As per Future Market Insights analysis, the two wheeler accessories aftermarket is projected to be valued at US$ 17.1 Bn in 2021, expanding at a CAGR of 8.6% over the forecast period of 2021-2031.
Rising traffic issues on roads due to congestion caused by four-wheelers or heavy vehicles is expected to remain a key factor driving the growth of the two wheeler accessories aftermarket throughout the forecast period.
The ongoing crisis caused by COVID-19 pandemic has caused severe impact on the global economy. It has resulted in complete shutdown of the supply chain networks and manufacturing activities. This has subsequently affected the two wheeler accessories aftermarket causing a significant fall in the market growth.
However, two wheeler accessories aftermarket is expected to recover sharply as the economic activity resumes post the containment of pandemic.
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Two wheeler accessories are increasingly adopted across the world. Demand is expected to remain high especially in North American and European countries. It has been observed that there is Increase in motorcycle touring since past few years, which has boosted the use of motorcycles for recreational and leisure purposes. This in turn, will lead to high demand for two wheeler accessories.
Key Takeaways of Two Wheeler Accessories Aftermarket Study
- On the basis of sales channel, independent outlets segment is estimated to account for a significant share in the global two wheeler accessories aftermarket as the number of independent repair shops are increasing globally.
- Based on two wheeler type, standard motorcycle segment is expected to maintain its dominance over the forecast period.
- According to the analysis, China will continue registering high growth at 9.6% CAGR, accounting for maximum sales in East Asia two wheeler aftermarket.
- South Asia & Pacific is anticipated to ride on high demand in India, which will account for nearly half of sales in two wheeler accessories aftermarket through 2031.
- Sales in Japan two wheeler accessories aftermarket will total US$ 1.3 Bn by 2031.
“Two wheeler accessories play a crucial role in improving the overall ride experience along with providing high safety quotient to the rider. Geographical expansion and product launches are some of the primary strategies adopted by prominent players to sustain in the global two wheeler accessories aftermarket,” says a Future Market Insights analyst.
Two wheeler accessories aftermarket is expected to be an opportunistic market in the forecast period owing to increase in sales of accessories through online platforms and convenience offered by online distribution channels. Manufacturers are focusing on research & development for advanced products with higher durability and improved life cycle to gain competitive edge. These factors are expected to positively influence demand for two wheeler accessories during the forecast period, subsequently pushing sales in two wheeler accessories aftermarket.
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Key Market Segments Covered
By Product Type:
- Handle Accessories
- Electrical & Electronics
- Frames & Fittings
- Crash Protection
- Foot Pegs
- Protective Gear
- Professional Body Wear
- Bags & Carriage Frames
- Exhaust Accessories
- Seat Covers
- Security Systems
By Two Wheeler Type:
- Standard Motorcycle
- Cruiser Motorcycle
- Sports Motorcycle
- Standard Scooter
- Maxi Scooter
By Sales Channel:
- Authorized Outlets
- Independent Outlets
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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The two wheeler accessories aftermarket is moderately fragmented, in which the leading players account for nearly half of the market share. The penetration of small regional players makes this market more competitive.
Some of the key players in the market are TVS Motor Company , Yamaha Motor Company Ltd, Hero Motocorp Ltd, Harley- Davidson Inc, Vega Auto Accessories Pvt. Ltd, Studds Accessories Ltd, Om Steel Industries, Osram Licht AG, AGV Sports Group, GIVI Srl, Steelbird Hi- Tech India Pvt. Ltd, YF Protector Co. Ltd, Foshan Xinmatuo Motorcycle Parts Industrial Company, Akrapovic d.d, Aplinestars USA Inc, AltRider LLC, Barracudamoto S.r.l, Cobra USA Inc., EMGO International Ltd., Jiangmen Pengchang Helmets Ltd., Motorsport Aftermarket Group, RIVCO Products Inc., Rizoma S.r.l, Scorpion Sports Inc. among others. These players have higher shares in the global market, and have longstanding relationships with a number of distributors, giving them an upper hand among their peers.
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