The FY 2022 is expected to witness a rise in the valuation of the Motorcycle Accessories market, reaching approximately US$ 8.84 Billion, surpassing the previous year’s figure of US$ 8.39 Billion. Over the course of the next decade, from 2022 to 2032, the industry is projected to experience a steady growth rate of 6% CAGR, resulting in a remarkable market value of US$ 15 Billion by the end of 2032.
The motorcycle accessories market is a dynamic and rapidly evolving sector within the broader automotive industry. Motorcycle enthusiasts, from casual riders to passionate bikers, continuously seek to enhance their riding experience and personalize their machines. As a result, the motorcycle accessories market has seen significant growth in recent years. It encompasses a wide range of products designed to improve safety, comfort, aesthetics, and functionality for motorcycle riders.
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Market Opportunity
The motorcycle accessories market presents numerous opportunities for growth. One of the primary drivers of this market is the increasing number of motorcycle owners. The rising popularity of motorcycles as a cost-effective and efficient mode of transportation, particularly in densely populated urban areas, has led to a surge in motorcycle sales. This, in turn, creates a larger customer base for motorcycle accessories, as owners look to customize and optimize their bikes.
Furthermore, the growing interest in motorcycle tourism and adventure riding has bolstered demand for specialized accessories like luggage systems, GPS mounts, and protective gear. Additionally, the expanding e-commerce landscape has made it easier for customers to access a wide variety of accessories, driving convenience and market growth.
Market Challenges
Despite the promising opportunities, the motorcycle accessories market faces several challenges. Safety concerns and regulations play a pivotal role in the development and sales of certain accessories. Stricter safety standards and regulations may limit the availability of certain accessories, especially those related to helmets, protective clothing, and lighting. Manufacturers must constantly adapt to changing safety requirements to ensure their products remain compliant and desirable.
Economic fluctuations can also impact the market. During economic downturns, consumers may reduce discretionary spending, affecting the demand for non-essential motorcycle accessories. Additionally, environmental concerns are influencing the market, with growing interest in eco-friendly and sustainable accessories. Manufacturers are challenged to develop innovative, sustainable products that cater to environmentally conscious consumers.
Key Players
- 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
- Aplinestars USA Inc.
- AltRider LLC.
- Cobra USA Inc.
- Motorsport Aftermarket Group
- Rizoma S.r.l
Competitive Landscape
Prominent market players heavily rely on partnerships, collaborations, acquisitions, and new software launches to sustain their presence in the global market. Their primary focus is on continuously innovating to ensure a seamless client-customer relationship.
In December 2021, TVS Motor Company and global auto giant BMW Motorrad further strengthened their cooperation by venturing into the electric vehicle sector. Within the next 24 months, they aim to introduce their first electric two-wheeler. This partnership aims to facilitate joint development of new platforms and future technologies, particularly urban-centric electric vehicles.
In April 2022, India Yamaha Motor (IYM) Pvt. Ltd. demonstrated its commitment to expanding its retail presence in the Indian market by inaugurating its second “Blue Square” outlet in Kochi. Operating under the name “Perighat Motors,” this 3S Facility offers comprehensive sales, services, and spare support to customers.
Key Segments Covered in the Motorcycle Accessories Industry Survey
- 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
- By Motorcycle Type :
- Conventional Motorcycle Accessories
- Cruiser Motorcycle Accessories
- Sports Motorcycle Accessories
- Off-Road Motorcycle Accessories
- By Sales Channel :
- Motorcycle Accessories Sales through Specialized Outlets
- Motorcycle Accessories Sales through Independent Outlets
- Motorcycle Accessories Sales through Online Sales Channels
- By Region :
- North America
- Latin America
- Europe
- South East Asia & Pacific
- China
- India
- Middle East & Africa
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