Revving Up: Two Wheeler Aftermarket Soars to US$ 58 Billion by 2033, Driven by Customization and Maintenance Demand

The market for two wheeler aftermarket Components & Consumables Market parts is projected to reach US$ 29.3 billion in 2023 and US$ 58 billion by 2033, growing at a CAGR of 7% over the forecast period.

The desire of car owners to enhance different aspects of their vehicles, including exhaust sound, speed, and look, among other considerations, is the main reason driving market expansion.

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.

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.

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Due to a number of causes, including rising traffic accidents and relatively low production costs, the market is expanding. As a result, there are excellent prospects for the growth of the automotive aftermarket in the near future due to the increasing demand for replacement parts.

A considerable digitalization of the market is currently taking place, principally due to the growing effect of technological improvements. The marketplace is changing as the aftermarket migrates to an internet platform.

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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