Two Wheeler Aftermarket Components & Consumables Market Set to Reach a Whopping US$ 58 Billion by 2033

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.

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.

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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.

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.

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Recent Developments in Two Wheeler Aftermarket Components & Consumables Market

• On May 5, 2023, TVS Racing announced its collaboration with KidZania, a renowned edutainment theme park, to introduce a unique racing experience catered toward young enthusiasts riders, a first-of-its-kind initiative.
• The first TVS Experience Centre in Singapore was inaugurated by TVS Motor Company in November 2022, showcasing its state-of-the-art facilities.
• In November 2022, Yamaha Motor Co., Ltd. announced its adoption of plant-derived cellulose nanofiber (CNF) reinforced resin for marine products. This collaboration with Nippon Paper Industries Co., Ltd. marks the world’s first practical use of this material, aimed at reducing CO2 emissions and environmental impact.
• On December 20, 2021, TVS Motor Company announced the integration of what3words, an innovative location technology, into its customer app – TVS Connect.

Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global two wheeler aftermarket components & consumables market, providing historical data between 2018 and 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the two wheeler aftermarket components & consumables market, the market is segmented based on two wheeler type, product type, sales channel, and region.

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