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Motorcycle Accessories Market

Motorcycle Accessories Market

Motorcycle Accessories Market Analysis by Product Type (Handle Accessories, Frames & Fittings, Electrical & Electronics, Protective Gears, Seat Covers and Security Systems) by Motorcycle Type (Conventional, Cruiser, Sports, Off-road) by Sales Channel & Regional Forecast 2022-2032

Motorcycle Accessories Market
FACT1057MR
  • May-2022
  • List of Tables : 38
  • List of Figures : 155
  • 170 Pages
  • Automotive

Motorcycle Accessories Industry Outlook (2022-2032)

The global Motorcycle Accessories market is likely to be valued at US$ 8.84 Billion in FY 2022, up from US$ 8.39 Billion in 2021.

During the past year, the industry registered a Y-o-Y increase worth 5.3%. From 2022 to 2032, motorcycle accessories sales are poised to flourish at a CAGR of 6% to reach a value of US$ 15 Billion by the end of 2032.

Report Attributes Details

Anticipated Base Year Value (2021)

US$ 8.39 Billion

Expected Market Value (2022)

US$ 8.84 Billion

Projected Forecast Value (2032)

US$ 15 Billion

Global Growth Rate (2022-2032)

6% CAGR

Growth Rate of the Latin American Market (2022-2032)

5.5% CAGR

Expected Market Value of Asia (2032)

US$ 7.5 Billion

U.K Market Expansion Rate (2022-2032)

5.8% CAGR

Key Companies Profiled

  • 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

Demand for protective gears will continue to thrive, with a documented CAGR of 5.4% during the 2015-2021 historical period of assessment, while demand for Motorcycle accessories in conventional bikes proliferated at a rate of 6% during the same period.

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2015 to 2021 Motorcycle Accessories Market Revenue Analysis vs. Market Outlook 2022-2032

Fact.MR has predicted the Motorcycle Accessories market to surge at a 6% CAGR between 2022 and 2032 in comparison to the 5.3% CAGR throughout the historic period. The rising trend of electric vehicles and the robust strength of black Motorcycle Accessories are considered the prominent Motorcycle Accessories market drivers across the globe.

Manufacturers are making specific innovations in improving the quality of materials and are adopting SiCa as a vital alternative for making semiconductors. This will increase the demand for Motorcycle Accessories in electrical and other end-use industries.

Motorcycle accessories market forecast by Fact.MR

Key Drivers Stimulating Motorcycle Accessories Industry Expansion

Stringent regulations regarding the emission of toxic gases, reduction initiatives mandated by various governments across the globe, and the introduction of new BS-IV engines will enhance the sales of conventional motorcycles and directly propel the demand for Motorcycle accessories.

High disposable personal income in regions, such as Europe & North America, has led to consumers venturing more into leisure activities that revolve around conventional motorcycles and scooters, such as racing, bike stunts, and off-road activities, which in turn, has increased the demand for motorcycles as well as its aftermarket accessories.

This is attributed to be the core factor driving the growth of the motorcycle accessories market. Owing to growth in tailpipe emission and pollution by conventional vehicles, governments of some countries in the Asia Pacific region, such as China, incidentally one of the biggest markets for motorcycles, are aggressively promoting electric bikes for transportation, which can seriously stagnate the growth of conventional motorcycles market.

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Key Challenges to Motorcycle Accessories Industry Expansion

High initial and maintenance costs of sports motorcycles are considered to be the prominent factors hindering global sales and restraining the demand for two-wheeler accessories across the sports motorcycle segment.

Moreover, there has been an increased inclination toward purchasing motorcycle accessories from the online platforms since these accessories are available at discounted rates and offers, which in turn, acts as a prominent challenge in front of the showroom vendors and authorized outlet’s sales channel.

Country-wise Analysis

How Opportunistic are Growth Prospects across Latin America?

Sales revenue of motorcycle accessories in Latin America is likely to reach US$ 3 Billion by the end of 2032, while growing at a CAGR of 5.5% throughout the forecast period. Growth in the region’s motorcycle tire market is controlled by mounting motorcycle sales, expanding two-wheeler market size, and growing per capita income across Latin America.

This, in turn, is likely to upsurge the demand for motorcycle accessories in the region. The Latin American motorcycle tire market is largely dominated by Brazil, followed by Colombia, Argentina, and Mexico.

