Market Research Report
2-Wheeler Fuel Tank Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||823706|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|2-Wheeler Fuel Tank Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 106 Pages||
The 2-wheeler fuel tank market is expected to reach a value of USD 4,030 million by 2024, at an estimated CAGR of 3.46%, during the forecast period, 2019 - 2024.
Motorcycles are considered to be a convenient alternative to public transportation (which is often unreliable and overcrowded) as they are an easy mode of transportation for reaching destinations during road congestions.
One of the major factors driving the growth of the market is the increasing production rate of 2-wheelers in India, China, and ASEAN countries. However, factors, such as the growing penetration and demand for electric motorcycles, and enactment of stringent emission norms, may hinder the growth of the market.
The 2-wheeler fuel tank market study covers less than 20 liters fuel tank and more than 20 liters fuel tank.
The Less than 20 liters Fuel Tank segment Dominated the Market
The less than 20-liter fuel tank segment of the market was valued at USD 3,239.66 million in 2018.
Globally, more than 98% of motorcycles have less than 20-liter fuel tank capacity. The motorcycles with less than 20-liter fuel tank have huge demand, as they are affordable and have a very low maintenance cost. Apart from the maintenance and affordability factor, these motorcycles give higher mileage than the premium bikes, due to which, 98% of the population buys these motorcycles. As the demand for this tank is high, 2-wheeler manufacturers are launching a maximum number of new and updated models under this segment. For instance -
The motorcycle market is dominated by Asian countries, such as India, China, Pakistan, Indonesia, Vietnam, etc., and these countries are likely to maintain their dominance over the coming years. Buyers in these countries are highly interested in purchasing pocket-friendly motorcycles, which majorly falls under the segment for less than 20-liter fuel tank. Owing to the aforementioned factors, the segment is anticipated to grow over the forecast period.
Asia-Pacific is Expected to be the Fastest Growing Region
Asia-Pacific dominates the market and the region is expected to witness the fastest growth rate during the forecast period.
In the Asia-Pacific region, India is the biggest market for 2-wheeler fuel tank and the country accounted for 42.82% of the regional market, followed by China. The Indian motorcycle market is the largest in the world, since 2016. With the social advancement of women and growing demand for comfort and convenience, demand for scooters has been continually increasing, as they help riders in keeping their legs together, rather than straddling. Additionally, the premium price market segment for mid and large-sized motorcycles is also expanding, owing to a growing demand for high-performance and cruiser bikes.
However, in China, the production volume has been declining for years, and it went below 15 million units in 2016. However, in 2017, the production volume witnessed a slight recovery to 15.09 million units. According to the China Association of Automobile Manufacturers, in January 2019, the production and sales of motorcycles continued to drop, with a significant decline in production and sales year-on-year, owing to factors, such as not-so-developed motorcycle culture and rivalry with low-end Chinese cars, amongst others.
The 2-wheeler fuel tank market is highly fragmented, with local and unlisted players occupying more than 80% of the market share.
Goshi Giken, JBM group, Wuxi Zhengda Enterprise, etc. are some of the major players in the market. Companies, such as Harley Davidson and Royal Enfield, design and manufacture motorcycles and their respective fuel tanks within their own plants, with only custom orders being outsourced to aftermarket suppliers. Most of the 2-wheeler fuel tank manufacturing companies are concentrated in the Asia-Pacific region. Expansion of manufacturing plants and collaborations are the major characteristics of this market.