USA, Rockville MD, June 19, 2022 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, the request global motorcycle accessories market is poised to grow at a CAGR of 5.5% from 2022 to 2032, and is expected to close at a valuation of US$15 billion. The strong demand for crash protection motorcycle accessories comes as a continuation of efforts by governments and manufacturers to reduce the incidence of road crashes, in which motorcyclists are at relatively higher risk.
From 2015 to 2021, the motorcycle accessories market grew at a CAGR of 5.3%, closing at a value of US$8.3 million. As of 2022, the industry is expected to reach US$8.89 billion. The changing culture of the motorcycle industry, along with riders’ interest in framing their unique identities, has led to the modification trend, in which aftermarket produced motorcycle accessories are becoming increasingly popular. more sought after.
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Modifications to motorcycles range from moderate to extreme, with typical modifications involving frames and fittings, electrical and electronic components, and grip accessories. Sensing the dynamically changing trends in the motorcycle accessories market, major stakeholders are continuously focusing on in-demand product developments, such as crash protection, lighting, and horns. The study predicts that collision protection revenue will be greater than 1.5 times lighting.
Why are motorcycle accessory suppliers venturing into Southeast Asia and the Pacific?
In terms of regional contribution, Southeast Asia and the Pacific accounted for nearly 20.3% of the volume market share in 2022. The market is expected to grow at a volume CAGR of 4.7%, in terms of in volume, over the forecast period. The large presence of accessories along with the substantial increase in overall consumer spending is expected to drive the demand for the motorcycle accessories market in the region.
China held almost 34.9% of the shares in 2021 and is expected to maintain its dominance in the near future. Fact.MR’s report reveals that the market value is estimated at US$7.5 billion, showing sales growth at an impressive CAGR of 6% during the conjecture period.
In 2021, the market value was estimated at nearly US$3.92 billion. Market growth in India is expected to remain high compared to the global average between 2022 and 2032 and increase at a CAGR of 6.1%.
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Key segments covered by the Motorcycle accessories Industry survey
- Motorcycle Accessories Market by Product Type:
- Motorcycle handle accessories
- Motorcycle frames and accessories
- Electric Motorcycle and Electronics
- Motorcycle Protective Gear
- Motorcycle bags and transport frames
- Motorcycle seat covers and security systems
- Motorcycle Accessories Market by Motorcycle Type:
- Conventional motorcycle accessories
- Cruiser Motorcycle Accessories
- Sport Motorcycle Accessories
- Off-road motorcycle accessories
- Motorcycle Accessories Market by Sales Channel:
- Sale of motorcycle accessories in specialized outlets
- Sales of motorcycle accessories at independent outlets
- Sales of motorcycle accessories through online sales channels
The global motorcycle accessories market is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to customers. In addition, companies are looking for specialized service providers, offering tailor-made solutions to meet their business objectives. Also, vendors are likely to leverage product upgrading and differentiation to gain advantage over other competitors in the market.
- In December 2021, TVS Motor Company and global automotive giant BMW Motorrad expanded their cooperation with a merger in the field of electric vehicles. The companies plan to deliver the first electric two-wheeler within the next 24 months.
- In April 2022, in line with its commitment to strengthen the retail footprint in the Indian market, India Yamaha Motor (IYM) Pvt. ltd. announced the opening of its second “Blue Square” outlet in Kochi. Launched under the ‘Perighat Motors’ banner, the 3S facility offers end-to-end aftermarket sales, service and support.
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The key players in the Motorcycle accessories Market
- TVS Motor Company
- Yamaha Motor Company Ltd.
- Hero Motocorp Ltd.
- Vega Auto Accessories Ltd.
- Studds Accessories Ltd.
- OM Steel Industries
- Osram Licht AG
- AGV Sports Group
- Steelbird Hi-Tech India Pvt. ltd.
- YF Protector Co. Ltd.
Main takeaways from Motorcycle accessories Market research
- Global Motorcycle Accessories Market to Grow 1.7x Between 2022 and 2032
- Protective gear will be one of the top-selling categories, capturing over 17% of market revenue
- Latin America will emerge as an opportunistic market for motorcycle accessories, documenting a CAGR of 5.5%
- China is the most opportunistic market, expected to be valued at US$7 billion in 2032
- By vehicle type, classic motorcycle accessories will see a growth rate of 6%
Fact.MR’s Automotive domain knowledge
Our automotive consulting team guides organizations through every step of their business strategy by helping you understand how the latest influencers explain the operational and strategic transformation of the automotive sector. Our expertise in recognizing challenges and trends impacting the global automotive industry provides much-needed insight and support – encompassing a strategic perspective that helps you identify critical issues and design appropriate solutions.
Check out Fact.MR’s coverage on the Automotive Domain-
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