Improved economic outlook across the globe resulted in a substantial increase in the purchasing power of consumers over the past few years. Consequently, several industry verticals reported an increase in overall demand for respective products, and the automotive industry is no different. However, different trends in sales reported across sub-segments within the automotive sector, but motorcycle sales have always remained impressive, particularly in high potential markets. Growth in the global motorcycle market ascertained the growth of allied industries such as motorcycle components and accessories.
Motorcycle accessories, apart from increasing aesthetic appeal, also ensure better performance, safety, and security. The global motorcycle accessories market is projected to register a CAGR higher than 5% by 2020 and decline a bit on long term projections till 2026. A variation in CAGR is evident across geographies and clusters, subjected to the penetration of products launched by established motorcycle accessories suppliers and cyclicity of product launched by local and regional players in respective geography.
Motorcycle Accessories Market: Drivers and Restraints
Perpetual growth in motorcycle sales coupled with new variants of motorcycle introduced by manufacturers catalyzed the growth of the motorcycle accessories market, which grew at a CAGR of over 4% in the past five years. Expansion of European and American motorcycle manufacturers in emerging markets also contributed to the demand for motorcycle accessories. Technology advancement led to wider adoption of accessories across the target customer base.
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Increasing consumer’s demand for motorcycle is one of the factors fueling the demand for motorcycle accessories. Furthermore, the development of cost-effective combustible engines along with the increasing popularity of motorcycles among youths is expected to boost overall sales of motorcycle accessories worldwide. Worldwide sales of a motorcycle in the developed, as well as developing countries, is projected to augment the demand for motorcycle accessories over the forecast period. With more manufactures focusing on technology and product development, the demand for motorcycle accessories is expected to showcase a promising future throughout the forecast period. Consumers’ preference for the aftermarket can hinder the sales for OEM (Original Equipment Market), as is one of the big challenges for the growth of the motorcycle accessories market.
Motorcycle Accessories Market: Segmentation
On the basis of product type, the global motorcycle accessories market is segmented into,
- Protective Gear
- Frames and Fittings
- Bags & Luggage
On the basis of motorcycle type, the global motorcycle accessories market is segmented into,
- Scooters, mopeds
On the basis of distributional channel, the global motorcycle accessories market is segmented into,
- Multi-brand Retail
- Organized Retail Outlet
- Independent Outlets
- Single Brand Retail
On the basis of market type, the global motorcycle accessories market is segmented into,
- Original Equipment Market (OEM)
On the basis of geography, the global motorcycle accessories market is segmented into,
- North America
- Latin America
- West Europe
- Eastern Europe
- Middle East & Africa
- Asia Pacific excluding Japan
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Motorcycle Accessories Market: Key Players
Some of the Key players operating into the global motorcycle accessories market are
- Bajaj Auto Limited
- Suzuki Honda Motor Company Limited
- KTM Company
- Loncin Motorcycle
- Ducati Motor Holding S.p.A
- Hero MotoCorp Limited
- Chongqing Lifan Industry (Group) Company Limited.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology, and applications.
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