Adoption of motorcycle accessories has been directly driven by sales of conventional motorcycles coupled with sports, cruisers, and off-road motorcycles. According to a market intelligence research by Fact.MR, motorcycle accessories market in Asia Pacific is anticipated to expand at a volume CAGR of 4.7% over the forecast period, 2018-2026. India is likely to remain in the forefront, outgrowing China, with increase in adoption of fuel-efficient motorcycles and presence of vehicle finance options. The Fact.MR’s study forecasts the motorcycle accessories market growth in India to exhibit an impressive CAGR of 6.1% over the period of assessment.
China is expected to lose its number one position in Asia Pacific motorcycle accessories market, with higher adoption of electric motorcycles. Growing awareness of pollution caused by conventional vehicles has influenced the government to promote electric bikes for transportation in China. This has led to a decline in the sales of motorcycles, thereby affecting the growth of motorcycle accessories market in the country.
On the contrary, consumers exploring leisure activities associated with motorcycles such as bike stunts, racing, and off-road activities is expected to create lucrative opportunities for motorcycle accessories manufacturers. Emerging modification trends in various range of motorcycles is further likely to augment the sales of aftermarket accessories in the Asia Pacific region.
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Although the growth of motorcycle accessories market remains stagnant in China, it global outlook continues to be optimistic. The Fact.MR’s study foretells the global motorcycle accessories market to cross a value of US$ 11Bn by 2028-end while growing at a significant CAGR of 5.5% over the forecast period.
Based on motorcycle type, the conventional segment will continue to maintain its dominance in the global motorcycle accessories market. Over 400,000 thousand units of motorcycle accessories for conventional motorcycle is expected to be sold in 2018. It is likely to be followed by cruiser segment, estimated to register an impressive CAGR of 7% during the period of assessment.
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While protective gear accounts for 17% volume share in global motorcycle accessories market in terms of product type, frames & fittings including crash protection is expected to witness a significant demand. With governments and manufactures’ efforts to reduce road accidents and injuries to motorcyclists, sales of crash protection motorcycle accessories is likely to be robust in the coming years.
Maximum sales of motorcycle accessories is generated through independent stores which accounts for 59% value share in the global motorcycle accessories market. However, with manufacturers extending their brands and product line in online retail stores, this segment is projected to grow at relatively faster rate. Further, the online stores are gaining higher traction due to the lowering of price and selling of both new and old accessories.
The Fact.MR report offers detailed profiles of the leading players actively operating in global motorcycle accessories market. Some of these players include TVS Motor Company, Yamaha Motor Company Ltd., Hero Motocorp Ltd., Harley-Davidson, Inc., Omax Auto Ltd, Studds Accessories Ltd., OM Steel Industries, AGV sports group, Steelbird Hi-Tech India Pvt. Ltd., Foshan Xinmatuo Motorcycle Parts Industrial Company, and others.
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Mr. Rohit Bhisey
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