Several countries across the Europe and APAC such as Italy, France, China, and India have lately witnessed heavy traffic congestion and formation of smog owing to the growing number of heavy vehicles, two wheelers, and four wheelers. The governments of various countries in the region have taken steps and implemented policies to curb issues related to traffic congestion and emissions. One effective solution that has been implemented is encouraging the adoption of small-sized, compact, and lightweight two wheelers, hence triggering the sales of advanced two wheeler accessories. The public transportation system in Latin America, especially in Brazil, Argentina, and Mexico is infamous for charging high ticket prices. As a result of this, consumers in the region are shifting their focus towards moderately-priced two wheelers that are also compact and adhere to the prescribed emission norms. This is providing lucrative opportunities for vendors and OEMs operating in the global as well as regional two wheeler accessories market.
High disposable income of both the middle and upper-middle class population in North America and Europe has led to consumers venturing into free-time activities that involve scooters and motorcycles such as off-road activities, bike stunts, and racing. This has in turn increased the demand for high-engine capacity two-wheelers as well as their aftermarket accessories. Moreover, the mushrooming of motorcycle clubs centered on cruiser motorcycles and popularized by famous motorcycle companies has triggered the demand for two wheeler accessories across these regions as well as in other parts of the globe.
China is expected to stay at the vanguard of growth in terms of consumption of two wheeler accessories
China is the most populated country in the world. The traffic congestion and rising smog formation in China is one of the leading reasons manufacturers are focusing on producing compact and lightweight vehicles. The government of China has imposed strict regulations in order to address various traffic and emission issues. This has led to a rise in the adoption of compact vehicles, thereby leading to a rise in the adoption of two wheeler accessories in the region.
ASEAN countries to witness high adoption of two wheeler vehicles owing to availability of low priced and compact sized vehicles
ASEAN countries have been witnessing high sales of conventional scooters and motorcycles for the only purpose of making transportation more convenient. Majority of the population in the region prefer two wheelers over four wheelers owing to the increasing traffic congestion on roads coupled with the need for easy and low budget traveling. This is one of the key factors that has been accelerating the demand for two wheeler accessories in the region and this trend is expected to remain consistent in the coming years.
Prevalence of tourist destinations to make Europe a favored market
Europe is famous for its rich colonial culture and historical locations, making the continent one of the leading tourist destinations in the world. Every year Europe witnesses a large number of tourists and this growing tourist population has triggered the need for two wheelers in the region to make travel and sightseeing more affordable and convenient. This has consequently led to a rise in the sales of two wheeler accessories.
A Synopsis of the Global Two Wheeler Accessories Market with Reference to the Global Automotive Industry Outlook
The global industry is currently witnessing a period of stabilization as steady sales continue to sustain growth for suppliers and OEMs. However, an industry that is undergoing one of the biggest transformation, the future truly looks uncertain. The auto industry has always remained fiercely competitive, with US, German, and Japanese OEMs relying on incremental upgrades to consolidate their position. However, as electric vehicles and driverless cars become a reality, traditional players are staring at a future they aren’t entirely familiar with. The next five years in this industry paint a picture of collaboration and competition with the Silicon Valley.
In 2017, the industry has witnessed growth in North America being offset by slowdown in Europe and China. The fortunes of the global automotive industry are stacked in favor of emerging markets, as limited opportunity continues to plague matured markets.
List of factors tracked in the Automotive Industry Market Report
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports_bk_01_01_2020, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports_bk_01_01_2020, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
The global two wheeler accessories market has been segmented into:
Two Wheeler Type