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.
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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.
Motorcycle Accessories Market: Drivers and Restraints
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.
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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.