The global two wheeler aftermarket components & consumables market is expected to attain a valuation of USD 29.3 billion in 2023 and is projected to reach USD 58 billion by 2033, trailing a CAGR of 7% from 2023 to 2033.
Original equipment manufacturers (OEMs) have enhanced their involvement in the automotive parts aftermarket value chain. They have established non-car brand-specific repair shop networks and introduced second service formats and brands, such as VW Direkt Express. This allows them to compete with independent aftermarket players and retain customers within their networks.
OEMs are investing in customer experience optimization and utilizing vehicle connectivity to offer unique aftermarket services, automate decision-making, and enhance customer retention.
French carmaker PSA has strategically integrated the independent automotive aftermarket into its Push to Pass growth strategy. Through acquisitions and launching various brands, PSA now has a presence across the entire value chain. Additionally, they have stakes in distribution networks like Distrigo, Mister Auto, Aramisauto, and Autobutler. This approach allows PSA to target consumers irrespective of their vehicle brand, age, or distribution channel.
Other original equipment manufacturers, both premium and volume players, have also adopted similar strategies, contributing to the anticipated market growth in the upcoming years.
Increasing consumer awareness regarding the importance of vehicle maintenance and repairs for optimal efficiency and performance is expected to fuel market growth. Additionally, the growing demand for crossover and long-distance travel vehicles contributes to the need for regular repairs and part replacements. The growing flexibility in vehicle design and production, allowing for great customer customization, is also projected to drive market growth in the forecast period.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 29.3 billion |
| Anticipated Forecast Value (2033) | USD 58 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 7% |
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The two wheeler aftermarket components & consumables market was worth USD 23 billion in 2018. It accumulated a market value of USD 28.2 billion in 2022 while expanding at a CAGR of 5.2% during the historical period.
The rapid expansion of the automotive industry across the globe has increased the demand for other aftermarket components related to it. This also is expected to drive the two wheeler components & consumables aftermarket at 7% CAGR between 2023 and 2033.
The two wheeler aftermarket components & consumables market is primarily driven by rising sales of two wheelers worldwide along with the increasing focus on research and development initiatives for developing new products. Further, the sales of two wheelers have surged significantly across emerging economies as the preference for two wheelers as a mode of transportation has increased.
On the back of rising sales of two wheelers, the need for its components and aftersales services might drive the two wheeler components & consumables market.
Many riders and bike enthusiasts are often keen on upgrading their vehicles by replacing existing components with new ones and enhancing their operability by providing it periodic maintenance. Owing to these factors, key manufacturers are launching new two-wheeler components.
As per the Future Market Insights projection, the global sales in two wheeler components and consumables aftermarket to reach USD 58 billion. Demand in North America is expected to increase at 6.9% CAGR through 2033.
Recovery of operations in the automotive industry post-pandemic has positively affected the two wheeler aftermarket components & consumables market. Sales of two wheeler components & consumables are expected to increase as many consumers are likely to opt for travel via personal vehicles in place of choosing public transport.
Many consumers prefer bikes as a car is unaffordable due to low per capita income in developing countries. This also is spurring the sales for aftermarket components and consumables for the two wheelers.
Principal Consultant
Demand in China is expected to rise at nearly 7.2% CAGR over the forecast period. China is one of the leading producers of two wheelers. Also, due high presence of key manufacturers, China is expected to be a hotspot for sales of components and consumables for two wheelers.
As per FMI, China is recognized as a leading market and it is expected to exhibit high demand for two wheeler components & consumables throughout the forecast period. Moreover, rising research activities, the presence of several key players, and the significant expansion of the automotive industry are creating incremental opportunities for two wheeler components & consumables aftermarket in the country.
North America is predicted to remain one of the notably growing markets during the forecast period, according to Future Market Insights. According to the study, the United States is expected to be the leading market in North America to reach USD 5.5 billion by 2033. The market in North America is projected to expand with a CAGR of 6.9% during the forecast period.
The United States’ highly developed automotive industry is one of the main factors supporting the market growth. Furthermore, the United States has a high demand for sports bikes and adventure vehicles, which is making it a leading market for two wheeler components & consumables manufacturers. The growing population and increasing number of racing enthusiasts across the United States are expected to drive growth in the market.
India is one of the world’s leading markets for two wheeler components & consumables. By 2033, it is expected to account for over 55% of two wheeler components & consumables sales within South Asia & Pacific. Moreover, the demand for two wheeler aftermarket components and consumables in India is expected to rise with a significant CAGR of 7.3% during the forecast period.
Manufacturers in the country have a competitive advantage as they have access to cutting-edge research and technology to address the unmet challenges. Additionally, key players are consistently investing in research activities to expand their product portfolio, which is resulting in a promising pipeline.
Some of the leading companies operating in India market are prioritizing areas with unmet needs and working toward developing innovative products in these areas.
