Two Wheeler Components & Consumables Aftermarket Market Snapshot
[337 pages] As per Future Market Insights, the two wheeler components & consumables demand is expected to rise at a year-on-year (YoY) growth of 6.7%, reaching US$ 26.1 Bn in 2021. Increasing demand from motorcycle segment will drive the two wheeler components & consumables market at 7.8% CAGR over the forecast period from 2021 to 2031.
Advance Auto Components, Exide Technologies, Tenneco Inc., Hero MotoCorp Ltd., TVS Motor Company, Bajaj Auto, and Showa Corporation are identified as the key players in two wheeler components & consumables aftermarket market. As per Future Market Insights, over 15% of the market share is currently covered by the top 10 players.
Key Points Covered in Two Wheeler Components & Consumables Aftermarket
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on XYZ and How to Navigate
- Recommendation on Key Winning Strategies
2016-2020 Two Wheeler Components & Consumables Aftermarket Outlook Compared to 2021-2031 Forecast
Rapid expansion of the automotive industry across the globe has increased the demand for other aftermarket components related to it. This also is expected to drive the two wheeler components & consumables aftermarket at 7.8% CAGR between 2021 and 2031.
The Two Wheeler Aftermarket Components & Consumables market is primarily driven by rising sales of two wheelers worldwide along with increasing focus on research and development initiatives for developing new products. Sales of two wheelers have surged significantly across emerging economies as preference for two wheelers as mode of transportation has increased.
On the back of rising sales of two wheelers, need for its components and aftersales services will drive the two wheeler components & consumables market.
Many riders and bike enthusiasts are often keen on upgrading their vehicles by replacing existing components with new ones and enhancing their operability by providing it periodic maintenance. Owing to these factors, key manufacturers are launching new two-wheeler components.
Future Market Insights has forecast the global sales in two wheeler components and consumables aftermarket to reach US$ 55.33 Bn. Demand in North America is expected to increase at 8.5% CAGR through 2031.
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How will Expansion of Automotive Industry Propel Two Wheeler Components & Consumables Aftermarket Growth?
Recovery of operations in the automotive industry post-pandemic has positively affected the two wheeler components & consumables aftermarket market. Sales of two wheeler components & consumables are expected to increase as more consumers are likely to opt for travel via personal vehicles in place of choosing public transport.
Due to low per capita income in developing countries most consumers prefer bike as car is unaffordable. This also is spurring the sales for aftermarket components and consumables for the two wheelers.
What is the Impact of COVID-19 on Two Wheeler Components & Consumables Aftermarket?
Lockdown imposed across various countries has negatively impacted the market. Limited production and supply-chains disruption due to travel restrictions negatively affected sales opportunities.
Nonetheless, several distributers and manufacturers stockpiled the equipment to ensure sufficient supplies during the pandemic. Additionally, increase in the new product developments post COVID is supporting the recovery of the market.
Despite the difficult situation, economies are steadily recovering from the effect of COVID-19 induced slowdown. Some of the leading companies already have recommenced their production activities. Against this backdrop, the pandemic is unlikely to have a long-term effect on the two wheeler components & consumables aftermarket.
Why is Demand for Two Wheeler Components & Consumables Increasing in China?
Demand in China is expected to rise at nearly 8.5% CAGR over the forecast period. China is one of the leading producers of two wheelers. Also, due high presence of key manufacturers, China is expected to be a hotspot for sales of components and consumables for two wheelers.
As per FMI, China is recognized as a leading market and it is expected to exhibit high demand for two wheeler components & consumables throughout the forecast period. Moreover, rising research activities, presence of several major players, and rapid expansion of automotive industry are creating incremental opportunities for two wheeler components & consumables aftermarket in the country.
How Big is the Opportunity in the U.S.?
North America is predicted to remain one of the fastest growing markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America to reach US$ 4.8 Bn by 2031.
The U.S.’ highly developed automotive industry is one of the main factors supporting the market growth. Furthermore, the U.S. has high demand for sports bikes and adventure vehicles, which is making it a lucrative market for two wheeler components & consumables manufacturers.
