rising sales of motorcycles is driving the Motorcycle Accessories Market
Technavio analyzes that the Motorcycle Accessories Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3140.3 million.There are various factors that contribute to the growth of the market. The motorcycle accessories market is experiencing significant growth in tandem with the increasing sales of motorcycles. This trend is driven by consumers' desire to personalize their two-wheelers and enhance their riding experience. Motorcycle accessories, such as helmets, protective gear, luggage, and performance parts, are in high demand. Manufacturers and retailers are responding by introducing innovative and technologically advanced products to cater to this growing market.
The aftermarket motorcycle accessories market is witnessing substantial growth, with a rising trend towards the purchase of genuine, branded spare parts and accessories. Major players in the industry, including Royal Enfield, Bajaj Auto, and Hero MotoCorp, have reported impressive revenue figures in FY24, attributable to this trend. Notably, premium motorcycle models, such as Hero MotoCorp's Xpulse and Splendor, have significantly driven this growth. Hero MotoCorp, for instance, has nearly doubled its revenue from spare parts and accessories over the past five years, reaching approximately USD605,035. This surge can be largely attributed to the increasing preference for high-quality, branded spares over non-branded alternatives, particularly among motorcycle types, including cruisers, baggers, and touring models.
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Motorcycle Accessories Market Segmentation
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The Motorcycle Accessories Market encompasses a wide range of products, including smart helmets with Bluetooth connectivity and air purification, communication systems, GPS navigation, and luggage for touring motorcycles. Motorcycle enthusiasts seek comfort, safety, and urban mobility solutions, with e-commerce platforms simplifying access to spare parts and conventional accessories. Advanced systems enhance long-distance travel, fuel efficiency, and rider safety, with brands like SW-Motech and Honda Hornet leading the way. Motorcycle culture embraces smart helmets, safety gear, and innovative technology, merging tradition with modern convenience.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including motorcycles, scooters, quad bikes, three-wheelers, passenger cars (PCs), commercial vehicles (CVs), heavy-duty vehicles, electric vehicles (EVs), and off-road vehicles. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the automotive components and equipment industry include the surge in electronic components utilization in automobiles. The escalating sales of EVs, motorcycles, and PCs have significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade. Furthermore, the rise in motorcycle tourism, rider comfort, and the increasing popularity of e-commerce platforms for purchasing spare parts and accessories contribute to the market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
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