Based on product type, the consumables segment is expected to hold the lion’s share, accounting for nearly 62% of the market share in 2023. Growth in this segment is attributed to the increasing need for proper maintenance of bikes among riders. The consumables segment is projected to expand with a significant CAGR of 7.5% from 2023 to 2033.
Providing proper lubrication and replacing engine oil on time can increase the efficiency of the bike and also improve the life cycle of the vehicle. Based on the aforementioned factors, the market might witness growing demand for consumables in the upcoming period.
Standard motorcycles are expected to hold the notable market share in two-wheeler components & consumables aftermarket. The segment is expected to reach USD 17.2 billion by 2033. The demand for standard motorcycles is projected to increase with a CAGR of 7.8% during the forecast period.
Rapid growth in the sales of standard motorcycles in the market is increasing the sales of aftermarket consumables and components. With the surging adoption of these bikes for commuting purposes, sales of aftermarket products for standard motorcycles are expected to increase.
As per FMI, the independent dealers segment is anticipated to account for a significant share of more than 62% in 2023. Owing to the rising number of independent dealers in key regions, growth in the segment is expected to bolster.
Independent dealers are expected to gain immense popularity among bike owners, as the majority of bike owners prefer local or independent suppliers for servicing and maintenance due to their cost-effectiveness and easy availability
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Start-ups play a key role in identifying growth opportunities. With their ability to efficiently convert inputs into outputs and adapt to market uncertainties, start-ups contribute significantly to the expansion of the industry. Some of the startups involved in manufacturing and providing services in two wheeler aftermarket components & consumables market are:
The market for two wheeler aftermarket components & consumables is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players working in the market are ZF Friedrichshafen AG, Bajaj Auto, Gabriel India Limited, Showa Corporation, KYB Corporation, TVS Motor Company, Foshan Xinmatuo Motorcycle Parts Industrial Company, Hero Motocorp Ltd., Yamaha Motor Company Ltd., Hella KGaA Hueck & Co, OSRAM Licht AG, BMW Group, and BITUBO S.r.l.
Recent Developments in the two wheeler Aftermarket Components & Consumables market are:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 29.3 billion |
| Market Value in 2033 | USD 58 billion |
| Growth Rate | CAGR of 7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By two wheeler type, By product type, By sales channel, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | ZF Friedrichshafen AG; Bajaj Auto; Gabriel India Limited; Showa Corporation; KYB Corporation; TVS Motor Company; Foshan Xinmatuo Motorcycle Parts Industrial Company; Hero Motocorp Ltd.; Yamaha Motor Company Ltd.; Hella KGaA Hueck & Co; OSRAM Licht AG; BMW Group; BITUBO S.r.l. |
| Customization | Available Upon Request |
The increasing prevalence of online sales may provide growth prospects for the market players.
The market is expected to record a CAGR of 7% through 2033.
Bajaj Auto, KYB Corporation, and Showa Corporation are the leading players in the market.
The consumables segment is projected to hold 7.5% of the global market share.
The market is valued at USD 29.3 billion in 2023.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Two Wheeler Type
5.1. Standard Motorcycle
5.2. Cruiser Motorcycle
5.3. Sports Motorcycle
5.4. Standard Scooter
5.5. Maxi Scooter
5.6. Mopeds
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
6.1. Components
6.1.1. Fuel Injector
6.1.2. Fuel Filter
6.1.3. Air Filter
6.1.4. Brake Pads
6.1.5. Brake Shoes
6.1.6. Brake Caliper
6.1.7. Accelerator & Brake Cable
6.1.8. Electric Starter Motor
6.1.9. Clutch Plate
6.1.10. Others
6.2. Consumables
6.2.1. Washing Shampoo
6.2.2. Cleaning Polish
6.2.3. Coolant
6.2.4. Engine Oil
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
7.1. Authorized Dealers
7.2. Independent Dealers
7.3. Online
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. North America
8.2. Latin America
8.3. Western Europe
8.4. Eastern Europe
8.5. South Asia and Pacific
8.6. East Asia
8.7. Middle East and Africa
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
16. Key Countries Market Analysis
17. Market Structure Analysis
18. Competition Analysis
18.1. ZF Friedrichshafen AG
18.2. Bajaj Auto
18.3. Gabriel India Limited
18.4. Showa Corporation
18.5. KYB Corporation
18.6. TVS Motor Company
18.7. Foshan Xinmatuo Motorcycle Parts Industrial Company
18.8. Hero Motocorp Ltd.
18.9. Yamaha Motor Company Ltd.
18.10. Hella KGaA Hueck & Co
18.11. OSRAM Licth AG
18.12. BMW Group
18.13. BITUBO S.r.l.
19. Assumptions & Acronyms Used
20. Research Methodology
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Two Wheeler Aftermarket Components & Consumables Market
