Global sales of two wheeler components & consumables are set to be valued at over US$ 26.1 Bn in 2021, 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.
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 21.8% through 2031.
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.
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2016-2020 Two Wheeler Components & Consumables Aftermarket Outlook Compared to 2021-2031 ForecastRapid expansion of the automotive industry across the globe has increased the demand for other aftermarket components related to it. This also is expected to drive the two wheeler components & consumables aftermarket at 7.8% CAGR between 2021 and 2031.
The Two Wheeler Aftermarket Components & Consumables market is primarily driven by rising sales of two wheelers worldwide along with increasing focus on research and development initiatives for developing new products. Sales of two wheelers have surged significantly across emerging economies as preference for two wheelers as mode of transportation has increased.
On the back of rising sales of two wheelers, need for its components and aftersales services will drive the two wheeler components & consumables market.
Many riders and bike enthusiasts are often keen on upgrading their vehicles by replacing existing components with new ones and enhancing their operability by providing it periodic maintenance. Owing to these factors, key manufacturers are launching new two-wheeler components.
Future Market Insights has forecast the global sales in two wheeler components and consumables aftermarket to reach US$ 55.33 Bn. Demand in North America is expected to increase at 8.5% CAGR through 2031.
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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.
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.
Two Wheeler Components & Consumables Aftermarket by CategoryBy Two Wheeler Type:
- Standard Motorcycle
- Cruiser Motorcycle
- Sports Motorcycle
- Standard Scooter
- Maxi Scooter
- Mopeds
By Product Type:
- Components
- Fuel Injector
- Fuel Filter
- Air Filter
- Brake Pads
- Brake Shoes
- Brake Caliper
- Accelerator & Brake Cable
- Electric Starter Motor
- Clutch Plate
- Chain & Sprocket
- Battery
- Headlight Bulb
- Turn Indicator Bulb
- Spark Plugs
- Ignition Coil
- Shock Absorber
- Seat
- Exhaust Muffler
- Mirror
- Tires
- Consumables
- Washing Shampoo
- Cleaning Polish
- Coolant
- Engine Oil
By Sales Channel:
- Authorized Dealers
- Independent Dealers
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)