Press release
Two Wheeler Aftermarket Components & Consumables Market to Grow at CAGR of 7.8% through 2031
Two Wheeler Aftermarket Components & Consumables Market
According to Future Market Insights, increasing adoption of two wheelers for personal use is setting the demand high for aftermarket components and consumables for two wheelers. Sales of two wheelers are increasing at a robust pace across developing countries such as India, Indonesia, Vietnam, and Brazil.
Coupled with this, the increasing demand for components and consumables for two wheelers in China, Japan, the U.S. and Germany will create lucrative growth opportunities for the market. As per the study, Asia Pacific will hold the largest share of 57.1%, followed by Europe with 25.2% through 2031.
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The two wheeler components & consumables aftermarket observed slight decline in sales volume in 2020 due to the outbreak of COVID-19. Demand from major countries waned due to implementation of lockdown by governments, however, the generated demand was somehow fulfilled by the local suppliers who stockpiled before the pandemic.
Demand for two wheeler components & consumables has been increasing from standard motorcycles segment due to the growing popularity of standard bikes for personal use.
Key manufacturers are expected to invest heavily for market expansion and focus on research and development related to two-wheeler components and consumables to gain competitive edge.
Key Takeaways from Two Wheeler Components & Consumables Aftermarket Study
Standard motorcycle segment is projected to hold over 26% volume share of the global market in 2021 and will continue exhibiting robust demand for consumables.
Demand for consumables is set to hold over 60% of the market share in terms of value by the end of forecast period.
South Asia & Pacific is expected to remain a primary market backed by rising demand for two wheelers in the region. It is expected to account for over 34% of the market share in 2021.
Online sales channels segment is set to surge at CAGR of approximately 8.1% over the coming decade.
India is emerging as a key market, totaling US$ 4.5 Bn in 2021 and it is forecast to register 9.4% CAGR in the forecast period.
"Increasing adoption of two wheelers, especially across India, China, and Germany, has compelled the manufacturers to form strategic alliances with local distributors and independent dealers to strengthen their position in the industry. This will continue fuelling the demand in the market," says a Future Market Insights analyst.
Who is Winning?
The two wheeler components & consumables aftermarket is highly fragmented. Key players will account for around 15-20% of the market share.
In order to gain competitive edge, these companies are likely to invest in new technological advances for the growth of their distribution networks.
Some of the key players in this industry include but are not limited to ZF Friedrichshafen AG, Holley Performance Products, Exide Technologies, Advance Auto Parts, Harley Davidson, Tenneco, Inc., FastBikeGear, Bajaj Auto, Gabriel India Limited, Showa Corporation, KYB Corporation, TVS Motor Company, Foshan Xinmatuo Motorcycle Parts Industrial Company, Hero Motocorp Ltd., Yamaha Motor Company Ltd., Hella KGaA Hueck & Co, OSRAM Licth AG, BMW Group, BITUBO S.r.l.
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Two Wheeler Components & Consumables Aftermarket by Category
By Two Wheeler Type:
Standard Motorcycle
Cruiser Motorcycle
Sports Motorcycle
Standard Scooter
Maxi Scooter
Mopeds
By Product Type:
Components
Fuel Injector
Fuel Filter
Air Filter
Brake Pads
Brake Shoes
Brake Caliper
Accelerator & Brake Cable
Electric Starter Motor
Clutch Plate
Chain & Sprocket
Battery
Headlight Bulb
Turn Indicator Bulb
Spark Plugs
Ignition Coil
Shock Absorber
Seat
Exhaust Muffler
Mirror
Tires
Consumables
Washing Shampoo
Cleaning Polish
Coolant
Engine Oil
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By Sales Channel:
Authorized Dealers
Independent Dealers
Online
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
Key Questions Answered in the Report
What is the current two wheelers components & consumables aftermarket market value?
The two wheelers components & consumables aftermarket market is anticipated to reach US$ 24.15 Bn in 2021.
At what rate will the two wheelers components & consumables aftermarket grow during the forecast period?
The two wheeler components aftermarket is expected to register a CAGR of 8.0% in terms of volume during the forecast period (2021-2031).
At what rate did the two wheelers components & consumables aftermarket market grow during 2020 and 2021?
The market registered year-on-year growth of around 6.7% during the 2020-21, estimates Future Market Insights.
What are the key trends driving two wheelers components & consumables aftermarket sales?
Growing sales of two wheelers across the globe and rising trend for bike riding among millennials are boosting sales of two wheelers components & consumables aftermarket.
Explore Wide-ranging Coverage of FMI's Automotive Landscape
Sales of Used Bikes through Bike Marketplace: https://www.globenewswire.com/en/news-release/2022/06/27/2469649/0/en/Sales-of-Used-Bikes-through-Bike-Marketplace-to-witness-a-CAGR-of-4-6-through-2032-As-Advocacy-to-achieve-the-Carbon-Neutrality-Rises-Future-Market-Insights-Inc.html
Folding E-Scooter Market: https://www.globenewswire.com/en/news-release/2022/07/13/2479111/0/en/Folding-E-Scooter-Market-is-predicted-to-grow-from-US-626-8-million-in-2022-to-US-806-3-million-by-2032-Future-Market-Insights-Inc.html
Two Wheeler Accessories Aftermarket: https://www.globenewswire.com/en/news-release/2022/03/31/2413393/0/en/Two-Wheeler-Accessories-Aftermarket-to-Be-Worth-US-38-8-Million-by-The-Year-2030-Comprehensive-Research-Report-By-FMI.html
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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