A growing number of motorbike riding enthusiasts and rising concerns regarding road safety are expected to fuel the demand for two-wheeler accessories, which is estimated to touch $ 38.8 billion by 2031.
As per the recent study by Future Market Insights, the global two-wheeler accessories aftermarket is poised to reach a total of $ 17.1 billion in 2021 and expand at a robust CAGR of 8.6% 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 motorcycles were sold across the country in September 2019 alone. In addition to this, a rising focus on improving aesthetics, performance, comfort, and safety of motorcycles amongst riders is expected to spur the sales of two-wheeler accessories.
Implementing stringent regulations to increase the safety of motorcyclists, such as mandating the use of protective gears such as helmets in the US, China, India, and other countries, is facilitating the growth in the market. Besides, the 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 and aftermarket accessories.
Some of the leading players in the global market are Rizoma, Osram, Motorsport Aftermarket Group, Yamaha Motor Company, and Harley Davidson. These players are expected to account for nearly 69% of sales in the market through 2021.
Other prominent players include TVS Motor, Hero MotoCorp, Vega Auto Accessories, Studds Accessories, OM Steel Industries, Osram Licht, AGV Sports Group, Steelbird Hi-Tech India, YF Protector, Aplinestars USA, AltRider, Cobra USA, Motorsport Aftermarket Group and Rizoma.
Based on product type, the protective gear segment is estimated to hold the lion's share in the market, accounting for nearly $7 billion in sales through 2031. Poor road conditions across certain countries and increasing road accidents are favouring the growth in the market.
According to an analyst of Future Market Insights, introducing advanced accessories with higher durability and increasing availability of two-wheeler accessories on e-commerce platforms is expected to drive sales in the market over the coming years.
Future Market Insights report said that 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 $ 1.3 billion over the forecast period.
Based on 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.
Due to their affordability, comfortable seating, and easily accessible foot controls, increasing sales of standard motorcycles across India, Pakistan, and Indonesia are propelling the demand for two-wheeler accessories.
The rising trend of bike riding and the 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, the market intelligence and consulting services firm said.
However, high initial and maintenance costs of sports motorcycles are hampering their sales, which is restraining the demand for two-wheeler accessories across the sports motorcycle segment.
Rising inclination towards purchasing motorcycle accessories from online platforms and independent outlets due to higher discounts and low cost of products compared to authorise outlets is posing a challenge for the growth in the authorised sales channel segment, the market intelligence and consulting services company noted.
Courtesy: Future Market Insights. NB: Photo is representational; courtesy: Aplinestars USA.