The global two wheeler aftermarket components & consumables market 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 primary driving force behind market growth is the desire of car owners to improve various aspects of their vehicles, including exhaust sound, speed, and appearance, among other factors.
Several factors are expected to drive the market’s growth such as rising consumer consciousness regarding the proper maintenance and repair of motorcycles to maintain their efficiency and performance. Moreover, the increasing popularity of crossover bikes and long-distance travel vehicles leads to a high frequency of servicing and replacement of vehicle components.
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The market is projected to expand due to the growing trend of customer customization, supported by the automotive industry’s increased design and manufacturing flexibility.
The decline in vehicle conditions and poor road conditions present a favorable scenario for the aftermarket components industry as there might be a rise in demand for repairs and maintenance.
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.
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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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