According to a recent Fact.MR analysis, the market for motorcycle accessories worldwide is anticipated to develop at a CAGR of 5.5% from 2022 to 2032 and reach a worth of US$ 15 billion. Crash safety motorcycle accessories are in high demand as a result of efforts by the government and manufacturers to reduce the frequency of on-road collisions, which put motorcyclists at a disproportionately higher risk.
The motorcycle accessory market increased at a CAGR of 5.3% between 2015 and 2021, reaching a value of US$ 8.3 Million. The sector is anticipated to generate $8.89 billion in revenue by 2022. The desire for aftermarket-produced motorcycle accessories has grown as a result of the changing culture of the motorcycle industry and riders’ interest in defining their individual identities.
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Motorcycle modifications can range from mild to severe, and the most common ones involve the handlebar attachments, electrical and electronic systems, and frames and fittings. Leading stakeholders consistently concentrate on advancements in popular goods, like crash protection, illumination, and horns, as they recognise the dynamically shifting trends in the motorcycle accessory sector. According to the analysis, profits from crash protection will exceed those from illumination by 1.5 times.
Why are Motorcycle Accessories Providers Venturing into the South East Asia and Pacific?
South East Asia and the Pacific made up roughly 20.3% of the market volume in terms of regional contribution in 2022. Over the forecast period, the market is anticipated to grow at a volume CAGR of 4.7%. The demand for the motorcycle accessories market in the region is anticipated to be driven by the considerable presence of accessories and the significant increase in total consumer spending.
China had roughly 34.9% of the market in 2021, and it is anticipated that it would continue to dominate in the years to come. Fact.According to MR’s analysis, the market is expected to reach a value of US$ 7.5 billion, with significant sales growth at a CAGR of 6% over the projected period.
The market’s anticipated worth in 2021 was close to US$ 3.92 billion. Between 2022 and 2032, market growth in India is anticipated to increase at a CAGR of 6.1% and remain above the world average.
Key Segments Covered in the Motorcycle Accessories Industry Survey
- Motorcycle Accessories Market by Product Type :
- Motorcycle Handle Accessories
- Motorcycle Frames & Fittings
- Motorcycle Electrical & Electronics
- Motorcycle Protective Gears
- Motorcycle Bags & Carriage Frames
- Motorcycle Seat Covers and Security Systems
- Motorcycle Accessories Market by Motorcycle Type :
- Conventional Motorcycle Accessories
- Cruiser Motorcycle Accessories
- Sports Motorcycle Accessories
- Off-Road Motorcycle Accessories
- Motorcycle Accessories Market by Sales Channel :
- Motorcycle Accessories Sales through Specialized Outlets
- Motorcycle Accessories Sales through Independent Outlets
- Motorcycle Accessories Sales through Online Sales Channels
Competitive Landscape
The global market for Motorcycle Accessories is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In December 2021, TVS Motor Company and global auto giant BMW Motorrad expanded their co-operation with a tie-up in the electric vehicle space. The companies are planning to come up with the first electric two-wheeler within the next 24 months.
- In April 2022, In-line with its commitment to strengthening the retail footprint in the Indian market, India Yamaha Motor (IYM) Pvt. Ltd. announced the opening of its second “Blue Square” outlet in Kochi. Launched under the banner of “Perighat Motors’, the 3S Facility offers end-to-end sales, services, and spare support.
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Key players in the Motorcycle Accessories Market
- TVS Motor Company
- Yamaha Motor Company Ltd.
- Hero Motocorp Ltd.
- Harley Davidson
- Vega Auto Accessories Ltd.
- Studds Accessories Ltd.
- OM Steel Industries
- Osram Licht AG
- AGV Sports Group
- Steelbird Hi- Tech India Pvt. Ltd.
- YF Protector Co. Ltd.
Key Takeaways from Motorcycle Accessories Market Study
- Global motorcycle accessories market to flourish 1.7x from 2022-2032
- Protective gears to be a top-selling category, capturing over 17% of market revenue
- Latin America to emerge as an opportunistic motorcycle accessories market, documenting a 5.5% CAGR
- China to be the most opportunistic market, expected to be valued at US$ 7 Billion in 2032
- By vehicle type, conventional motorcycle accessories to experience a growth rate of 6%
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