United States, Rockville MD, June 19, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the demand for global motorcycle accessories market is poised to grow at a CAGR of 5.5% from 2022 to 2032, expected to close at a valuation of US$ 15 Billion. High demand for crash protection motorcycle accessories rides the coattails of government and manufacturers’ efforts to curtail the incidence of on-road collisions, wherein motorcyclists are at a relatively greater risk.
From 2015 to 2021, the market for motorcycle accessories grew at a CAGR of 5.3%, closing at a value of US$ 8.3 Million. As of 2022, the industry is likely to reach US$ 8.89 Billion. Evolving culture of the motorcycle industry, along with the interest of riders in framing their unique identity, has led to the modification trend, wherein aftermarket-produced motorcycle accessories are increasingly sought-after.
For Critical Insights on Motorcycle Accessories Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=1057
Modifications in motorcycles range from moderate to extreme, with typical modifications involving frames & fittings, electrical & electronics, and handle accessories. Sensing the dynamically changing trends in the motorcycle accessories market, leading stakeholders continuously focus on developments in sought-after products, such as crash protection, lighting, and horns. The study projects revenues from crash protection to be over 1.5 times of lighting.
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%.
To learn more about Motorcycle Accessories Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=1057
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 Handle Accessories
- Motorcycle Accessories Market by Motorcycle Type :
- Conventional Motorcycle Accessories
- Cruiser Motorcycle Accessories
- Sports Motorcycle Accessories
- Off-Road Motorcycle Accessories
- Conventional 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 Sales through Specialized Outlets
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.
Get Customization on Motorcycle Accessories Market Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=1057
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%
Fact.MR’s Domain Knowledge in Automotive
Our automotive consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the automotive sector. Our expertise in recognizing the challenges and trends impacting the global automotive industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
Explore Fact.MR's Coverage on the Automotive Domain-
Autonomous Farm Equipment Market- The global autonomous farm equipment market is projected to expand at a CAGR of close to 10% over the 2021 to 2031 assessment period. Though tractors are the most widely used, emergence of partially autonomous harvesters, fully autonomous harvesters, autonomous UAVs, and other autonomous farm equipment is lending impetus to market growth.
Automotive and Off-Road Vehicle Hoses Market- As per Fact.MR’s projections, China, USA, and India are markets expanding at high CAGRs. Together, East Asia and South Asia are projected to hold around fifty percent market share through 2031.
Recreational Off-Highway Vehicles Market- The global recreational off-highway vehicles market is estimated at USD 15.7 Billion in 2022 and is forecast to surpass USD 54.4 Billion by 2032, growing at a CAGR of 13.2% from 2022 to 2032.
Third Party Logistics Market- The global third-party logistics market size is estimated at US$ 1,031 Bn in 2022 and US$ 2,144 Bn by 2032 while exhibiting a growth rate of 7.6% during the forecast period. The growing popularity of e-commerce and the advent of smart technologies are the key factors propelling the market growth in the assessment period.
Automotive Smart Display Market- The global automotive smart display market is estimated at USD 7.5 Billion in 2022 and is forecast to surpass USD 12.4 Billion by 2032, growing at a CAGR of 5.1% from 2022 to 2032. The global automotive smart display market held around 19.8% share in the global automotive lighting market in 2021 and is projected to grow at a CAGR of around 6.2% during the assessment period of 2022-2032.
Fleet Management Market- Global demand for fleet management was valued at US$ 39.1 Mn in 2021 and is projected to reach US$ 48 Bn by 2022-end. From 2022 to 2032, the fleet management market is forecast to flourish at a 17.4% CAGR. By the end of the aforementioned forecast period, a valuation of US$ 239 Mn is anticipated for the market.
Automotive Coatings Market- Sales of automotive coatings amounted to US$ 16.3 Billion in FY 2021, and is forecast to experience a year-over-year expansion rate of 4.3% in 2022, reaching US$ 17 Billion. Furthermore, the industry is poised to document a value CAGR worth 7% from 2022 to 2032, reaching a market value of US$ 33.44 Billion by the conclusion of the said period of assessment.
U.S. Drone Market- The U.S. drone market is projected to expand rapidly at 22.2% CAGR to reach a market valuation of US$ 82.9 billion by 2032, up from US$ 11.1 billion in 2022. Demand is surging due to the high usage of drones for both, commercial and recreational purposes, along with the incorporation of advanced technology undertaken by drone manufacturers in the market, with the western region of the country accounting for bulk of the market share.
Europe Hybrid Electric Vehicles Market- Sales of hybrid electric vehicles in Europe are projected to increase at an impressive CAGR of 14.2% to reach a market valuation of US$ 15.7 billion by the end of 2032. As such, the Europe hybrid electric vehicles market is poised to generate an absolute dollar opportunity worth US$ 11.6 billion over the next ten years.
U.S. Hybrid Electric Vehicles Market- Sales of hybrid electric vehicles in the U.S. reached a market valuation of US$ 15.2 billion in 2021. Projections are that the U.S. hybrid electric vehicles market will expand rapidly at 13.8% CAGR to top US$ 55.5 billion by the end of 2032.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-1583
Follow Us: LinkedIn | Twitter
