Two Wheeler Accessories Aftermarket Market by Product Type (Handle Accessories, Electrical & Electronics, Frames & Fittings, Seat Covers, Security Systems), Two Wheeler Type (Standard Motorcycle, Cruiser Motorcycle, Sports Motorcycle, Standard Scooter, Mopeds), Sales Channel (Online, Authorized Outlets, Independent Outlets) & Region - Forecast to 2021 - 2031

2016-2020 Two Wheeler Accessories Demand Outlook Compared to 2021-2031 Forecast

The two wheeler accessories aftermarket registered slow growth from 2016 to 2020, which was primarily on account of the impact of COVID-19 in 2020.

Key factor driving the two wheeler accessories sales is the increasing demand for two wheelers in Asia. India and China are considered the most lucrative markets for two wheeler sales due to high population, growing urbanization and increasing disposable income of the consumers.

This is expected to drive the Asia two wheelers market, in turn fuelling demand for two wheeler accessories for better motorcycle performance.

As per the report, two wheeler aftermarket service providers are focusing on offering high quality two wheeler accessories to make riding safer. To achieve this, they are adding features and making modifications in motorcycles.

Some of the leading market players are focusing on increasing their production capacities for two wheelers as well as two wheeler accessories to strengthen their footprint in the global market.

With the emergence of electric two wheelers in the market, original equipment manufacturers (OEMs) such as TVS, Bajaj, and Hero also are fixating on entering the electric vehicle market. Higher sales of electric vehicles (EV) also will accelerate the two wheeler accessories sales in the coming years.

Availability of a variety of two wheeler models with different price range is also an important factor contributing to the increasing sales of two wheeler accessories. Two wheeler accessories are available online via various ecommerce platforms which is a crucial factor increasing the sales of accessories. Two wheeler accessories such as helmets, seat covers, lightings, and others are available in a variety of options in terms of design, colors and features to choose from.

Driven by this, demand in the two wheeler accessories aftermarket is estimated to grow at 8.6% CAGR between 2021 and 2031.

Download a Comprehensive Report Snapshot

What is the impact Of COVID-19 crisis on Two Wheeler Accessories Sales?

COVID- 19 pandemic affected the automotive Industry in terms of decline in sales and exports as well as suspension of production activities around the globe. Sales of two wheelers were affected as production facilities were closed due to implementation of stringent lockdown guidelines.

Two wheeler accessories sales also took a nosedive during pandemic since the overall two wheeler sales declined considerably in 2020. But the market is estimated to recover as dealerships outlets open post lockdown and two wheeler accessories wholesale suppliers resume operations.

Besides this recovery of manufacturing facilities, resulting in renewed growth of motorcycle production and sales will augment the two wheeler accessories market growth. The increase in two wheeler accessories export and import also wheel aid expansion of the market

Country-wise Insights

How Lucrative is India Two Wheeler Accessories Aftermarket?

The India two wheeler accessories aftermarket is predicted to remain one of the most remunerative ones for motorcycle accessories manufacturers.  According to the two wheeler accessories aftermarket study, India is expected to account for over 50% of sales in South Asia & Pacific through 2031.

India is one of the leading two wheeler markets along with China. India exhibits the presence of several leading motorcycle manufacturers such as Bajaj, Hero, TVS, and others. This is accelerating the two wheeler market in the country.

OEMs are therefore focusing on expanding their product portfolio to include a wide range of two wheeler accessories. Increase in focus on vehicle safety to safe driving even in poor road conditions and consistently surging sales of two wheelers across India are increasing the demand for two wheeler accessories aftermarket services.

What is the Demand Outlook for China Two Wheeler Accessories Aftermarket?

Demand in the China market is expected to rise at nearly 9.6% CAGR over the forecast period. The China motorcycle accessories aftermarket is a profit making one backed by high number of on-road vehicles in the country.

China also is a leading two wheeler manufacturer and exporter, which is one of the crucial factors that is increasing the demand for two wheeler accessories aftermarket in the country.

Low cost and easy operability of two wheelers in high traffic congestion have made two wheelers a popular mode of transport in China and other Asian countries, in comparison to other countries across the world.

Sales of electric two wheelers is increasing in China as it is a more sustainable transport option. Besides this, increasing urbanization, high affordability and growing population will create a conducive environment for two wheeler accessories aftermarket growth.

What Is Driving Sales In ASEAN Two Wheeler Accessories Aftermarket?

Countries such as Indonesia, Thailand, and Vietnam have the highest household ownerships of two wheelers in the ASEAN market. Rising disposable income of people living in ASEAN countries and increase in two wheeler taxi and delivery services are accelerating growth in the two wheeler accessories aftermarket in the region.

Emergence of electric bikes also will have a positive impact on the ASEAN market as electric two wheelers are environment-friendly. Many professional biking championships are held in ASEAN countries which is an important factor contributing to the aftermarket sales of protective biking gear components.

What is the Japan Two Wheeler Accessories Market Outlook?

Japan is projected to create absolute dollar opportunity of US$ 1.3 Bn from 2021 to 2031 in the two wheeler accessories aftermarket. Japan has many two wheeler manufacturers like Yamaha, Suzuki, and Honda, which is giving impetus to aftermarket sales of biking gears.

As a two wheeler accessories exporter, Japan will register impressive growth through the forecast period. Some of the leading OEMs in the country are focusing on developing new type of motorcycles.

Yamaha has made a self-driving motorcycle called “MOTOROiD” which can autonomously wake up and move toward the owner by its AI when the owner calls it. Such innovations also will improve scope for technological advancements in the Japan two wheeler accessories aftermarket.

