The two-wheeler aftermarket components and consumables market is set for substantial growth, with a projected compound annual growth rate (CAGR) of 7%, reaching a market value of USD 58 billion by 2033. This significant expansion is fueled by the increasing use of two-wheelers, particularly in urban areas where motorcycles and scooters are favored for their convenience and fuel efficiency. Additionally, rising consumer demand for enhanced performance and customization drives the market, as riders seek high-quality replacement parts and consumables such as tires, brake pads, and engine oils.
The rise of e-commerce platforms has further facilitated market growth by making a wide range of aftermarket products more accessible to consumers. Consequently, businesses within the two-wheeler aftermarket components and consumables market are well-positioned to capitalize on these trends, ensuring a dynamic and prosperous future.
The market is expected to expand due to the growing trend of customer customization, supported by increased design and manufacturing flexibility within the automotive industry. Poor road conditions and the decline in vehicle conditions also create a favorable scenario for the aftermarket components industry, as these factors lead to a higher demand for repairs and maintenance.
Additionally, relatively affordable production costs and an increase in road accidents are driving growth in the market. The rising demand for replacement parts presents promising opportunities for the automotive aftermarket’s expansion in the foreseeable future.
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The market is undergoing a significant transformation toward digitization, driven primarily by technological advancements. The aftermarket is increasingly shifting to online platforms, prompting various stakeholders, including OEMs, OESs, wholesalers, insurers, and workshops, to adapt to the growing trend of the online aftermarket. Factors anticipated to drive market growth during the forecast period include:
1. The adoption of advanced technology in manufacturing two-wheeler auto parts.
2. The rise in consumer and passenger automobile production.
3. The digitalization of automotive repair and maintenance services.
These developments are expected to significantly boost the growth of the two-wheeler aftermarket components and consumables market in the coming years.
Key Takeaways from the Two Wheeler Aftermarket Components & Consumables Market Report:
- 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.
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.
Leading Key Players:
- ZF Friedrichshafen AG
- 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 Licht AG
- BMW Group
- BITUBO S.r.l.
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Two Wheeler Aftermarket Components & Consumables Market Segmentation:
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
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