Two-wheeler Aftermarket Components and Consumables Market by Two-wheeler Type, Product Type, Sales Channel and Region – Forecast to 2021-2031
NEWARK, NEWARK, UNITED STATES OF AMERICA, May 19, 2022 /EINPresswire.com/ — Global sales of two-wheeler components and consumables are expected to be valued at more than US$26.1 billion in 2021, according to Future Market Insights (IMF). The market is poised to expand at a CAGR of over 7.8% owing to growing two-wheeler sales globally.
According to Future Market Insights, the growing adoption of two-wheelers for personal use is increasing the demand for aftermarket components and consumables for two-wheelers. Two-wheeler sales are growing at a steady pace in developing countries such as India, Indonesia, Vietnam and Brazil.
Along with this, growing demand for two-wheeler components and consumables in China, Japan, US, 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 observed a slight decline in sales volume in 2020 due to the COVID-19 outbreak. Demand from major countries has declined due to governments implementing lockdown, however, the demand generated has been somewhat met by local suppliers who stocked up 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 bikes for personal use.
Major manufacturers are expected to invest heavily for market expansion and focus on research and development related to two-wheeler components and consumables to gain a competitive edge.
Key Takeaways from the Two Wheeler Components and Consumables Aftermarket Study
The standard motorcycle segment is expected to hold over 26% volume share of the global market in 2021 and will continue to show strong demand for consumables.
The demand for consumables is expected to hold more than 60% of the market share in terms of value by the end of the forecast period.
South Asia and the Pacific is expected to remain a core market supported by growing demand for two-wheelers in the region. It should represent more than 34% of 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 expected to register a CAGR of 9.4% during the forecast period.
“The growing adoption of two-wheelers, especially in India, China and Germany, has compelled manufacturers to form strategic alliances with local distributors and independent dealers to strengthen their position in the industry. This will continue to grow. ‘fueling demand in the market,’ says an analyst from Future Market Insights.
The secondary market for components and consumables for two wheels is very fragmented. The major players will account for around 15-20% of the 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 key players in this industry include but 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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Spare parts for components and consumables for two-wheelers by category
By type of two-wheeler:
By product type:
Accelerator and brake cable
Chain and Sprocket
Turn Signal Bulb
By sales channel:
South Asia and the Pacific
Middle East and Africa (MEA)
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Key Points Covered in Two Wheeler Components & Consumables Aftermarket
Market estimates and forecasts 2016-2031
Key drivers and restraints impacting market growth
Analysis by segment, by country and by region
Competitive Mapping and Benchmarking
Brand share and market share analysis
Main product innovations and regulatory climate
Impact of COVID-19 on XYZ and how to navigate
Recommendation on the main winning strategies
About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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