Motorcycle Accessories Market to Witness Widespread Expansion During 2018 to 2026
This report provides prognosis and analysis of the motorcycle accessories market. It offers historical data along with forecast data for 2026.
[UKPRwire, Fri Apr 19 2019] The purpose of this rich study presented by FactMR is to elaborate the various market projections impacting the global motorcycle accessories market during the period until 2028. This assessment delivers high-end statistics concerning market size (US$ Mn), Y-o-Y growth and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about growth trends along with opportunities that are expected to reshape the overall structure of the motorcycle accessories market during the forecast period.
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Motorcycle accessories are the products or add-ons that are selected by the rider to enhance safety, comfort, and performance. Motorcycle accessories includes crash guard, protective gears, covers and others things that adds value to the Motorcycle. The global Motorcycle accessories market is estimated to be valued at US$ 7,160.8 Mn by 2018 end and is expected to reach US$ 11,024.7 Mn by the end of 2026 while expanding at a CAGR of 5.5% over the forecast period. The global Motorcycle accessories market is anticipated to represent incremental opportunity of US$ 3,863.9 Mn between 2018 and 2026.
Stringent regulations regarding emission of toxic gases, reduction initiatives mandated by various governments across the globe and 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 main 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 Asia Pacific region, such as China, incidentally one of the biggest markets for motorcycles, is aggressively promoting electric bikes for transportation, which can seriously stagnate the growth of conventional motorcycles market. Moreover, low cost, energy efficiency, emission free systems and no license & registration requirements are some of the factors that will positively affect the popularity of electric motorcycles, which in turn, could hamper the sales of conventional motorcycles.
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The global Motorcycle accessories market is segmented on the basis of product type, motorcycle type, sales channel and region. On the basis of product type, the global motorcycle accessories market is segmented into Handle Accessories, Frames & Fittings, Electrical & Electronics, Protective Gears, Bags & Carriage Frames, Seat Covers and Security Systems. Based on Motorcycle type, the market is segmented into Conventional, Cruiser, Sports, Sports and Off-road. On the basis of sales channel, the market is segmented on the basis of Specialized Outlets, Independent Outlets and Online. Significant regions covered in the report include North America, Latin America, Europe, SEA & Pacific, China, India and Middle East & Africa.
The Protective Gears segment is projected to account for 17.1% volume share in the global Motorcycle accessories market by 2026 end while growing at a CAGR of 5.4% over the forecast period.
By Motorcycle type segment, the conventional segment followed by Cruiser segment is projected to dominate the global Motorcycle accessories market in 2018. The cruiser bike segment is forecast to account for 7.0% market value share by the end of 2026. The Independent Outlets segment is estimated to dominate the global Motorcycle accessories market with a market value share of 59.9% by 2026 end. The segment will expand at a CAGR of 4.4%.
From a regional perspective, South East Asia & Pacific is estimated to represent 20.3% of the market volume share in 2018. The market is expected to increase at a volume CAGR of 4.7%, in terms of volume, over the forecast period. Sales revenue of Motorcycle accessories in Latin America is expected to reach US$ 603.1 Mn by the end of 2026 while increasing at a CAGR of 5.3% over the forecast period. Market growth in India is expected to remain high as compared to the global average between 2018 and 2026 and increase at a CAGR of 6.1%.
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