Skip to main content

Two Wheeler Accessories Aftermarket to Witness Stunning Growth by 2032

 According to FMI, the aftermarket for two-wheeler accessories will grow at a CAGR of 8.6% between 2022 and 2032. According to the report, protective gear will become the best-selling item and make up 30% of the aftermarket value of two-wheeler accessories.

Due to the rising demand for helmets and other protective gear, the total sales of two-wheeler accessories aftermarket are anticipated to surpass.

The rising demand for two-wheelers in Asia is a major factor propelling sales of two-wheeler accessories. Due to their large populations, rapid urbanisation, and rising levels of consumer disposable income, India and China are regarded as the most profitable markets for the sale of two-wheelers. As a result, there will likely be a strong demand for two-wheeler accessories to improve motorcycle performance in Asia.

China Might Continue to Hold the Upper Edge Spot in Terms of Two-Wheeler Accessory Consumption

China has the largest population in the entire world. One of the main reasons why manufacturers are concentrating on making compact and lightweight vehicles is the traffic congestion and increasing smog formation in China.

In order to address various traffic and emission issues, the Chinese government has enacted stringent regulations. Compact car adoption has increased as a result, which has increased the demand for two-wheeler accessories in the area.

Taxes Being Imposed may prevent the Use of Two-Wheeler Accessories.

The VAT and luxury taxes have significantly increased in some regional markets. For instance, Colombia's VAT increased from 16% to 19%, which had a negative effect on the scooter and motorcycle markets and restrained the expansion of the world market for two-wheeler accessories.

Key Takeaways:

  • By 2021, it is predicted that the aftermarket for two-wheeler accessories will reach a value of US$17.1 billion.
  • Over 50% of South Asia & Pacific sales are anticipated to come from India by 2031.
  • Over the forecast period, it is anticipated that demand will increase in the China market at a CAGR of nearly 9.6%.
  • In the aftermarket for two-wheeler accessories, Japan is anticipated to generate an absolute dollar opportunity of US$ 1.3 Billion between 2021 and 2031.
  • The market's leading category, in terms of products, is protective gear. Around $7 billion in absolute dollar opportunity is anticipated as a result.
  • Independent outlets should grow at a CAGR of 8.6% over the forecast period, according to FMI.

Competitive Landscape:

Companies that sell accessories for two-wheelers are working to innovate their products so that users will ride in high safety. Strategic partnership strategies are also being used by manufacturers to increase their global presence and business.

To maintain their global presence and meet the high demand for accessories, manufacturers are also concentrating on the global expansion of their manufacturing facilities.

For More Info@ https://www.futuremarketinsights.com/reports/two-wheeler-accessories-aftermarket

Recent Developments:

  • Yamaha Motor Company, Honda, Piaggio & C SpA, and KTM AG signed a letter of intent in March 2021 to form a consortium for swappable batteries for motorcycles and light electric vehicles.
  • To increase their production capacity, Hero Motocorp opened three factories in India in May 2021 in Gurugram, Dharuhera, and Haridwar.
  • TVS Motor Company purchased Norton Motorcycles UK and Norton Motorcycles Holdings Ltd. in April 2020 for a total of INR 1.53 billion.
  • In Chennai, Tamil Nadu, Yamaha Motor Company opened a new Yamaha Blue Square location in March 2020.
  • A new production facility will be established in Belgaum at a cost of 100 crore by Vega Auto Accessories Pvt Ltd, a well-known helmet manufacturer.
  • Steelbird, a maker of helmets At its plant in Baddi, Himachal Pradesh, Hi-tech India is spending 150 crore to increase production capacity.

Comments

Popular posts from this blog

Sales of Commercial Aircraft Video Surveillance Systems to Decelerate in 2020 as COVID 19 Pandemic Takes its Toll on Global Market

  Market Introduction Future Market Insights, in its recent study on the  Commercial Aircraft Video Surveillance Systems market,  offers a detailed value-volume analysis of the Commercial Aircraft Video Surveillance Systems market on the basis of various segments such as product type, application, aircraft type, assembly and region. In terms of product type, cabin surveillance systems is projected to be a lucrative segment in terms of growth opportunities and are mostly being installed in the line fit assembly applications in the commercial aircraft video surveillance systems. To Get the Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5202 There has been significant growth in the number of freighter planes due to expanding e-commerce and pharmaceutical sectors and outperforming global trade growth. From a macroeconomic point of view, demand for commercial aircrafts is anticipated to more than double in the next two decade...

Automotive Battery Management System Market : Technological Growth Map over Time

  Automotive Battery Management System Market is estimated to reach US$ 15.3 Bn by the end of 2029 In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth. According to a new research report published by Future Market Insights (FMI), the  automotive battery management system market  is estimated to reach US$ 15.31 Bn by the end of 2029.  “In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.” Key Takeaways of Automotive Battery Management Sys...

Medical Gloves Market Trends, Growth, Future Demand, Analysis and Forecast by 2032

 The medical gloves market has witnessed significant growth and evolution, especially in recent years, due to the global healthcare challenges, including the COVID-19 pandemic. Medical gloves are crucial protective equipment used by healthcare professionals to prevent the transmission of infections, maintain hygiene standards, and ensure the safety of both patients and medical personnel. This market encompasses a wide range of glove types, including latex, nitrile, vinyl, and others, each with its unique features and applications. One of the key drivers of the medical gloves market is the increasing focus on infection prevention and control in healthcare settings. The heightened awareness of the importance of hand hygiene, especially in the wake of the pandemic, has led to a surge in demand for medical gloves worldwide. Healthcare facilities, including hospitals, clinics, and laboratories, require a steady and reliable supply of gloves to maintain safety protocols an...