Focus on complementing modern bike designs will therefore emerge as a chief growth driver among two wheeler accessories aftermarket services providers in Japan.

Category-wise Insights

Which is preferred product type in two wheeler accessories aftermarket?

Based on product, protective gear is the leading category in the market. It is expected to create absolute dollar opportunity of about US$ 7 Bn during the forecast period. Protective gear includes helmets and professional body wear for bike riders. Increasing need of driver safety is accelerating the market for helmet in the forecast period.

Poor road conditions across certain countries are increasing the demand of protective gear for motorcycle riders. Helmet manufacturers are focusing on designing different types of helmets that are stylish as well as provide high safety. Motorcycles are not just a mode of transport but have also become a recreational sport for many people in North America and Europe, which is fuelling the demand for biking gear such as professional body wear, gloves, jacket and other products in the forecast period.

Which two wheeler type will account for maximum sales of two wheeler accessories?

Standard motorcycles have comfortable seating with easily accessible foot controls. These types of two wheelers are seen on a large scale in countries such as India as they are highly affordable as well as people have many options of motorcycles to purchase and select.

India and China comprise maximum sales of two wheelers sales around the world.  Increasing sales of motor cycles in these countries and others will push demand in the two wheeler accessories aftermarket.

Manufacturers are focusing on growth of two wheeler segment due to high demand of bikes that have high engine power as well as those are affordable for the population.

Which is preferred sales channel for two wheeler accessories aftermarket?

Two wheeler accessories such as helmets, seat covers, foot pegs, horns, and others s are available in independent as well as authorized outlets across the world. Over the last few years, availability via ecommerce platforms has surged, which is expected to push sales in the aftermarket via online channels.

As per FMI, independent outlets are expected to register growth at a CAGR of 8.6% during the forecast. Availability of various brands under a common roof will push two wheeler accessories sales via independent outlets. 

Competitive Landscape

Companies operating in two wheeler accessories market are aiming at product innovations to offer high safety for the users while riding. Manufacturers are also using strategic partnership strategies to expand their business and global presence in the world.

Manufacturers are also focusing on the expansion of manufacturing facilities globally to maintain their global presence and cater the high demand for accessories.

For Instance,

• In March 2021 Yamaha Motor Company signed a letter of intent with Honda, Piaggio & C SpA and KTM AG to set up a swappable batteries consortium for motorcycles and light electric vehicles.
• In May 2021 Hero Motocorp opened three factories in Gurugram, Dharuhera and Haridwar in India to increase their production capacitiy.
• In April 2020 TVS Motor Company acquired Norton Motorcycles Holdings Ltd. and Norton Motorcycles UK, valued at INR 1.53 billion.
• In March 2020, Yamaha Motor Company opened a new Yamaha Blue Square outlet in Chennai, Tamil Nadu.

Scope of Report

Key Questions Answered

• What is the two wheeler accessories aftermarket size?

  Two wheeler accessories aftermarket size is forecast to top US$ 17.1 Bn in 2021.

• What is the two wheeler accessories aftermarket demand outlook?

  The demand in the two wheeler accessories aftermarket is projected to grow by 8.6% CAGR between 2021 and 2031. By the end of the assessment period, overall sales of two wheeler accessories are projected to top US$ 38.9 Bn.

• What are the chief two wheeler accessories aftermarket trends shaping growth globally?

  Adoption of motorcycles for recreational and leisure purpose and rise in number of independent outlets in small cities are among the primary factors, shaping growth in the two wheeler accessories aftermarket.

• What are the factors driving sales in the two wheeler accessories aftermarket?

  Increase in traffic congestion in large cities is fuelling the sales of two wheeler vehicles. Coupled with this, rising demand for two wheelers in rural areas will fuel sales in the two wheeler accessories aftermarket.

• Who are the top players in the two wheeler accessories aftermarket and what is their market share?

  Rizoma S.r.l, OSRAM Licht, Motorsport Aftermarket Group, Yamaha Motor Company Ltd, and Harley Davidson are among the leading market players, accounting for nearly 69% of sales in the market.

• Which are the top 5 countries driving demand in the two wheeler accessories aftermarket?

  China, India, ASEAN, US, and Japan are driving demand in the two wheeler accessories aftermarket.

• What is the North America two wheeler accessories aftermarket outlook?

  Demand in North America two wheeler accessories aftermarket will grow by 7.9% through 2031.

• Which country is driving sales in the Europe two wheeler accessories aftermarket?

  Germany will spearhead growth of two wheeler accessories aftermarket in Europe, registering a CAGR of 8.3% between 2021 and 2031.

• What is the Japan and South Korea two wheeler accessories aftermarket outlook?

  Japan and South Korea are expected to account for 9.7% of the global two wheeler accessories aftermarket in 2021.

Key Market Segments Covered

By Product Type:

• Handle Accessories
  • Handlebars
  • Grips
• Electrical & Electronics
  • Lightings
  • Horns
• Frames & Fittings
  • Crash Protection
  • Windshield
  • Foot Pegs
• Protective Gear
  • Helmets
  • Professional Body Wear
• Bags & Carriage Frames
• Exhaust Accessories
• Seat Covers
• Security Systems

By Two Wheeler Type:

• Standard Motorcycle
• Cruiser Motorcycle
• Sports Motorcycle
• Standard Scooter
• Maxi Scooter
• Mopeds

By Sales Channel:

• Online
• Authorized Outlets
• Independent Outlets

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)