DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ — As per an exhaustive study by FMI, the global two wheeler accessories aftermarket is poised to total US$ 17.1 Bn in 2021. A growing number of motorbike riding enthusiasts and rising concerns regarding road safety are expected to fuel the demand for two-wheeler accessories. Driven by this, the market is expected to surpass US$ 38.8 Bn, expanding at a robust CAGR of 8.6% during the forecast period between 2021 and 2031.
The primary factor fuelling the demand for two-wheeler accessories is the increasing sales for motorcycles worldwide. According to the China Association of Automobile Manufacturers, around 1,659,000 units of motorcycles were sold across China in the month of September 2019 alone. In addition to this, rising focus on improving aesthetics, performance, comfort, and safety of motorcycles amongst riders is expected to spur the sales of two-wheeler accessories.
Implementation of stringent regulations to increase the safety of motorcyclists such as mandating the use of protective gears such as helmets in the U.S., China, India, and other countries is facilitating the growth in the market. Increasing number of motorsports events and leisure activities such as bike stunts, racing, and off-road activities is expected to propel the demand for two-wheelers as well as aftermarket accessories.
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Based on product type, the protective gear segment is estimated to hold the lion’s share in the market, accounting for sales of nearly US$ 7 Bn through 2031. Poor road conditions across certain countries and increasing road accidents are favoring the growth in the market.
“Introduction of advanced accessories with higher durability and increasing availability of two-wheeler accessories on e-commerce platforms is expected to drive the sales in the market over the coming years,” says a FMI analyst.
Key Takeaways from Two Wheeler Accessories Aftermarket Study
- China is estimated to account for the dominant share in the East Asia market, exhibiting sales growth at an impressive CAGR of 9.6% during the assessment period.
- India is projected to hold the largest share in the South Asia & Pacific market, accounting for more than 50% of the sales in the region through 2031.
- The market in Germany is forecast to register the fastest growth in Europe, expanding at a robust CAGR of 8.3% between 2021 and 2031.
- Japan is expected to emerge as a highly remunerative market, creating an absolute dollar opportunity of US$ 1.3 Bn over the forecast period.
- On the basis of sales channels, the independent outlet segment is anticipated to account for a significant share, surging at a CAGR of 8.6% from 2021 to 2031.
- Increasing sales of standard motorcycles across India, Pakistan, Indonesia, owing to their affordability, comfortable seating, and easily accessible foot controls are propelling the demand for two-wheeler accessories.
- Rising trend of bike riding and use of motorcycles for recreational and leisure purposes across North America and European countries is expected to drive the growth of the