Furthermore, growing population and increasing racing enthusiast across the U.S. will drive growth in the market.
Why is Innovation a Key Factor for Two Wheeler Components & Consumables Aftermarket Growth in India?
India is one of the world’s leading markets for two wheeler components & consumables. By 2031, it is expected to account for over 50% of two wheeler components & consumables sales within South Asia & Pacific.
Manufacturers in the country have a competitive advantage as they have access to cutting edge research and technology to address the unmet challenges. Additionally, key players are consistently investing in research activities to expand their product portfolio, which is resulting in a more promising pipeline.
Some of the leading companies operating in the India market are prioritizing areas with unmet needs and working towards developing innovative products in these areas.
Why is Demand for Consumables Continuously Rising?
Based on product type, the consumables segment will hold lion’s share, accounting for nearly 60% of market share in 2021. Growth in this segment is attributed to increasing need for proper maintenance of bike among riders.
For instance, providing proper lubrication and replacing engine oil on time can increase the efficiency of the bike and also improve the life cycle of the vehicle. Based on aforementioned factors, the market will witness growing demand for the consumables in upcoming period.
Which Two Wheeler Type will Account for Maximum Share in the Market?
Standard motorcycles are expected to hold the largest market share in two wheeler components & consumables aftermarket. The segment is expected to reach US$ 15.5 Bn by 2031.
Rapid growth in the sales of the standard motorcycles in the market is increasing the sales of the aftermarket consumables and components. With surging adoption of these bikes for commuting purpose, sales of aftermarket products for standard motorcycles are expected to increase.
Which is the Primary Sales Channel for Two Wheeler Components & Consumables?
As per FMI, the independent dealers segment will account for the largest share of more than 60% in 2021. Owing to rising number of independent dealers in major regions, growth in the segment is expected to bolster.
As majority of bike owners prefer local or independent supplier for servicing and maintenance due to its cost-effectiveness and easy availability, independent dealers are expected to gain immense popularity among the bike owners.
Companies operating in two wheeler components & consumables aftermarket are aiming at strategic collaborations and strategic partnerships with other manufacturers and local dealer & service providers to expand their product manufacturing/selling and address the demand of an expanding customer base.
Manufacturers are also focusing on the expansion of manufacturing facilities to maintain their global presence.
Scope of Report
Historical Data Available for
USD Million for Value, Units for Volume (Components), and Liters for Volume (Consumables)
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, Turkey, and South Africa
Key Segments Covered
By Capacity, By Design, By Application, End Use and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
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.
Who are the leading players in two wheelers components & consumables aftermarket market?
Advance Auto Components, Exide Technologies, Tenneco Inc., Hero MotoCorp Ltd., TVS Motor Company, Bajaj Auto, and Showa Corporation are identified as the key players in two wheeler components & consumables aftermarket market.
What will be the demand outlook for North American two wheelers components & consumables aftermarket market?
The North American two wheelers components & consumables aftermarket market is anticipated to expand at 8.1% CAGR.
What will be the two wheelers components & consumables aftermarket market share in Europe?
The Europe’s two wheelers components & consumables aftermarket market will account for over 25.2% of global market share.
What is the current market share of Japan and South Korea in the global two wheelers components & consumables aftermarket market?
Japan and South Korea will collectively account for 11.3% of the total two wheelers components & consumables aftermarket market share.
Two Wheeler Components & Consumables Aftermarket by Category
By Two Wheeler Type:
- Standard Motorcycle
- Cruiser Motorcycle
- Sports Motorcycle
- Standard Scooter
- Maxi Scooter
By Product Type:
- Fuel Injector
- Fuel Filter
- Air Filter
- Brake Pads
- Brake Shoes
- Brake Caliper
- Accelerator & Brake Cable
- Electric Starter Motor
- Clutch Plate
- Chain & Sprocket
- Headlight Bulb
- Turn Indicator Bulb
- Spark Plugs
- Ignition Coil
- Shock Absorber
- Exhaust Muffler
- Washing Shampoo
- Cleaning Polish
- Engine Oil
By Sales Channel:
- Authorized Dealers
- Independent Dealers
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)