The research study covers the present scenario and growth prospects of the global two-wheeler spark plugs market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.
APAC will account for the largest market volume in the automotive two-wheeler spark plugs market, followed by the Americas and Europe. The growth of the global two-wheeler spark plugs market is driven by the sales of two-wheelers. Based on the product type, the automotive two-wheeler spark plugs market is segmented into the commuter and luxury segments.
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global two-wheeler spark plugs market:
Increase in traffic congestion leading to higher sales growth of commuter segment two-wheelers
The increase in traffic congestion is a challenge faced by all the major economies. It has become an unavoidable condition, especially in urban and metropolitan areas globally. The issue is severe in APAC, especially in India, China, Indonesia, Thailand, Vietnam, and Malaysia. Some of the reasons for traffic congestion include the growth in the number of vehicles causing increased traffic density, rapid urbanization, and rise in the household income of the middle-class population, which is leading to an increase in the number of lone travelers.
Siddharth Jaiswal, a lead automotive components research analyst at Technavio, says, “The direct consequences of the rise in traffic congestion are the increase in travel time and low mobility, which also adversely affect business sectors. Therefore, consumers are shifting from the use of four-wheelers to two-wheelers to improve personal mobility, reduce the travel time, and decrease traffic congestion.”
Increase in personal mobility driving higher sales volume of two-wheelers
The growing need for personal mobility has led to the increased demand for two-wheelers. The increased traffic congestion has restricted the personal mobility of consumers. The speed of the traffic has reduced significantly. Some cities such as Beijing in China and Bengaluru in India have a traffic speed of approximately 8 miles/hour during rush hours.
“The two-wheeler demand in the scooter segment has increased as they provide more flexibility and personal mobility on congested roads. The sales of scooters in countries such as India and China are growing at a double-digit growth rate, which is expected to continue till 2021,” adds Siddharth.
Increase in number of motorcycle touring communities and events leading to a rise in sales volume of luxury motorcycles
Motorcycle touring communities form an important part of motorcycle tourism. It involves the riding of touring motorcycles optimized for long-distance travel, where the travel routes are preplanned and stretched for days. Motorcycle tourism also constitutes a part of adventure sports.
Canada and the US have the largest motorcycle tourism market. They generate about USD 13 billion a year for weekend motorcycle touring events and USD 34 billion for motorcycle touring vacations. Approximately 11 million tourists participate in rides and motorcycle events. They spend an average of USD 3,100 on the trip and USD 350-400 per weekend tour.
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