Two-Wheeler Accessory Market is Set to Surge at 5.1% CAGR, Reaching US$ 66.83 Billion by 2034 | Fact.MR Report
Rockville, MD, Sept. 02, 2024 (GLOBE NEWSWIRE) -- Recently Fact.MR, a market research and competitive intelligence provider issued a new report on the global two wheeler accessory market. As stated in the report, sales of two wheeler accessories are estimated to reach US$ 40.64 billion in 2024, and the market is further projected to advance at a CAGR of 5.1% between 2024 and 2034.
Due to the increasing use of motorcycles and scooters as the main forms of transportation, the demand for two-wheeler accessories is surging worldwide. Through aftermarket extras, riders are more and more looking to improve the performance, safety, and looks of their vehicles.
Safety equipment is becoming increasingly popular. Examples include jackets with airbags and sophisticated helmets with built-in communication systems. Performance enhancements that increase the power and efficiency of a bike, such as custom exhaust systems and high-flow air filters, are popular among enthusiasts.
The need for baggage options and equipment that improve comfort, including heated grips and adjustable windscreens, has increased due to the growth of motorcycle tourism. Tech-savvy motorcyclists are catered to with sophisticated gadgets including smartphone mounts and GPS navigation devices.
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Customization trends are driving sales of decorative accessories such as LED lighting kits and bespoke bodywork. Furthermore, the expanding electric two-wheeler industry is opening new markets for specialty accessories including range-extending batteries and fast-charging adapters.
Key Takeaways from Market Study:
- The global two wheeler accessory market is forecasted to reach US$ 66.83 billion by 2034-end.
- East Asia is projected to account for 21% of the global market share by 2034.
- The market in South Korea is analyzed to progress at a CAGR of 5% between 2024 and 2034.
- Based on different sales channels, the online segment is approximated to account for 26% market share in 2024.
- The North American market is projected to expand at a CAGR of 7% through 2034.
“Two wheeler accessories allow drivers to customize their vehicles uniquely, making them more aesthetic and different contributing to their popularity,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Two Wheeler Accessory Market:
Key Players in the two wheeler accessory markets are TVS Motor Company; Dainese SpA; Akrapovic; Helmet; Hero Motocop Ltd; Yamaha Motor Company Ltd; Caberg SpA; Harley Davidson; AGV Sports Group; YF Protector; OM Steel Industries; Foshan Xinmatuo Motorcycle Parts; Omax Auto; Studd Accessories; SteelBird Hi-Tech; OSRAM Licht.
Smart Helmets and Bluetooth Connectivity Accelerating Demand for Two-Wheeler Accessories:
Smart helmets provide improved safety and communication since they include built-in cameras, Bluetooth connection, and heads-up displays. Motorcycles now have car-like safety features thanks to the availability of advanced rider support systems as aftermarket add-ons, such as adaptive cruise control and blind-spot recognition. Fast-charging adapters and portable power banks are popular additions for electric motorcycles, as they increase riding range. The integration of smartphones has advanced, with applications offering real-time diagnostics and managing several bike features.
Advanced materials are used to create lightweight and aerodynamic baggage solutions, which increase carrying capacity without sacrificing functionality. Unprecedented customization is possible with components that are 3D printed and configurable. The safety and comfort of riders are being improved by wearable airbags and smart riding equipment with integrated heating and cooling systems. Riders caring about the environment are drawn to eco-friendly gear such as solar-powered chargers and biodegradable fairings. In addition to drawing in tech-savvy riders, these state-of-the-art developments are turning the two-wheeler accessory sector into a hub of technical improvement and growing customer interest.
Two Wheeler Accessory Industry News:
- Alpinestars introduced a new line of tech-air airbag systems in 2022, dubbed Tech-Air 3, Tech-Air 10, and Tech-Air Off-Road V2. The Tech-Air 3 system, which is weather-adaptable, is intended as an over-jacket airbag for commuters and regular road bikers.
- On December 20, 2021, TVS Motor Company revealed that its customer app, TVS Connect, will now include what3words, a cutting-edge location technology.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the two wheeler accessory market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (handle accessories, electrical & electronics, frames & fittings, protective gears, bags & carriage frames, exhaust accessories, seat covers, security systems), two wheeler type (standard bikes, cruiser bikes, sports, mopeds/scooters), sales channel (online, authorized outlets, independent outlets), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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