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.
Two-wheelers, including motorcycles and scooters, are a popular mode of transportation across the globe. As these vehicles continue to be an essential part of daily life for millions, the aftermarket components and consumables market plays a pivotal role in ensuring their maintenance and customization. In this blog, we’ll take a closer look at the global two-wheeler aftermarket components and consumables market and delve into the regional demand trends that drive its growth.
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Region-Wise Demand for Two-Wheeler Aftermarket Components & Consumables:
- Asia-Pacific: The Asia-Pacific region, home to some of the world’s most populous countries, is a dominant force in the two-wheeler market. Countries like India, China, and Southeast Asian nations have a massive two-wheeler user base. This region experiences high demand for aftermarket components and consumables, including spare parts, tires, lubricants, and accessories.
- Europe: Europe boasts a strong market for high-performance and premium two-wheelers. Countries like Italy, Germany, and the United Kingdom have a thriving motorcycle culture. This region demands top-quality aftermarket components for maintenance and customization, as well as consumables like engine oil and brake pads.
- North America: North America, particularly the United States and Canada, has a robust two-wheeler market. The demand for aftermarket components and consumables is driven by a passion for motorcycle customization and maintenance. Riders seek high-quality parts and accessories to enhance the performance and appearance of their two-wheelers.
- Middle East and Africa: In regions with a strong motorcycling culture, such as the Middle East and parts of Africa, the demand for aftermarket components is on the rise. The market includes everything from basic maintenance parts to specialized components for off-road and desert riding.
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.
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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.
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.
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
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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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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