The global two wheeler aftermarket components & consumables market demand is anticipated to attain a valuation of US$ 29.3 billion in 2023 and is expected to reach US$ 58 billion by 2033, trailing a CAGR of 7% during the forecast period.
The desire of car owners to increase different characteristics of their vehicles, including as exhaust sound, speed, and look, is the key driving force behind market expansion.
Several factors, such as increased consumer awareness about the correct maintenance and repair of motorbikes to preserve their efficiency and performance, are likely to fuel market expansion. Furthermore, the growing popularity of crossover bikes and long-distance travel vehicles necessitates frequent repair and component replacement.
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The market is expected to develop because to the growing trend of client customization, which will be aided by the automotive industry’s enhanced design and manufacturing flexibility.
The reduction in vehicle condition and poor road conditions create a favourable scenario for the aftermarket components business, as demand for repairs and maintenance may increase.
The market is witnessing growth due to various factors, such as relatively affordable production costs and an increase in road accidents. Consequently, the rising demand for replacement parts creates promising opportunities for the expansion of the automotive aftermarket in the foreseeable future.
The market is undergoing a significant transformation toward digitization, primarily driven by the increasing influence of technological advancements. The aftermarket is shifting toward an online platform, resulting in changes in the marketplace.
Online sales of parts and services are becoming prevalent, prompting various stakeholders in the value chain, including OEMs, OESs, wholesalers, insurers, and workshops, to adapt to the growing trend of the online aftermarket. Factors that are anticipated to drive market growth during the forecast period include:
- The adoption of advanced technology in the manufacturing of two wheeler auto parts.
- The rise in consumer and passenger automobile production.
- The digitalization of automotive repair and maintenance services.
Key Takeaways
- India two wheeler aftermarket components & consumables industry is projected to expand with a CAGR of 7.3% during the forecast period.
- The demand for two wheeler aftermarket components & consumables in China is expected to capture a CAGR of 7.2% from 2023 to 2033.
- By product type, the consumable segment is estimated to secure a CAGR of 7.5% during the forecast period.
- North America is anticipated to expand with a CAGR of 6.9% between 2023 and 2033.
The rising shift of aftermarket toward online sales channels and growing demand for replacement parts is expected to drive market growth during the forecast period –Anticipated by an FMI Analyst.
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Competitive Landscape
The market for two wheeler aftermarket components & consumables is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Recent Developments in Two Wheeler Aftermarket Components & Consumables Market
- On May 5, 2023, TVS Racing announced its collaboration with KidZania, a renowned edutainment theme park, to introduce a unique racing experience catered toward young enthusiasts riders, a first-of-its-kind initiative.
- The first TVS Experience Centre in Singapore was inaugurated by TVS Motor Company in November 2022, showcasing its state-of-the-art facilities.
- In November 2022, Yamaha Motor Co., Ltd. announced its adoption of plant-derived cellulose nanofiber (CNF) reinforced resin for marine products. This collaboration with Nippon Paper Industries Co., Ltd. marks the world’s first practical use of this material, aimed at reducing CO2 emissions and environmental impact.
- On December 20, 2021, TVS Motor Company announced the integration of what3words, an innovative location technology, into its customer app – TVS Connect.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global two wheeler aftermarket components & consumables market, providing historical data between 2018 and 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the two wheeler aftermarket components & consumables market, the market is segmented based on two wheeler type, product type, sales channel, and region.
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Key Segments Profiled in the Two-wheeler Aftermarket Components & Consumables Market
By 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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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