According to FMI, the aftermarket for two-wheeler accessories will grow at a CAGR of 8.6% between 2022 and 2032. According to the report, protective gear will become the best-selling item and make up 30% of the aftermarket value of two-wheeler accessories.
Due to the rising demand for helmets and other protective gear, the total sales of two-wheeler accessories aftermarket are anticipated to surpass.
The rising demand for two-wheelers in Asia is a major factor propelling sales of two-wheeler accessories. Due to their large populations, rapid urbanisation, and rising levels of consumer disposable income, India and China are regarded as the most profitable markets for the sale of two-wheelers. As a result, there will likely be a strong demand for two-wheeler accessories to improve motorcycle performance in Asia.
China Might Continue to Hold the Upper Edge Spot in Terms of Two-Wheeler Accessory Consumption
China has the largest population in the entire world. One of the main reasons why manufacturers are concentrating on making compact and lightweight vehicles is the traffic congestion and increasing smog formation in China.
In order to address various traffic and emission issues, the Chinese government has enacted stringent regulations. Compact car adoption has increased as a result, which has increased the demand for two-wheeler accessories in the area.
Taxes Being Imposed may prevent the Use of Two-Wheeler Accessories.
The VAT and luxury taxes have significantly increased in some regional markets. For instance, Colombia's VAT increased from 16% to 19%, which had a negative effect on the scooter and motorcycle markets and restrained the expansion of the world market for two-wheeler accessories.
Key Takeaways:
By 2021, it is predicted that the aftermarket for two-wheeler accessories will reach a value of US$17.1 billion.
Over 50% of South Asia & Pacific sales are anticipated to come from India by 2031.
Over the forecast period, it is anticipated that demand will increase in the China market at a CAGR of nearly 9.6%.
In the aftermarket for two-wheeler accessories, Japan is anticipated to generate an absolute dollar opportunity of US$ 1.3 Billion between 2021 and 2031.
The market's leading category, in terms of products, is protective gear. Around $7 billion in absolute dollar opportunity is anticipated as a result.
Independent outlets should grow at a CAGR of 8.6% over the forecast period, according to FMI.
Competitive Landscape:
Companies that sell accessories for two-wheelers are working to innovate their products so that users will ride in high safety. Strategic partnership strategies are also being used by manufacturers to increase their global presence and business.
To maintain their global presence and meet the high demand for accessories, manufacturers are also concentrating on the global expansion of their manufacturing facilities.
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Recent Developments:
Yamaha Motor Company, Honda, Piaggio & C SpA, and KTM AG signed a letter of intent in March 2021 to form a consortium for swappable batteries for motorcycles and light electric vehicles.
To increase their production capacity, Hero Motocorp opened three factories in India in May 2021 in Gurugram, Dharuhera, and Haridwar.
TVS Motor Company purchased Norton Motorcycles UK and Norton Motorcycles Holdings Ltd. in April 2020 for a total of INR 1.53 billion.
In Chennai, Tamil Nadu, Yamaha Motor Company opened a new Yamaha Blue Square location in March 2020.
A new production facility will be established in Belgaum at a cost of 100 crore by Vega Auto Accessories Pvt Ltd, a well-known helmet manufacturer.
Steelbird, a maker of helmets At its plant in Baddi, Himachal Pradesh, Hi-tech India is spending 150 crore to increase production capacity.