Improved economic outlook across the globe resulted into substantial increase in purchasing power of consumers over the past few years. Consequently, several industry verticals reported an increase in overall demand for respective products, and automotive industry is no different. However, different trends in sales reported across sub-segments within the automotive sector, but motorcycle sales has always remained impressive, particularly in high potential markets. Growth in global motorcycle market ascertained the growth of allied industries such as motorcycle component and accessories.
Motorcycle accessories, apart from increasing aesthetic appeal, also ensure better performance, safety and security. Global motorcycle accessories market is projected to register a CAGR higher than 5% by 2020 and decline a bit on long term projections till 2026. A variation in CAGR is evident across geographies and clusters, subjected to penetration of products launched by established motorcycle accessories suppliers and cyclicity of product launched by local and regional player in respective geography.
Perpetual growth in motor cycle sales coupled with new variants of motor cycle introduced by manufacturers catalyzed the growth of motorcycle accessories market, which grew at a CAGR of over 4% in past five years. Expansion of European and American motorcycle manufacturers in emerging markets also contributed to the demand for motorcycle accessories. Technology advancement led to wider adoption of accessories across target customer base.
Increasing consumers demand for motorcycle is one of the factor fuelling the demand for motorcycle accessories. Furthermore, development of cost effective combustible engines along with increasing popularity of motorcycles among youths is expected to boost overall sales of motorcycle accessories worldwide. Worldwide sales of motorcycle in the developed as well as developing countries is projected to augment the demand for motorcycle accessories over the forecast period. With more manufactures focusing on technology and product development, the demand for motorcycle accessories is expected to showcase a promising future throughout the forecast period. Consumers preference for aftermarket can hinder the sales for OEM (Original Equipment Market), as is one of the big challenge for the growth of the motorcycle accessories market.
By region wise, the global motorcycle accessories market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global motorcycle accessories market is expected to register healthy CAGR during the forecast period. Asia pacific is expected to dominate motorcycle accessories market throughout the forecast period. Significant presence of accessories along with substantial rise in overall consumer spending is expected to drive the demand for motorcycle accessories market in the region. Next, North America and Europe are expected to create substantial demand for motorcycle accessories market. In Latin America and Middle East & Africa is expected to grow at a subdued rate owing to low consumer spending.
Some of the Key players operating into the global motorcycle accessories market are Akropovic, Bajaj Auto Limited, Suzuki, Honda Motor Company Limited, KTM Company, Loncin Motorcycle, Ducati Motor Holding S.p.A, Hero Motocorp Limited, Chongqing Lifan Industry (Group) Company Limited.
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