Increased Cycling Events to Propel the Sales in Two Wheeler Accessories Aftermarket, over 60% of The Share to be Acquired by The Protective Gear Category, Says Future Market Insights, Inc.
The Japanese aftermarket for two-wheeler accessories is predicted to expand by around $1.3 billion between 2022 and 2032, a 7% CAGR during the forecast period! As you can see Thailand leads this growth with Vietnam coming in second place while Indonesia accounts for most of its volume output--nearly 50%.
NEWARK, Del., Oct. 10, 2022 /PRNewswire/ -- During the forecast period 2022-2032, the two wheeler accessories aftermarket is expected to grow at a value of 8.6% CAGR, according to Future Market Insights. By the year 2032, the global market for two wheeler accessories is expected to rise up to a market valuation of US$ 41.07 Bn.
It's difficult to imagine life without motorbikes these days, and nearly every household owns at least one. The increased interest in motorcycles and motorbikes has surely created a safe haven for the car sector while also benefiting the two wheeler accessories aftermarket. Since simply owning a bike isn't enough; they require flawless administration, including the removal of faulty parts, interest in bike frills has developed.
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The semi-urban population's preference for automobiles and technology has altered as their purchasing power has expanded. As a result, there are now more two-wheelers than ever in rural and semi-urban regions of both developed and developing countries. In the next few years, the global market for two-wheeler accessories is predicted to grow steadily. During the projection period, this will have a direct beneficial influence on the worldwide two-wheeler accessories aftermarket.
The availability of two-wheeler accessories on different e-commerce platforms, as well as the creation of novel attachments with greater durability, are projected to boost market sales. These websites offer a diverse selection of products, allowing consumers to compare and select the best bike parts and accessories. Such breakthroughs are expected to occur over the forecast period.
India and China are the top two significant lucrative regions of this market. India is a significant market for two-wheelers. TVS Motors, Yamaha, and Hero Motocorp are among the biggest motorcycle manufacturers in India. As a result, the country's market is expanding faster. OEMs are working on extending their two-wheeler accessory product line. Electric two-wheeler sales are expanding in China as a more environmentally friendly mode of transportation. Rising urbanization, low affordability, and a rising population may all contribute to the growth of the aftermarket for two-wheeler accessories.
Key Takeaways from the Market Study
In 2022, the global two wheeler accessories aftermarket is estimated to have a global market size of US$ 8 Bn.
In 2022, the protective gear category by product type is expected to occupy a 65% market share.
By two-wheeler type, the standard motorbike is projected to hold a global market share of 36% in 2022.
By 2032, India is expected to account for more than half of all sales in the Pacific and South Asia.
During the period 2022-2032, the Chinese region is predicted to develop significantly at a CAGR of 9.6%.
Between 2022 and 2032, the Japanese aftermarket for two-wheeler accessories is predicted to expand by around US$1.3 billion.
"The growing number of motorcycle and cycle riding enthusiasts, together with increased awareness of road safety in various nations throughout the world, is expected to boost the market from 2022 to 2032." comments a Future Market Insights analyst.
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AGV Sports Group, TVS Motor Company, Yamaha Motor Company Ltd., Hero Motocorp Ltd., Harley Davidson, Vega Auto Accessories Ltd., Studds Accessories Ltd., OM Steel Industries, Osram Licht AG, Steelbird Hi-Tech India Pvt. Ltd., YF Protector Co. LtdAlpinestars USA Inc. and AltRider LLC are some of the prominent companies within this market.
In 2021, Hero Motocorp will establish three new facilities in India's Dharuhera, Gurugram, and Haridwar to increase production capacity. These factories will focus on serving global business (GB) markets across the world in addition to producing for the Indian domestic market.
In 2021, Yamaha Motor Company, Honda, Piaggio & C SpA, and KTM AG signed a memorandum of intent to form a partnership to develop swappable batteries for motorcycles and light electric vehicles. The mission of the Consortium is to provide standardized technical standards for the swappable battery system for L-category vehicles such as motorcycles, mopeds, tricycles, and quadricycles.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global two wheeler accessories aftermarket, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
Key Segments Covered In The Two Wheeler Accessories Aftermarket Report
Two Wheeler Accessories Aftermarket By Product:
Electrical & Electronics
Frames & Fittings
Bags & Carriage Frames
Two Wheeler Accessories Aftermarket By Two wheeler type:
Two Wheeler Accessories Aftermarket By Sales Channel:
Online Two Wheeler Accessories Aftermarket
Authorized Outlets Two Wheeler Accessories Aftermarket
Independent Outlets Two Wheeler Accessories Aftermarket
Two Wheeler Accessories Aftermarket By Region:
North America Two Wheeler Accessories Aftermarket
Latin America Two Wheeler Accessories Aftermarket
Europe Two Wheeler Accessories Aftermarket
South Asia and Pacific Two Wheeler Accessories Aftermarket
East Asia Two Wheeler Accessories Aftermarket
Middle East & Africa Two Wheeler Accessories Aftermarket
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Two Wheeler Accessories Aftermarket Demand Analysis 2017 – 2021 and Forecast, 2022 – 2032
5.1. Historical Market Volume ('000 Units) Analysis, 2017 – 2021
5.2. Current and Future Market Volume ('000 Units) Projections, 2022 – 2032
5.3. Y-o-Y Growth Trend Analysis
6. Global Two Wheeler Accessories Aftermarket - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Global Average Pricing Analysis Benchmark
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About the Automotive at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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SOURCE Future Market Insights, Inc.