Motorcycle Wheels Market: Introduction
A motorcycle is a two-wheeler vehicle, primarily driven by an internal combustion engine and built with a durable metallic and fiber frame, which is integrated with many mechanical and electronic components and the engine. One of the essential components is the wheel, which is made to cope with radial and axial forces. Motorcycle wheels also provide a platform for mounting other components, such as final drive, brakes, suspension, etc. Different types of motorcycle wheels are available in the market, including steel wheels and aluminum alloy wheels. Among these, aluminum alloy wheels are anticipated to gain traction in the coming years.
Motorcycle Wheels Market: Market Dynamics
Motorcycle Wheels Market: Drivers
Increasing demand for motorcycles in rural areas is anticipated to act as a prime factor driving the growth of the motorcycle wheels market over the forecast period. Moreover, growing urbanization in developing countries of Asia and Latin America, rising employment, improvements being witnessed in disposable income and rise in dual-income households are the key factors fuelling the demand for motorcycles and thus, driving the growth of the motorcycle wheels market. That apart, in a bid to avoid traffic congestion and get an open-air feel, tourists prefer motorcycles and scooters over four-wheelers as their chosen method of transportation. This, in turn, will surge the demand for motorcycles and give traction to the market over the forecast period.
Motorcycle Wheels Market: Restraints
Stringent emission norms are forcing manufacturers to produce new two-wheelers that meet the standard norms. However, this increases the prices of motorcycles. This is anticipated to be a prominent factor that will hamper the growth of the motorcycle wheels market in the coming years.
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Motorcycle Wheels Market: Trends
Market players of motorcycle wheels are focused on research and development activities to develop wheels that are light in weight to increase the overall efficiency of the motorcycles. Moreover, the key players in the market are also focused on expanding their presence in the untapped markets to increase their market share in the global market.
Motorcycle Wheels Market: Segmentation
The global market can be segmented on the basis of type, distribution channel, sales channel and application.
On the basis of type, the global market can be segmented as:
- Steel Wheels
- Aluminum Alloy Wheels
On the basis of distribution channel, the global market can be segmented as:
On the basis of sales channel, the global market can be segmented as:
- OEM (Original Equipment Manufacturer)
On the basis of application, the global market can be segmented as:
Motorcycle Wheels Market: Regional Outlook
The regional demand dynamics of motorcycle wheels is directly correlated with the overall production and fleet of the motorcycle. Over the recent past, there has been a noteworthy growth in demand for motorcycle wheels, especially in Asia Pacific. Asia Pacific is estimated to account for a considerable share in the global market owing to growth in the production of motorcycles in the region. India and China are the most prominent markets for motorcycles wheels owing to the large middle-class population and high consumer preference for motorcycles. Asia Pacific, followed by North America, dominates the global motorcycle wheels market and is projected to register steady growth over the forecast period. The market in MEA is projected to grow at a minimal CAGR over the forecast period.
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Motorcycle Wheels Market: Market Participants
Example of some of the key players identified across the value chain of global motorcycle wheels market include Autofit Private Limited, Central Wheels, Dymag Group Limited, Metalsport Wheels, Renegade Wheels, SMT Machining LLC, Wanxiang group, Zhejiang Jinfei Motorcycle Wheel Co., Ltd., Zhongnan Aluminium Wheel Co., Ltd., among others.