Potential Impact of COVID-19 on Motorcycle Accessories Market

Motorcycle industry is a very huge industry and it is also having a growing market of motorcycle accessories. Motorcycle accessories market has shown decent growth in recent years as the global market of motorcycles has grown. Motorcycles accessories is those parts which a customer can use or install on the bike as an additional feature to provide comfort, safety, convenience and security.

The growth in global motorcycle market has registered the growth of associated industries like motorcycle accessories and its components. Motorcycle accessories, not only have higher aesthetic appeal but it also give assurance of safety, security and better performance. The global motorcycle accessories market is subjected to show a decent growth in the coming years during the forecast period as the demand of the motorcycles will be increasing.

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There will be a variation in growth as it is apparent across regions and clusters, on the basis of penetration of the products introduced by major motorcycle accessories manufacturers/suppliers and the rationality of the product introduced by the regional player in their respective regions. Change in trends and dynamics with government norms in the motorcycle market can restrain the global motorcycle accessories market.

Automobile industry is subjected to be a very big industry as it has many segments into it, which includes passenger vehicles (Hatchbacks, sedan, SUV/MUV etc.), Commercial vehicles, Military vehicles, motorcycles, hybrid vehicles, electric vehicles etc. These classified segments has particular sub segments like accessories. Motorcycle accessories market is being segmented on the basis of motorcycle types, product/accessory types, distribution channel, sales channel, and region.

Motorcycle accessories are being segregated on the types of motorcycles such as Cruiser, Scooters, mopeds, Standard, Sport bikes, Touring, Multi-purpose bikes, E-bikes (electronic bikes) etc. On the basis of product/accessory type the market bifurcated into Batteries, Frames and Fittings, Lighting (Headlights, Flashers), Protective Gear (Helmets, jackets, gloves, knee and elbow guards, boots etc.), others. Helmets and batteries are on the top among the motorcycle accessories as they are most useful for both motorcycle and rider, both of these accessories provide safety and security to both motorcycle and rider.

Further, the motorcycle accessories market is being divided on the basis of distributional channel which includes OES (Original equipment supplier), E- retailer, Single retailer, Multi-brand retailer etc. The Multi-brand retailer provide accessories of multiple brands under a single roof. Single brand retailer sell only a particular brands products/accessories of different motorcycle types. Based upon the sales channel the motorcycle accessories market is further segmented into OEM (Original equipment manufacturer) and aftermarket.

The OEM manufactures products for a particular brand and sell from only that channel. The demand of OEM motorcycle accessories is proportional to the production of motorcycles. Whereas demand of aftermarket motorcycle accessories totally depends upon the motorcycle in stock. Production and stock are expected to grow due to rising standards of living in developing nations. Following channels are the reason which can lead to growth of the demand in the motorcycle accessories market hence, these channel make the availability of accessories easy and reach to the customers.

On the basis of region the motorcycle accessories market is segmented by Asia Pacific, Middle-East & Africa, North and Latin America, and Europe. Asia Pacific region, is the major manufacturer and user of motorcycle market and this will allow this region to have significant demand and market share for motorcycles accessories across the globe.

Key Players for the motorcycle accessories market are Alpinestars S.p.A, Bajaj Auto Limited, Akropovic, Honda Motor Company Limited, Suzuki, Hero Motocorp Limited, Ducati Motor Holding S.P.A, KTM Company, Loncin Motorcycle, Sena Technologies, Chongqing Lifan Industry (Group) BMW, Company Limited and Dainese, Schuberth.