Global sales of Two Wheeler Aftermarket Components & Consumables Market Size are set to be valued at over US$ 55.33 Bn in 2031, as per Future Market Insights (FMI). The market is poised to expand at over 7.8% CAGR due to the growing sales of two wheelers worldwide.
Key Takeaways from Two Wheeler Components & Consumables Aftermarket Study
Standard motorcycle segment is projected to hold over 26% volume share of the global market in 2021 and will continue exhibiting robust demand for consumables.
Demand for consumables is set to hold over 60% of the market share in terms of value by the end of forecast period.
South Asia & Pacific is expected to remain a primary market backed by rising demand for two wheelers in the region. It is expected to account for over 34% of the market share in 2021.
Online sales channels segment is set to surge at CAGR of approximately 8.1% over the coming decade.
India is emerging as a key market, totaling US$ 4.5 Bn in 2021 and it is forecast to register 9.4% CAGR in the forecast period.
“Increasing adoption of two wheelers, especially across India, China, and Germany, has compelled the manufacturers to form strategic alliances with local distributors and independent dealers to strengthen their position in the industry. This will continue fuelling the demand in the market,” says a Future Market Insights analyst.
According to Future Market Insights, increasing adoption of two wheelers for personal use is setting the demand high for aftermarket components and consumables for two wheelers. Sales of two wheelers are increasing at a robust pace across developing countries such as India, Indonesia, Vietnam, and Brazil.
Coupled with this, the increasing demand for components and consumables for two wheelers in China, Japan, the U.S. and Germany will create lucrative growth opportunities for the market. As per the study, Asia Pacific will hold the largest share of 57.1%, followed by Europe with 25.2% through 2031.
For more information: https://www.futuremarketinsights.com/reports/two-wheeler-aftermarket-components-market
The two wheeler components & consumables aftermarket observed slight decline in sales volume in 2020 due to the outbreak of COVID-19. Demand from major countries waned due to implementation of lockdown by governments, however, the generated demand was somehow fulfilled by the local suppliers who stockpiled before the pandemic.
Demand for two wheeler components & consumables has been increasing from standard motorcycles segment due to the growing popularity of standard bikes for personal use.
Key manufacturers are expected to invest heavily for market expansion and focus on research and development related to two-wheeler components and consumables to gain competitive edge.
Who is Winning?
The two wheeler components & consumables aftermarket is highly fragmented. Key players will account for around 15-20% of the market share.
In order to gain competitive edge, these companies are likely to invest in new technological advances for the growth of their distribution networks.
Some of the key players in this industry include but are not limited to ZF Friedrichshafen AG, Holley Performance Products, Exide Technologies, Advance Auto Parts, Harley Davidson, Tenneco, Inc., FastBikeGear, Bajaj Auto, Gabriel India Limited, Showa Corporation, KYB Corporation, TVS Motor Company, Foshan Xinmatuo Motorcycle Parts Industrial Company, Hero Motocorp Ltd., Yamaha Motor Company Ltd., Hella KGaA Hueck & Co, OSRAM Licth AG, BMW Group, BITUBO S.r.l.