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 factor driving market expansion is car owners’ desire to improve various features of their vehicles, including exhaust sound, speed, and appearance, among other factors.
A variety of reasons, including increased consumer knowledge of the significance of performing routine maintenance and repairs on motorcycles in order to preserve their effectiveness and performance, are expected to lead to an expansion in the market. Additionally, the increasing usage of long-distance vehicles and crossover motorcycles demands frequent maintenance and component replacement.
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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 market is anticipated to grow as a result of the growing acceptance of customer customization, which is aided by the vehicle industry’s expanding manufacturing and design flexibility.
The deterioration of vehicle condition and the poor condition of the roads create a favourable situation for the aftermarket components industry since there may be a rise in demand for repairs and maintenance.
The market is growing as a result of a number of factors, including an increase in traffic accidents and relatively low production costs. Due to the rising need for replacement parts, the automotive aftermarket has strong potential for growth in the foreseeable future.
The market is currently becoming significantly digitalized, mostly as a result of the expanding impact of technical advancements. As the aftermarket moves to an online platform, the market is shifting.
As more and more parts and services are sold online, many value chain participants, such as OEMs, OESs, wholesalers, insurers, and workshops, are being forced to adjust to the expanding trend of the online aftermarket. Several elements are projected to fuel market expansion throughout the course of the forecast period, including:
- 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
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
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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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