This robust expansion is driven by a surge in two-wheeler usage, particularly in urban areas where motorcycles and scooters are popular for their convenience and fuel efficiency. Increased consumer demand for enhanced performance and customization of their vehicles is also fueling the market, as riders seek out high-quality replacement parts and consumables like tires, brake pads, and engine oils.
Additionally, the rise of e-commerce platforms has made it easier for consumers to access a wide range of aftermarket products, further boosting market growth. As a result, businesses within the two wheeler aftermarket components & consumables market are well-positioned to capitalize on these trends, ensuring a dynamic and prosperous future.
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Key Takeaways from the Two Wheeler Aftermarket Components & Consumables Market Report:
India two wheeler aftermarket components & consumables industry is projected to expand with a CAGR of 7.3% during the forecast period. The demand for two wheeler aftermarket components & consumables in China is expected to capture a CAGR of 7.2% from 2023 to 2033. By product type, the consumable segment is estimated to secure a CAGR of 7.5% during the forecast period. North America is anticipated to expand with a CAGR of 6.9% between 2023 and 2033. The market is projected to expand due to the growing trend of customer customization, supported by the automotive industry’s increased design and manufacturing flexibility. The decline in vehicle conditions and poor road conditions present a favorable scenario for the aftermarket components industry as there might be a rise in demand for repairs and maintenance. The market is witnessing growth due to various factors, such as relatively affordable production costs and an increase in road accidents. Consequently, the rising demand for replacement parts creates promising opportunities for the expansion of the automotive aftermarket in the foreseeable future. The market is undergoing a significant transformation toward digitization, primarily driven by the increasing influence of technological advancements. The aftermarket is shifting toward an online platform, resulting in changes in the marketplace. Online sales of parts and services are becoming prevalent, prompting various stakeholders in the value chain, including OEMs, OESs, wholesalers, insurers, and workshops, to adapt to the growing trend of the online aftermarket. Factors that are anticipated to drive market growth during the forecast period include. The adoption of advanced technology in the manufacturing of two wheeler auto parts. The rise in consumer and passenger automobile production. The digitalization of automotive repair and maintenance services.
Competitive Landscape:
The market for two wheeler aftermarket components & consumables is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Leading Key Players:
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.
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