DUBAI, United Arab Emirates, March 30, 2022 (GLOBE NEWSWIRE) — 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.
|Base Year Value (2020A)||US$ 15.8 Bn|
|Estimated Year Value (2021E)||US$ 17 Bn|
|Projected Year Value (2031F)||US$ 38.8 Bn|
|Value CAGR (2021-2031)||8.60||%|
|Collective Value Share: Top 3 Countries (2021E)||53.10||%|
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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.
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.
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Scope of the Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value and ‘000 Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Mexico, Brazil, Germany, U.K., France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN, Oceania, GCC Countries, Turkey and South Africa|
|Key Segments Covered||Product Type, Two Wheeler Type, By Sales Channel, And Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
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.
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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.
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.
Explore FMI’s Extensive ongoing Coverage on Automotive Domain
Two Wheeler Rental Market
Renting a two wheeler can be considered as an extension to the car rental system, wherein the lessee of two wheelers leases it to customers on per-day basis. Renting of such transportation vehicles has grown considerably over the years, especially within the working-class population who require two wheelers on an immediate basis.
Two Wheeler Fuel Injection System Market
The widespread demand for two wheelers now a days has been driving the market for the global two wheeler fuel injection system market. Increasing air pollution in the Asian areas and the introduction of the new technologies such as electronic fuel injection system has raised up the opportunities for the global two wheeler fuel injection system market.
Two Wheeler Anti-Lock Braking System Market
Comprising a hydraulic control unit, master cylinder assembly, power booster, and electronic control units, anti-lock braking systems are gaining popularity as an automobile safety system owing to the improvements it makes to the braking performance.
Two Wheeler Fenders Market
Although two wheeler fenders are not essential for the basic functioning of a vehicle, they continue to be an important aftermarket safety accessory. The two wheeler fenders market is growing at a healthy pace with leading market players introducing innovative designs and materials to manufacture two wheeler fenders.
Two Wheeler Seats Market
A two wheeler seat, also known as a saddle in some parts of the world, is nothing but a provision for the rider and passenger to sit on. The seat attached to a two wheeler is sturdy in construction, lightweight and able to support the weight of the rider.
Two Wheeler Handlebars Market
Two wheeler handlebars are a part of the steering mechanism. These are rods that facilitate the driver in steering a vehicle/two wheeler. Handlebars are available in different sizes, shapes, and designs.
Two Wheeler Chain Sprocket Kit Market
The two wheeler chain sprocket kit market is projected to register a CAGR of 12% during the forecast period, up from US$ 4.87 Bn in 2021, to reach a valuation of US$ 17 Bn by 2032.
Two Wheeler Electric Starter Magnet Market
Two wheeler electric starter magnet market is likely to record a promising CAGR 10.6% during the forecast period. The market is currently valued at US$ 36.96 Bn and is likely to reach US$ 93 Bn by 2032.
Two Wheeler Footrest Market
A non-moving piece of metal or rubber which generally is used by a pillion rider to rest his/her foot is known as two wheeler footrest. Footrest in two wheelers is usually used for the convenience, safety and comfort.
Wiper Blade Market
Assessment on the wiper blade market reveals that the industry is expected to progress at around 6% CAGR from 2021 to 2031. Increased demand for vehicles and the introduction of rear wipers in new range of vehicles is projected to boost the market.
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