Press release
Global Motorcycle Accessories Market Is Expected To Reach US$ 11,024.7 Million By The End Of 2026
The Motorcycle Accessories industry is looking forward to 2022 with a sense of optimism. In 2020, Motorcycle Accessories sales recovered in the last quarter to salvage lost momentum during March-April 2021. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.
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Key Segments Covered in the Motorcycle Accessories Industry Survey
Motorcycle Accessories Market by Product Type :
Motorcycle Handle Accessories
Motorcycle Frames & Fittings
Motorcycle Electrical & Electronics
Motorcycle Protective Gears
Motorcycle Bags & Carriage Frames
Motorcycle Seat Covers and Security Systems
Motorcycle Accessories Market by Motorcycle Type :
Conventional Motorcycle Accessories
Cruiser Motorcycle Accessories
Sports Motorcycle Accessories
Off-Road Motorcycle Accessories
Motorcycle Accessories Market by Sales Channel :
Motorcycle Accessories Sales through Specialized Outlets
Motorcycle Accessories Sales through Independent Outlets
Motorcycle Accessories Sales through Online Sales Channels
Motorcycle Accessories Market by Region :
North America
Latin America
Europe
South East Asia & Pacific
China
India
Middle East & Africa
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Competitive Landscape
Prominent providers are reliant on partnerships, collaborations, acquisitions, and new software launches to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
In December 2021, TVS Motor Company and global auto giant BMW Motorrad expanded their co-operation with a tie-up in the electric vehicle space. The companies are planning to come up with the first electric two-wheeler within the next 24 months. Through the tie-up, the companies are targeting joint development of new platforms and future technologies, including urban-centric electric vehicles.
In April 2022, in-line with its commitment to strengthening the retail footprint in the Indian market, India Yamaha Motor (IYM) Pvt. Ltd. announced the opening of its second "Blue Square" outlet in Kochi. Launched under the banner of "Perighat Motors', the 3S Facility offers end-to-end sales, services, and spare support.
China will Further its Lead as World's Largest Motorcycle Accessories Market
The Motorcycle Accessories industry 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.
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Indian Motorcycle Accessories Outlook 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.
Key Long-term Trends
Overall, the Motorcycle Accessories industry 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 Accessories market in the long run. These include,
Motorcycle Accessories digital retail
Motorcycle Accessories digital 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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