The latest survey on two wheeler accessories aftermarket by Future Market Insights (FMI) examines historic market outlook and provide refined sales projection for various segments in terms product type, two wheeler type, and sales channel for the coming decade. It also uncovers critical trends and opportunities that the market is expected to witness over the assessment period.
DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ -- As per an exhaustive study by FMI, the global two wheeler accessories aftermarket is poised to total US$ 17.1 Bn in 2021. A growing number of motorbike riding enthusiasts and rising concerns regarding road safety are expected to fuel the demand for two-wheeler accessories. Driven by this, the market is expected to surpass US$ 38.8 Bn, expanding at a robust CAGR of 8.6% during the forecast period between 2021 and 2031.
The primary factor fuelling the demand for two-wheeler accessories is the increasing sales for motorcycles worldwide. According to the China Association of Automobile Manufacturers, around 1,659,000 units of motorcycles were sold across China in the month of September 2019 alone. In addition to this, rising focus on improving aesthetics, performance, comfort, and safety of motorcycles amongst riders is expected to spur the sales of two-wheeler accessories.
Implementation of stringent regulations to increase the safety of motorcyclists such as mandating the use of protective gears such as helmets in the U.S., China, India, and other countries is facilitating the growth in the market. Increasing number of motorsports events and leisure activities such as bike stunts, racing, and off-road activities is expected to propel the demand for two-wheelers as well as aftermarket accessories.
Based on product type, the protective gear segment is estimated to hold the lion's share in the market, accounting for sales of nearly US$ 7 Bn through 2031. Poor road conditions across certain countries and increasing road accidents are favoring the growth in the market.
"Introduction of advanced accessories with higher durability and increasing availability of two-wheeler accessories on e-commerce platforms is expected to drive the sales in the market over the coming years," says a FMI analyst.
Key Takeaways from Two Wheeler Accessories Aftermarket Study
China is estimated to account for the dominant share in the East Asia market, exhibiting sales growth at an impressive CAGR of 9.6% during the assessment period.
India is projected to hold the largest share in the South Asia & Pacific market, accounting for more than 50% of the sales in the region through 2031.
The market in Germany is forecast to register the fastest growth in Europe, expanding at a robust CAGR of 8.3% between 2021 and 2031.
Japan is expected to emerge as a highly remunerative market, creating an absolute dollar opportunity of US$ 1.3 Bn over the forecast period.
On the basis of sales channels, the independent outlet segment is anticipated to account for a significant share, surging at a CAGR of 8.6% from 2021 to 2031.
Increasing sales of standard motorcycles across India, Pakistan, Indonesia, owing to their affordability, comfortable seating, and easily accessible foot controls are propelling the demand for two-wheeler accessories.
Rising trend of bike riding and use of motorcycles for recreational and leisure purposes across North America and European countries is expected to drive the growth of the two-wheeler accessories aftermarket.
High initial and maintenance cost of sports motorcycles are hampering their sales, which is in turn, restraining the demand for two-wheeler accessories across the sports motorcycle segment.
Rising inclination towards purchasing the motorcycle accessories from online platforms and independent outlets due to higher discounts and low cost of products compared to authorize outlets is posing a challenge for the growth in the authorized sales channel segment.
Some of the leading players in the global market are Rizoma S.r.l, OSRAM Licht, Motorsport Aftermarket Group, Yamaha Motor Company Ltd, and Harley Davidson. These players are expected to account for nearly 69% of sales in the market through 2021.
Market players are aiming at product innovations to offer high safety for motorcycle rider. Some of the companies are adopting strategies such as partnership, collaboration, merger, and acquisition to expand their market and global presence. For instance,
In March 2021, Yamaha Motor Company, a Japanese manufacturer of motorcycles, announced signing a letter of intent with Piaggio & C SpA, KTM AG, and Honda to set up a swappable batteries consortium for light electric vehicles and motorcycles.
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Two Wheeler Accessories Aftermarket
The latest report by FMI provides a detailed analysis of the global two wheeler accessories aftermarket, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in two wheeler accessories aftermarket with detailed segmentation:
By Product Type:
Electrical & Electronics
Frames & Fittings
Professional Body Wear
Bags & Carriage Frames
By Two Wheeler Type:
By Sales Channel:
South Asia & Pacific
Middle East and Africa (MEA)
Key Questions Covered in the Report
The report offers insight into two wheeler accessories aftermarket demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for two wheeler accessories aftermarket between 2021 and 2031
Two wheeler accessories aftermarket survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Two wheeler accessories aftermarket share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.