the previous month.
Additionally, the Chinese government promotes the development of electric cars (EVs) through subsidies and other incentives. Since 2009, the government has provided consumers USD 14.8 billion in EV subsidies. In 2020, the government also extended the purchase-tax exemptions for EVs and increased monetary incentives. Thus, electric two-wheeler sales in China are expected to increase during the projection period. Furthermore, Japan has a thriving and enduring motorbike culture. The country is home to several well-known motorcycle manufacturers, and motorcycling is firmly engrained in society. As a result, this culture is driving consistent demand for high-quality suspension systems nationwide. Japanese motorcycle manufacturers are well-known for their tireless pursuit of innovation. They frequently include cutting-edge suspension technology in new vehicles, increasing the demand for modern suspension systems.
Europe is anticipated to exhibit a CAGR of 7.5% over the forecast period. Europe has a decent market share. Germany will have a significant market share in 2023. With strong FDI investment policies and remarkable industrial growth, leading automobile component makers are implementing and developing business model strategies. It leads to the expansion of repair facilities all over the world. In recent years, there has been a significant increase in demand for two-wheeler suspension systems and related components from various automotive industries. With a rising automobile industry, demand for luxury components is predicted to rise, increasing demand for two-wheeler suspension systems.
Furthermore, in the first quarter of 2023, new motorcycle registrations in five main European markets (France, Germany, Italy, Spain, and the United Kingdom) totaled 253,859 units, representing a 15.5% rise over the same period in 2022. In the first nine months of 2023, these markets registered 873,985 new motorbikes, representing an 11.8% rise over the same time in 2022. According to figures from February 2024, European motorcycle sales in 2023 are expected to reach 2.56 million, representing a 24.2% rise. Honda is the market leader, with a 40.9% growth in sales, followed by Yamaha (+12.8%), Piaggio (+1.2%), Kuba (+154.1%), and BMW (+5.6%).
North America holds a significant market share. The two-wheeler suspension system market in the United States has the largest market share in the North American region. The growth is linked to increased motor vehicle manufacturing, which drives up demand for suspension systems. The country has many automotive OEM and aftermarket manufacturers and dealers, resulting in a high demand for two-wheeler suspension systems. The growing number of start-ups offering electric and natural gas-powered automobiles also drives market expansion.
In addition, according to Statista, the US motorcycle market is expected to generate USD 6.24 billion in revenue in 2022, with approximately 550,000 motorbike sales. However, according to motorcyclesdata.com, the US motorcycle market will experience a 0.4% reduction in sales in 2023, hitting 554,000 units. ACI Motors has recorded a 28% decrease in motorcycle sales in 2023, which is more than the dip during the COVID-19 pandemic.
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The market is further segmented by product type into front telescopic and spring-loaded hydraulic suspensions.
Front Telescopic Suspension, often known as telescopic or front forks, is a popular motorcycle suspension type. It consists of two telescoping tubes or forks that compress and extend to absorb shocks and keep the front wheel in contact with the road surface. These forks often include a coil spring and a dampening mechanism. When the motorcycle hits bumps or uneven terrain, the telescopic forks compress and absorb the shock, resulting in a smoother ride. This design is popular because it is simple, long-lasting, and effective in various riding circumstances. Front telescopic suspension systems are widespread on commuter bikes, cruisers, and some sports motorcycles, providing an excellent blend of performance and cost-effectiveness.
Furthermore, the expansion of this market can be ascribed to its use in motorbikes and its superior capacity to absorb weight and stress. According to Wikipedia, more than 700 million motorcycles are in use globally. It also prevents the excessive motion of springs, providing a comfortable ride.
Spring-loaded hydraulic suspension is a system that uses coil springs and hydraulic dampening to produce a stable and comfortable ride. The suspension incorporates a coil spring that supports the motorcycle's weight and compresses or expands depending on the road conditions. Furthermore, hydraulic dampening mechanisms limit the rate at which the spring compresses and rebounds, delivering a progressive and regulated response to bumps and shocks. This design enables a more adaptable and tunable suspension, which caters to different riding styles and situations. Spring-loaded hydraulic suspensions are commonly found on performance motorcycles, off-road bikes, and those built for riders who want more adjustability and responsiveness.
By application, the market can be further bifurcated into OEM and Aftermarket.
In 2023, OEMs dominated the market in volume, with most two-wheeler suspensions utilized in vehicle manufacture. The OEM segment of the two-wheeler suspension market refers to the direct integration of suspension systems during motorcycle and scooter manufacturing by original equipment manufacturers. In this context, motorcycle and scooter manufacturers work with suspension system suppliers to smoothly integrate these components into their manufacturing processes. OEM suspension systems are built to match the motorbike manufacturers' specific design and performance criteria. This area is critical for ensuring that motorcycles are equipped with high-quality suspension components right out of the box, which affects the whole riding experience, safety, and performance. OEM relationships are essential in defining the basic suspension features available to consumers at purchase. The high use of older vehicles fuels the aftermarket industry, increases the need to repair and upgrade trucks, and increases traffic accidents.
The aftermarket segment sells suspension components and systems as replacement or upgrade parts, apart from the manufacturer's original equipment. Aftermarket suspension systems are designed for customers who want to improve performance, customize their vehicle, or replace worn-out parts. Riders frequently turn to the aftermarket to customize their motorcycles, improve handling, or satisfy unique riding preferences. Aftermarket suspension choices may include innovative technology, customizable features, and specialized systems not found in standard OEM setups. This category promotes a competitive market in which numerous manufacturers provide a variety of suspension components to fulfill the diverse needs of users who want to repair or enhance their motorcycles after the initial purchase.
With the COVID-19 outbreak, industries have to deal with the overall impact on their business of COVID-19. The manufacturing sector has been worst hit with the current pandemic situation as manufacturers of non-essential goods, including automotive, have shut down their manufacturing facilities in complying with the government norms for lockdown. As a result, major retrofits have occurred due to insufficient stock in allied markets such as spare parts, suspension systems, amortizes, and braking systems.
Luckily, operating stability has been recorded over the last few months, with governments removing most restrictions to allow car manufacturers to resume production. They examine other travel options to prevent individuals from using public transport because they are not concerned with differences in welfare. As a result, sales of motorcycles have increased in recent months. Rising demand of electric vehicle like foldable scooters, various subsidy by government to buy an electric vehicle is going to provide lucrative opportunities for the market players over the coming years.
September 2023- Anand Group's flagship company, Gabriel India, looks forward to the next growth phase after more than six decades of operation. Gabriel India is a leading supplier of suspension components, including over 500 high-precision ride-control products such as shock absorbers and dampers, to two-, three-, four-wheeler, and commercial vehicle OEMs in India and abroad.
February 2024- BMW Motorrad unveiled the new 2024 R 12 nineT and R 12 Classic Roadster and Cruiser.
