DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ — As per an exhaustive research by FMI, the worldwide two wheeler equipment aftermarket is poised to complete US$ 17.1 Bn in 2021. A rising variety of motorcycle using fans and rising considerations concerning highway security are anticipated to gasoline the demand for two-wheeler equipment. Pushed by this, the market is predicted to surpass US$ 38.8 Bn, increasing at a strong CAGR of 8.6% in the course of the forecast interval between 2021 and 2031.
The first issue fuelling the demand for two-wheeler equipment is the growing gross sales for bikes worldwide. In accordance with the China Affiliation of Car Producers, round 1,659,000 models of bikes had been offered throughout China within the month of September 2019 alone. Along with this, rising concentrate on bettering aesthetics, efficiency, consolation, and security of bikes amongst riders is predicted to spur the gross sales of two-wheeler equipment.
Implementation of stringent laws to extend the security of motorcyclists corresponding to mandating the usage of protecting gears corresponding to helmets within the U.S., China, India, and different nations is facilitating the expansion out there. Growing variety of motorsports occasions and leisure actions corresponding to bike stunts, racing, and off-road actions is predicted to propel the demand for two-wheelers in addition to aftermarket equipment.
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Based mostly on product sort, the protecting gear phase is estimated to carry the lion’s share out there, accounting for gross sales of practically US$ 7 Bn by way of 2031. Poor highway situations throughout sure nations and growing highway accidents are favoring the expansion out there.
“Introduction of superior equipment with greater sturdiness and growing availability of two-wheeler equipment on e-commerce platforms is predicted to drive the gross sales out there over the approaching years,” says a FMI analyst.
Key Takeaways from Two Wheeler Equipment Aftermarket Examine
- China is estimated to account for the dominant share within the East Asia market, exhibiting gross sales development at a powerful CAGR of 9.6% in the course of the evaluation interval.
- India is projected to carry the biggest share within the South Asia & Pacific market, accounting for greater than 50% of the gross sales within the area by way of 2031.
- The market in Germany is forecast to register the quickest development in Europe, increasing at a strong CAGR of 8.3% between 2021 and 2031.
- Japan is predicted to emerge as a extremely remunerative market, creating an absolute greenback alternative of US$ 1.3 Bn over the forecast interval.
- On the idea of gross sales channels, the impartial outlet phase is anticipated to account for a major share, surging at a CAGR of 8.6% from 2021 to 2031.
- Growing gross sales of ordinary bikes throughout India, Pakistan, Indonesia, owing to their affordability, snug seating, and simply accessible foot controls are propelling the demand for two-wheeler equipment.
- Rising development of motorbike using and use of bikes for leisure and leisure functions throughout North America and European nations is predicted to drive the expansion of the two-wheeler equipment aftermarket.
- Excessive preliminary and upkeep price of sports activities bikes are hampering their gross sales, which is in flip, restraining the demand for two-wheeler equipment throughout the sports activities bike phase.
- Rising inclination in the direction of buying the bike equipment from on-line platforms and impartial shops attributable to greater reductions and low price of merchandise in comparison with authorize shops is posing a problem for the expansion within the licensed gross sales channel phase.
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Among the main gamers within the world market are Rizoma S.r.l, OSRAM Licht, Motorsport Aftermarket Group, Yamaha Motor Firm Ltd, and Harley Davidson. These gamers are anticipated to account for practically 69% of gross sales out there by way of 2021.
Market gamers are aiming at product improvements to supply excessive security for bike rider. Among the corporations are adopting methods corresponding to partnership, collaboration, merger, and acquisition to increase their market and world presence. As an illustration,
- In March 2021, Yamaha Motor Firm, a Japanese producer of bikes, introduced signing a letter of intent with Piaggio & C SpA, KTM AG, and Honda to arrange a swappable batteries consortium for gentle electrical autos and bikes.
Among the key gamers working out there profiled by FMI are:
- TVS Motor Firm
- Yamaha Motor Firm Ltd.
- Hero Motocorp Ltd.
- Harley Davidson
- Vega Auto Equipment Ltd.
- Studds Equipment Ltd.
- OM Metal Industries
- Osram Licht AG
- AGV Sports activities Group
- Steelbird Hello- Tech India Pvt. Ltd.
- YF Protector Co. Ltd
- Aplinestars USA Inc.
- AltRider LLC.
- Cobra USA Inc.
- Motrosport Aftermarket Group
- Rizoma S.r.l
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Extra Precious Insights on Two Wheeler Equipment Aftermarket
The newest report by FMI supplies an in depth evaluation of the worldwide two wheeler equipment aftermarket, offering credible insights into key issue driving the market by way of 2021 and past. The research additionally disclosed development projections on in two wheeler equipment aftermarket with detailed segmentation:
By Product Sort:
- Deal with Equipment
- Electrical & Electronics
- Frames & Fittings
- Crash Safety
- Foot Pegs
- Protecting Gear
- Skilled Physique Put on
- Baggage & Carriage Frames
- Exhaust Equipment
- Seat Covers
- Safety Methods
By Two Wheeler Sort:
- Normal Motorbike
- Cruiser Motorbike
- Sports activities Motorbike
- Normal Scooter
- Maxi Scooter
By Gross sales Channel:
- Licensed Retailers
- Impartial Retailers
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Center East and Africa (MEA)
Key Questions Coated within the Report
- The report affords perception into two wheeler equipment aftermarket demand outlook for the forecast interval 2021-2031
- The market research additionally highlights projected gross sales development for 2 wheeler equipment aftermarket between 2021 and 2031
- Two wheeler equipment aftermarket survey identifies key development drivers, restraints, and different forces impacting prevailing traits and analysis of present market measurement and forecast and technological developments throughout the business
- Two wheeler equipment aftermarket share evaluation, overlaying key corporations throughout the business and protection of methods corresponding to mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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