Motorcycle Accessories Market Is Poised To Grow At A CAGR Of 6% By 2031

As per a recent report published by Fact.MR, the demand for global motorcycle accessories market is poised to grow at a CAGR of 5.5% from 2022 to 2032, expected to close at a valuation of US$ 15 Billion. High demand for crash protection motorcycle accessories rides the coattails of government and manufacturers' efforts to curtail the incidence of on-road collisions, wherein motorcyclists are at a relatively greater risk.
From 2015 to 2021, the market for motorcycle accessories grew at a CAGR of 5.3%, closing at a value of US$ 8.3 Million. As of 2022, the industry is likely to reach US$ 8.89 Billion. Evolving culture of the motorcycle industry, along with the interest of riders in framing their unique identity, has led to the modification trend, wherein aftermarket-produced motorcycle accessories are increasingly sought-after.

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Modifications in motorcycles range from moderate to extreme, with typical modifications involving frames & fittings, electrical & electronics, and handle accessories. Sensing the dynamically changing trends in the motorcycle accessories market, leading stakeholders continuously focus on developments in sought-after products, such as crash protection, lighting, and horns. The study projects revenues from crash protection to be over 1.5 times of lighting.

Why are Motorcycle Accessories Providers Venturing into the South East Asia and Pacific?
In terms of regional contribution, South East Asia & Pacific accounted for nearly 20.3% share of the market volume share in 2022. The market is expected to increase at a volume CAGR of 4.7%, in terms of volume, over the forecast period. The significant presence of accessories along with the substantial rise in overall consumer spending is expected to drive the demand for the motorcycle accessories market in the region.

China held nearly 34.9% share in 2021 and is expected to maintain its dominance in the upcoming future. Fact.MR's report reveals that the market value is estimated to reach US$ 7.5 Billion, exhibiting sales growth at an impressive CAGR of 6% during the conjecture period.

In 2021, the market value was estimated at nearly US$ 3.92 Billion. Market growth in India is expected to remain high as compared to the global average between 2022 and 2032 and increase at a CAGR of 6.1%.

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Key Segments Covered in the Motorcycle Accessories Industry Survey
• Motorcycle Accessories Market by Product Type :
o Motorcycle Handle Accessories
o Motorcycle Frames & Fittings
o Motorcycle Electrical & Electronics
o Motorcycle Protective Gears
o Motorcycle Bags & Carriage Frames
o Motorcycle Seat Covers and Security Systems
• Motorcycle Accessories Market by Motorcycle Type :
o Conventional Motorcycle Accessories
o Cruiser Motorcycle Accessories
o Sports Motorcycle Accessories
o Off-Road Motorcycle Accessories
• Motorcycle Accessories Market by Sales Channel :
o Motorcycle Accessories Sales through Specialized Outlets
o Motorcycle Accessories Sales through Independent Outlets
o Motorcycle Accessories Sales through Online Sales Channels

Competitive Landscape

The global market for Motorcycle Accessories is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.

• 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.
• 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.

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Key players in the Motorcycle Accessories Market

• TVS Motor Company
• Yamaha Motor Company Ltd.
• Hero Motocorp Ltd.
• Harley Davidson
• Vega Auto Accessories Ltd.
• Studds Accessories Ltd.
• OM Steel Industries
• Osram Licht AG
• AGV Sports Group
• Steelbird Hi- Tech India Pvt. Ltd.
• YF Protector Co. Ltd.

Key Takeaways from Motorcycle Accessories Market Study

• Global motorcycle accessories market to flourish 1.7x from 2022-2032
• Protective gears to be a top-selling category, capturing over 17% of market revenue
• Latin America to emerge as an opportunistic motorcycle accessories market, documenting a 5.5% CAGR
• China to be the most opportunistic market, expected to be valued at US$ 7 Billion in 2032
• By vehicle type, conventional motorcycle accessories to experience a growth rate of 6%

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This release was published on openPR.