Global sales of two-wheeler components and consumables are expected to be valued at over US $ 26.1 billion in 2021, according to Future Market Insights (IMF). The market is poised to expand to more than 7.8% CAGR due to the growth in sales of two-wheelers around the world.
According to Future Market Insights, the growing adoption of two-wheelers for personal use is creating a high demand for aftermarket components and consumables for two-wheelers. Sales of two-wheelers are increasing at a sustained rate in developing countries such as India, Indonesia, Vietnam and Brazil.
At the same time, the growing demand for components and consumables for two-wheelers in China, Japan, the United States and Germany will create lucrative growth opportunities for the market. According to the study, Asia-Pacific will hold the largest share of 57.1%, followed by Europe with 21.8% until 2031.
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The aftermarket for two-wheeler components and consumables saw a slight decline in sales volume in 2020 due to the COVID-19 outbreak. Demand from major countries declined due to the implementation of the lockdown by governments, however, the demand generated was somehow met by local suppliers who stocked before the pandemic.
The demand for two-wheeler components and consumables has increased in the standard motorcycle segment due to the growing popularity of standard personal use bikes.
Major manufacturers are expected to invest heavily for market expansion and focus on research and development related to two-wheeler components and consumables in order to gain competitive advantage.
Key takeaways from the study of the aftermarket for two-wheeler components and consumables
- The standard motorcycle segment is set to continue 26% global market volume share in 2021 and will continue to show strong demand for consumables.
- Demand for consumables is expected to continue 60% market share in value by the end of the forecast period.
- South Asia and the Pacific are expected to remain a primary market supported by the growing demand for two-wheelers in the region. It should represent more than 34% market share in 2021.
- The online sales channel segment is expected to grow at a CAGR of approximately 8.1% over the next decade.
- India is emerging as a key market, totaling US $ 4.5 billion in 2021 and it is planned to record 9.4% CAGR in the forecast period.
“The growing adoption of two-wheelers, particularly in India, China and Germany, has forced manufacturers to form strategic alliances with local distributors and independent dealers to strengthen their position in the industry. This will continue to fuel demand in the market ”, says a Future Market Insights analyst.
The secondary market for two-wheeler components and consumables is highly fragmented. The main players will represent approximately 15-20% of market share.
In order to gain a competitive advantage, these companies are likely to invest in new technological advances for the growth of their distribution networks.
Some of the major 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 Srl
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Two Wheeler Components and Consumables Secondary Market by Category
By type of two-wheeler:
- Standard motorcycle
- Motorcycle Cruiser
- Sport motorbike
- Standard scooter
By product type:
- Fuel injector
- Fuel Filter
- Air filter
- Brake pads
- Brake shoes
- Brake caliper
- Throttle and brake cable
- Electric starter
- Clutch plate
- Chain & Sprocket
- Headlight bulb
- Flashing Bulb
- Ignition coil
- Shock absorber
- Exhaust silencer
- Washing shampoo
- Cleaning polish
- Cooling liquid
- Engine oil
By sales channel:
- Authorized resellers
- Independent dealers
- In line
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
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Key questions addressed in the report
- What is the current market value of two-wheeler components and consumables?
The market for two-wheeler components and consumables aftermarket is expected to reach US $ 24.15 billion in 2021.
- How fast will the aftermarket for two-wheeler components and consumables increase during the forecast period?
The aftermarket for two-wheel components is expected to register a CAGR of 8.0% in terms of volume during the forecast period (2021-2031).
- How fast has the two-wheeler parts and consumables market grown in 2020 and 2021?
The market has grown by around 6.7% over the period 2020-21, estimates Future Market Insights.
- What are the main trends driving sales of spare parts and consumables for two-wheelers?
The growth in sales of two-wheelers across the world and the upward trend of cycling among millennials are driving aftermarket sales of two-wheeler components and consumables.
Key points covered by aftermarket two-wheeler components and consumables
- 2016-2031 Market Estimates and Forecasts
- Key Drivers and Constraints Affecting Market Growth
- Analysis by segment, country and region
- Mapping and benchmarking of the competition
- Brand share and market share analysis
- Key product innovations and regulatory climate
- Impact of COVID-19 on XYZ and how to navigate
- Recommendation on key winning strategies