Global Motorcycle Accessories Market Is Expected To Reach US$ 11,024.7 Million By The End Of 2026

Global Motorcycle AccessoriesIndustry Outlook in 2022 and Beyond


The Motorcycle Accessoriesindustry is looking forward to 2021 with a sense of optimism. In 2020, Motorcycle Accessoriessales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.

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US Motorcycle AccessoriesIndustry Set to Recover in 2022

In 2020, US Motorcycle Accessoriessales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.


However, Motorcycle Accessoriessales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.


As per early success of vaccine inoculation and consumer receptivity toward online sales, it is highly likely that 2021 will be a better year for sales. Total Motorcycle Accessoriessales in US are likely to be in the range of 15.5 million to 16 million.


Europe Motorcycle AccessoriesMarket Players Can Benefit from Foreign Exports

The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.


As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.


While the domestic Motorcycle Accessoriesdemand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.

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Global Motorcycle accessories market segmentation and forecast
The global Motorcycle accessories market is segmented on the basis of product type, motorcycle type, sales channel and region.

On the basis of product type, the global motorcycle accessories market is segmented into

Handle Accessories
Frames & Fittings
Electrical & Electronics
Protective Gears
Bags & Carriage Frames
Seat Covers and Security Systems.

Based on Motorcycle type, the market is segmented into

Conventional
Cruiser
Sports
Sports
Off-road.

On the basis of sales channel, the market is segmented on the basis of Specialized Outlets, Independent Outlets and Online.

Significant regions covered in the report include

North America
Latin America
Europe
SEA & Pacific
China
India
Middle East & Africa.
China will Further its Lead as World's Largest Motorcycle AccessoriesMarket


The Motorcycle Accessoriesindustry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.


China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.


China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.

Global Motorcycle accessories market analysis, by Region
From a regional perspective, South East Asia & Pacific is estimated to represent 20.3% of the market volume share in 2018.

The market is expected to increase at a volume CAGR of 4.7%, in terms of volume, over the forecast period.

Sales revenue of Motorcycle accessories in Latin America is expected to reach US$ 603.1 Mn by the end of 2026 while increasing at a CAGR of 5.3% over the forecast period.

Market growth in India is expected to remain high as compared to the global average between 2018 and 2026 and increase at a CAGR of 6.1%.


Indian Motorcycle AccessoriesOutlook Subdued by COVID-19 Resurgence

The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.


The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.

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Key Long-term Trends

Overall, the Motorcycle Accessoriesindustry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Motorcycle Accessoriesmarket in the long run. These include,


Motorcycle Accessoriesdigital retail
Motorcycle Accessoriesdigital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe


Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.


Electric vehicle sales will continue unabated
The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.

For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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