LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global motorcycle suspension systems market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global motorcycle suspension systems market for 2017-2021. The report segments the market based on suspension type into two segments, which are front suspension and rear suspension. The front suspension segment accounted for a little over 50% of the market share in 2016.
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Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global motorcycle suspension systems market:
- Smoother ride and control
- Rise in motorcycle sales across the world
- Growth in sports segment motorcycles
Smoother ride and control
The suspension system is an important part of the motorcycle. It provides safety and comfort to the rider. For instance, in long rides, a motorcycle is exposed to the changing road conditions such as bumps, road noise, and vibrations, which is uncomfortable for the rider. This led to the adoption of suspension systems in motorcycles in the 1940s. BMW was the first to install a suspension system on a production motorcycle.
According to Neelam Barua, a lead analyst at Technavio for automotive electronics research, “New developments in suspension systems allow for increased comfort level of the rider, which is a crucial driver for the growth of the motorcycle suspension systems market during the forecast period.”
Rise in motorcycle sales across the world
The suspension system has achieved 100% penetration in the motorcycle segment. Therefore, its adoption and growth are highly dependent on the sale of new motorcycles across the world. Suspension system adoption in low-powered motorcycles is different from heavyweight motorcycles owing to the cost issue that arises from technology adoption. Therefore, sales of these two segments determine the performance of respective suspension systems. For instance, low-powered motorcycles continue to use traditional suspension systems, while heavyweight motorcycles are shifting to an electronic suspension system that is capable of integration with other safety functions like anti-lock braking system (ABS) and traction control system (TCS) to take the safety quotient of the motorcycle to a new level.
Growth in sports segment motorcycles
The demand for sports motorcycles with mono suspension is increasing in the global market owing to the increase in racing enthusiasts, necessitating OEMs to install mono-suspension in its models. Additionally, growing awareness of the better performance and long-term value are factors that are expected to help boost the sales of sports motorcycles.
“These performance motorcycles are more powerful and efficient than traditional motorcycles. Currently, mono suspension systems have the highest adoption in sports motorcycles, owing to the requirement of better cornering and easy tuning,” says Neelam.
Also, this segment is not price sensitive, so the segment witnesses increased adoption of advanced technologies as compared to other segments. For instance, OEMs like BMW Motorrad, Ducati Motor Holding, Kawasaki Motors, Yamaha Motor, and MV Agusta Motor are already witnessing the adoption of electronic damping system in its selected premium segment motorcycle variants.
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