Increased tourism and new motorcycle variants in the market will drive motorcycle accessories growth, innovating and developing technologies will lead to higher revenues in coming years
Wilmington, Delaware, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The motorcycle accessories market reached US$9.2 billion by 2022. The market is expected to reach US$ 12 billion by the end of 2031. Popular motorcycle accessories manufacturers use state-of-the-art techniques to improve the riding experience in response to the growing emphasis on safety.
Road accidents are increasing due to low-quality road infrastructure and an increase in motorcycle traffic. As a result of a number of government initiatives placed in various regions for promoting vehicle safety and implementing emission testing initiatives, the market is expected to grow in the near future.
Due to the availability of cost-effective combustible engines to motorcycles along with the fact that motorcycles are increasingly popular among young people, the development of motorcycle accessories is likely to coincide with an increase in overall sales of motorcycle accessories.
Economic improvements across the globe have increased consumer purchasing power substantially in the recent years. As the motorcycle industry continues to evolve and riders are interested in tweaking their motorcycles to fit their unique identities, aftermarket motorcycle accessories have become increasingly popular.
A constant increase in motorcycle sales combined with new variants of motorcycles produced by manufacturers inspired the market for motorcycle accessories to grow. In response to government and industry efforts aimed at reducing on-road collisions, where motorcyclists face a higher likelihood of being injured, motorcycle accessory demand has been high.
North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered
Alpinestars USA Inc., Arai Helmet Europe BV, Bayerische Motoren Werke AG, Caberg S.p.a., Dainese S.p.a., FLY Racing, FOX HEAD Inc., Garmin Ltd., Harley Davidson Inc., Leatt Corp., MT HELMETS, Nolangroup S.p.a., PLANET KNOX Ltd., Schuberth GmbH, SCOTT Sports SA, Sena Technologies Inc., SHOEI Co., Ltd., Shot Race Gear USA, SULLIVANS Inc., Vista Outdoor Inc.
Key Findings of Market Report
Increasing consumer awareness of the benefits of safety features, the market for these products is expected to grow.
The demand for motorcycle accessories will increase in the future as manufacturers spend heavily on research and development.
Battery demand will likely increase as electric vehicles become more prevalent.
Aftermarket parts and accessories are seeing an increase in sales as demand increases for customizing motorcycles in the market.
With motorcycles becoming more popular as means of transport and recreational vehicles, the market has experienced rapid growth.
Motorcycle riders are increasingly using accessories, like visors and headgear displays, to keep them focused. Due to this, the market is expected to grow during the forecast period. As motorcycle accessories market growth continues, smart helmets are becoming increasingly popular.
Globally, the demand and preference for smart products are being driven by advances in smart technology, which has prompted motorcycle accessories manufacturers to introduce smart accessories in the market. With an increase in ocean-crossing tourism and millennials' enthusiasm for exploring the world on bikes, the demand for accessories has grown in the market.
A rising demand for easy and low-cost travel along with the availability of e-commerce motorcycle spare parts will drive global revenue share upwards. There is a strong expectation that the rapid development of the latest attachments with robust construction will boost market sales in the near future.
Increasing demand for smart tires as well as emission free silencers is likely to increase demand for motorcycle accessories on the market in the coming years. The concern for emission and awareness about emission tests in different countries have driven the growth for motorcycle accessories. Growing custom colors and products in the market have contributed to its growth.
Global Motorcycle Accessories: Regional Landscape
The demand for motorcycle accessories is increasing as riders customize and personalize their bikes according to their personal tastes and styles.
Developing economies like India and China are driving the motorcycle accessories market.
The increasing disposable income levels in emerging economies have also contributed to the popularity of motorcycle accessories.
As the market for motorcycle accessories grows in Germany, the demand for high-end bikes is expected to increase.
As motorcycle manufacturers become more prevalent in Europe, the market for motorcycle accessories is expected to grow.
Global Motorcycle Accessories Market: Key Players Multiple key players dominate the global landscape, which is highly competitive. Different strategies are being adopted by these players to increase their market share and gain a competitive edge.
Various parameters, including company overviews, financial overviews, business strategies, product portfolios, and recent developments were used in analyzing these companies.
In April 2023, BandidosPitstop, a leading retailer and online provider of motorcycle accessories, launched an in-house manufacturing operation, Metalverse. Modern technology has been installed at Metalverse's facility in Coimbatore, where a wide range of accessories are manufactured. A ceremony was held to inaugurate it.
In March 2023, Suzuki Motorcycles India unveiled a new line of apparel and merchandise, which includes t-shirts, riding gear, and key chains. As part of the launch, Suzuki will offer a motorcycle and lifestyle community called Suzuki World. Additionally, Suzuki dealerships across India will display the apparel and merchandise in order to provide customers with a one-stop shop for all their Suzuki needs. Products include a wide range of useful daily essentials that can be used on and off a bike.
Global Motorcycle Accessories Market: Segmentation
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