With the growing popularity of motorcycles, there has been a corresponding increase in the demand for aftermarket motorcycle accessories. Motorcycle audio systems are one of the most popular aftermarket accessories, as they allow riders to enjoy their music while on the road.
The motorcycle audio systems market is expected to grow significantly in the coming years owing to the rising demand for two-wheelers and the growing preference for music among young riders. The OEMs are offering advanced sound systems with integrated speakers and amplifiers to offer a better listening experience to customers. Moreover, aftermarket suppliers are providing a wide range of options in terms of product designs and features to cater to the needs of different customers.
Some of the key advantages of the motorcycle audio systems market include:
1. Rising demand for two-wheelers: The global sales of motorcycles have been increasing steadily over the past few years owing to the growing preference for two-wheelers as a mode of transport. This is expected to drive the demand for motorcycle audio systems as riders look for ways to enhance their riding experience.
2. Growing preference for music: Young riders, in particular, are increasingly opting for motorcycles that come equipped with advanced sound systems. This is due to the growing popularity of music streaming services and the need for a good listening experience while on the go.
3. OEMs offering advanced sound systems: Motorcycle manufacturers are now offering advanced sound system options with integrated speakers and amplifiers. This trend is expected to continue as OEMs seek to offer a better riding experience to customers.
4. Aftermarket suppliers providing wide range of options: There is a wide range of options available in the aftermarket in terms of product designs and features.
A motorcycle audio system refers to a set of audio components designed specifically for use with motorcycles. Motorcycle audio systems typically include a head unit, speakers, and an amplifier. Motorcycle audio systems can be either OEM (original equipment manufacturer) or aftermarket. OEM motorcycle audio systems are those that are installed by the motorcycle manufacturer at the time of vehicle assembly. Aftermarket motorcycle audio systems are those that are installed by the vehicle owner after purchase.
The global motorcycle audio system market is expected to grow at a CAGR of 5.5% during the forecast period from 2021 to 2031. The market is estimated to be USD 1.47 billion in 2021 and is projected to reach USD 1.85 billion by 2031.
The motorcycle audio systems market is growing at a moderate pace. The key restraining factors of the market areHigh installation and maintenance costs,Lack of availability of trained technicians,Stringent safety regulations.
High installation and maintenance costs are one of the key restraining factors for the growth of the motorcycle audio systems market. Generally, installing a complete motorcycle audio system can be expensive. Moreover, the maintenance cost of these systems is also high as they require regular servicing and replacement of parts. Lack of availability of trained technicians is another factor hampering the growth of the motorcycle audio systems market. There is a lack of skilled labor who can properly install and maintain theseaudio systems. Stringent safety regulations are also posing a challenge to the growth of the motorcycle audio systems market. In many countries, there are strict laws and regulations regarding the use of aftermarket motorcycle audio products as they can be dangerous if not installed properly. However, the increasing demand will boost the market in forecast period.
There are a few key players in the motorcycle audio systems market, including Harman International, JL Audio, Kicker, Rockford Fosgate, and Yamaha. These companies have a strong presence in the market and offer a variety of products catering to the needs of motorcycle riders.
TheOEMs application segment to form major portion of the market
The OEMs application segment held the largest share of the global motorcycle audio systems market in 2017 and is expected to maintain its dominance during the forecast period owing to rise in customer preference for premium motorcycles equipped with advanced features such as music system, Bluetooth connectivity, and others.
The head units Segment to be on top of the market
Among the types, the head units segment is projected to grow at the highest CAGR during the forecast period. The growing trend of installing advanced and feature-rich head units in motorcycles is anticipated to fuel the growth of this segment during the forecast period. Moreover, rise in demand for motorcycle audio systems with integrated GPS navigation, satellite radio, and Bluetooth connectivity features is also propelling the growth of this segment.
Asia-Pacific to dominate the market
During the forecast period, the motorcycle audio systems market is expected to grow significantly in the Asia Pacific region. The growth of this region can be attributed to the increasing sales of motorcycles and the growing demand for premium motorcycles. In addition, the presence of a large number of manufacturers in this region is expected to contribute to the growth of the motorcycle audio systems market. The North American region is also expected to witness significant growth during the forecast period. This region is anticipated to grow due to the rising popularity of custom motorcycles and growing demand for aftermarket products. Moreover, favorable government regulations regarding noise pollution are expected to fuel the growth of this market in North America.
Covid-19 Impact & Market Status
The COVID-19 pandemic has caused a decline in the demand for motorcycles and motorcycle parts and accessories, including audio systems. The decline is mainly due to the COVID-19 pandemic and the consequent lockdown restrictions imposed on the automotive industry globally.
Latest Innovations in the Global Motorcycle Audio Systems Market: A Snapshot
In 2019, JVCKENWOOD Corporation launched its new line of marine audio products under the KENWOOD brand. The company also announced the expansion of its production facility in Mexico to cater to the growing demand for its products in North America.
Motorcycle Audio Systems Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 1.85 billion|
|Growth Rate||CAGR of 5.1% during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Harman International, JL Audio, Kicker, Rockford Fosgate, and Yamaha.|
Key Segment of Global Motorcycle Audio Systems Market
By Type Overview 2021-2031, (USD Billion)
• Head Units
• Speakers, Amplifiers
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa