Global sales of Two Wheeler Aftermarket Components & Consumables Market Size are set to be valued at over US$ 55.33 Billion in 2031, as per Future Market Insights (FMI). The market is poised to expand at over 7.8% CAGR due to the growing sales of two wheelers worldwide.
The use of two-wheelers for personal transportation is growing, which is raising the need for two-wheeler aftermarket parts and consumables, according to Future Market Insights. Two-wheeler sales are rising significantly in developing nations like India, Indonesia, Vietnam, and Brazil.
The market would also enjoy advantageous growth prospects as a result of the rising need for two-wheeler supplies and components in China, Japan, the US, and Germany. According to the estimate, Asia Pacific would hold the highest share through 2031—57.1%—followed by Europe, with a 25.2% share.
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According to Future Market Insights, the use of two-wheelers for personal transportation is expanding, which is driving up the need for two-wheeler aftermarket parts and consumables. Sales of two-wheelers are significantly increasing in developing countries like India, Indonesia, Vietnam, and Brazil.
The growing demand for two-wheeler supplies and components in China, Japan, the US, and Germany will further benefit the market’s growth prospects. Through 2031, Asia Pacific would hold the largest stake, with a 57.1% share, followed by Europe, with a 25.2% share.
Key Takeaways from Two Wheeler Components & Consumables Aftermarket Study
- Standard motorcycle segment is projected to hold over 26%volume share of the global market in 2021 and will continue exhibiting robust demand for consumables.
- Demand for consumables is set to hold over 60%of the market share in terms of value by the end of forecast period.
- South Asia & Pacific is expected to remain a primary market backed by rising demand for two wheelers in the region. It is expected to account for over 34%of the market share in 2021.
- Online sales channels segment is set to surge at CAGR of approximately 1%over the coming decade.
- India is emerging as a key market, totaling US$ 4.5 Bnin 2021 and it is forecast to register 4% CAGR in the forecast period.
“Increasing adoption of two wheelers, especially across India, China, and Germany, has compelled the manufacturers to form strategic alliances with local distributors and independent dealers to strengthen their position in the industry. This will continue fuelling the demand in the market,” says a Future Market Insights analyst.
Who is Winning?
The two wheeler components & consumables aftermarket is highly fragmented. Key players will account for around 15-20% of the market share.
These businesses are likely to invest in new technology developments for the expansion of their distribution networks in order to achieve a competitive edge.
Some of the key 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 S.r.l.
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Two Wheeler Components & Consumables Aftermarket by Category
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
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By Sales Channel:
- Authorized Dealers
- Independent Dealers
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Answered in the Report
- What is the current two wheelers components & consumables aftermarket market value?
The two wheelers components & consumables aftermarket market is anticipated to reach US$ 24.15 Bn in 2021.
- At what rate will the two wheelers components & consumables aftermarket grow during the forecast period?
The two wheeler components aftermarket is expected to register a CAGR of 8.0% in terms of volume during the forecast period (2021–2031).
- At what rate did the two wheelers components & consumables aftermarket market grow during 2020 and 2021?
The market registered year-on-year growth of around 6.7% during the 2020-21, estimates Future Market Insights.
- What are the key trends driving two wheelers components & consumables aftermarket sales?
Growing sales of two wheelers across the globe and rising trend for bike riding among millennials are boosting sales of two wheelers components & consumables aftermarket.
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