These countries account for the highest number of two-wheeler tire sales in the region, with their combined market share being well over 75% in 2021 in the region’s two-wheeler tire market.

Prominent manufacturers are also introducing more performance-based radial tires to make them adaptive for different driving conditions, which is further projected to expand the level of radicalization in the Latin American motorcycle tire market in the forthcoming future. Countries such as Brazil, Argentina, Colombia, and Mexico are the foremost contributors to the Latin American motorcycle accessories market.

Why are Motorcycle Accessories Providers Venturing into the South East Asia and Pacific?

In terms of regional contribution, South East Asia & Pacific accounted for nearly 20.3% share of the market volume share in 2022. The market is expected to increase at a volume CAGR of 4.7%, in terms of volume, over the forecast period. The significant presence of accessories along with the substantial rise in overall consumer spending is expected to drive the demand for the motorcycle accessories market in the region.

China held nearly 34.9% share in 2021 and is expected to maintain its dominance in the upcoming future. Fact.MR’s report reveals that the market value is estimated to reach US$ 7.5 Billion, exhibiting sales growth at an impressive CAGR of 6% during the conjecture period.

In 2021, the market value was estimated at nearly US$ 3.92 Billion. Market growth in India is expected to remain high as compared to the global average between 2022 and 2032 and increase at a CAGR of 6.1%.

Region-wise Value CAGRs for Motorcycle Accessories (2022-2032)

Latin America

5.5%

South East Asia & Pacific

4.7%

China

6%

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Category-wise Insights

Which Product Type is Most Preferred in the Motorcycle Accessories Market?

Based on product type, the protective gears segment is projected to account for a 17.1% market share in the global motorcycle accessories market accounting for sales of nearly US$ 7.2 Billion by 2032 end while growing at a CAGR of 5.4% over the forecast period.

Poor road conditions within specific countries and swelling road accidents are backing the growth in the market. Strict government regulations for wearing helmets have also boosted the demand for the protective gear segments for the two-wheeler riders.

Protective gear such as gloves, helmets, knee caps, elbow guards, and spine guards play a significant role in cultivating road safety. Furthermore, these protective gears shield riders from serious injuries. Protective gear manufacturers are adopting advanced materials such as fiberglass reinforced plastic and carbon fiber for manufacturing lightweight products.

Additionally, vendors are incorporating innovative communication tools in protective gear such as helmets, which is prospective to amplify the consumption of these products.

Which Type of Motorcycle is expected to Generate Highest Revenue?

By motorcycle type, the conventional segment followed by the cruiser segment is projected to dominate the global Motorcycle accessories market in 2022. The induction of BS-IVS IV engines in India will boost the sales of conventional motorcycles and opens a door to lucrative growth opportunities for the motorcycle accessories market.

Sales of motorcycle accessories for conventional motorcycles will surpass 450,000 thousand units in 2022, estimated to register a revenue expansion at the rate of 6% during the forecast period.

The cruiser bike segment is forecast to flourish at a 7.0% CAGR until 2032. Owing to increasing development in the road infrastructures, there has been an upsurged trend of road trips and solo traveling in several parts of the world.

To enhance the riding experience on several terrains like hilly areas, and off-roading, the manufacturers are installing several cutting-edge accessories. Considering the above-mentioned factors, the demand for motorcycle accessories has been increasing in the conventional segment; backed by the soaring bike modification business.

Competitive Landscape

Prominent providers are reliant on partnerships, collaborations, acquisitions, and new software launches to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

  • 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. Through the tie-up, the companies are targeting joint development of new platforms and future technologies, including urban-centric electric vehicles.
  • 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.

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
  • Motorcycle Accessories Market by Region :

    • North America
    • Latin America
    • Europe
    • South East Asia & Pacific
    • China
    • India
    • Middle East & Africa

- FAQs -

As of 2021, Fact.MR estimated the motorcycle accessories market to have reached US$ 8.39 Billion
By 2022, Fact.MR expected demand for motorcycle accessories to reach US$ 8.8 Billion
From 2015-to 2021, the motorcycle accessories market grew at a 5.3% value CAGR
From 2022-to 2032, motorcycle accessories demand is likely to surge at a 5.5% CAGR
By 2032, the market for motorcycle accessories is likely to be valued at US$ 15 Billion
By 2032, Fact.MR expects the U.S market for motorcycle accessories to reach US$ 3 Billion
China is expected to register a 6% CAGR in the motorcycle accessories industry

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