The Motorcycle Accessories Market To Prove Its Servility To Technological Advancements

The global Motorcycle Accessories Market is expected to grow at a stupendous rate In Upcoming Years. Today calls for prediction tools that are powered by AI to optimize the usage of the resources available. This could also help in crisis management. As such, key market participants are likely to invest in predictive analytics for condoning unforeseen circumstances. These would be preventive steps taken by the enterprises on the whole.

Improved economic outlook across the globe resulted into substantial increase in purchasing power of consumers over the past few years. Consequently, several industry verticals reported an increase in overall demand for respective products, and automotive industry is no different. However, different trends in sales reported across sub-segments within the automotive sector, but motorcycle sales has always remained impressive, particularly in high potential markets. Growth in global motorcycle market ascertained the growth of allied industries such as motorcycle component and accessories.

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Motorcycle accessories, apart from increasing aesthetic appeal, also ensure better performance, safety and security. Global motorcycle accessories market is projected to register a CAGR higher than 5% by 2020 and decline a bit on long term projections till 2026. A variation in CAGR is evident across geographies and clusters, subjected to penetration of products launched by established motorcycle accessories suppliers and cyclicity of product launched by local and regional player in respective geography.

Perpetual growth in motor cycle sales coupled with new variants of motor cycle introduced by manufacturers catalyzed the growth of motorcycle accessories market, which grew at a CAGR of over 4% in past five years. Expansion of European and American motorcycle manufacturers in emerging markets also contributed to the demand for motorcycle accessories. Technology advancement led to wider adoption of accessories across target customer base.

Increasing consumers demand for motorcycle is one of the factor fuelling the demand for motorcycle accessories. Furthermore, development of cost effective combustible engines along with increasing popularity of motorcycles among youths is expected to boost overall sales of motorcycle accessories worldwide. Worldwide sales of motorcycle in the developed as well as developing countries is projected to augment the demand for motorcycle accessories over the forecast period. With more manufactures focusing on technology and product development, the demand for motorcycle accessories is expected to showcase a promising future throughout the forecast period. Consumers preference for aftermarket can hinder the sales for OEM (Original Equipment Market), as is one of the big challenge for the growth of the motorcycle accessories market.

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Motorcycle Accessories Market: Segmentation

On the basis of product type

Protective Gear
Frames and Fittings
Lighting
Headlights
Flashers
Bags & Luggage
Batteries
Others

On the basis of motorcycle type

Standard
Cruiser
Sport bikes
Touring
Dual-purpose
Scooters, mopeds

On the basis of distributional channel

Multi brand Retail
Organized Retail Outlet
Independent Outlets
Single Brand Retail
e-Retail

On the basis of market type

Original Equipment Market (OEM)
Aftermarket

On the basis of geography

North America
Latin America
West Europe
Eastern Europe
Middle East & Africa
Asia Pacific excluding Japan
Japan

By region wise, the global motorcycle accessories market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global motorcycle accessories market is expected to register healthy CAGR during the forecast period. Asia pacific is expected to dominate motorcycle accessories market throughout the forecast period. Significant presence of accessories along with substantial rise in overall consumer spending is expected to drive the demand for motorcycle accessories market in the region. Next, North America and Europe are expected to create substantial demand for motorcycle accessories market. In Latin America and Middle East & Africa is expected to grow at a subdued rate owing to low consumer spending.

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Some of the Key players operating into the global motorcycle accessories market are Akropovic, Bajaj Auto Limited, Suzuki, Honda Motor Company Limited, KTM Company, Loncin Motorcycle, Ducati Motor Holding S.p.A, Hero Motocorp Limited, Chongqing Lifan Industry (Group) Company Limited.

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This release was published on openPR.