The global motorcycle market size was valued at USD 122.67 Billion in 2022 and is estimated to reach USD 212.59 Billion by 2031, expanding at a CAGR of 6.3% during the forecast period, between 2023-2031. This growth is attributed to rapid urbanization, surging disposable income, and increasing middle class population.
A motorcycle is a two-wheeled vehicle, primarily driven by an internal combustion engine. Motorcycles are also known as motorbikes or bikes and nowadays, consumers are also opting for electric motorcycles. Motorcycles are built with strong metallic and fiber frames integrated with many mechanical and electronic components along with an engine.
Motorcycle manufacturing companies are putting their best efforts to cater every need of a motorcycle enthusiast and general user. Every motorcycle is a symbol of a personality of the user and hence market tries to serve different types of demands of the bike lovers.
Motorcycle Market Trends, Drivers, Restraints, and Opportunities
- Rapid urbanization, surging disposable income, and increasing middle class population are some of the key trends fueling the growth of motorcycles market.
- Product launches for greater fuel efficiency with stylish and attractive bikes is expected to incite demand of the market.
- Improvements in mileage and other advantages such as larger fuel tanks, low cost of maintenance and longevity is boosting the demand of the market.
- Easy availability of vehicle loans is one of the factors which drives the growth of the global motorcycle market
- Environmental concerns such as pollution hampers the growth of the market.
- High cost and maintenance of premium bikes is a key restraint od middle population.
- Manufacturers are launching bikes which run on ecofriendly supplies like solar energy, water, or electricity. These efforts are helping to attract environmental conscious people to the market and is going to foster the growth of the market during the forecast period.
Scope of Motorcycle Market Report
The report on the global motorcycle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Regional Scope
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Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Motorcycle Market Segment Insights
Based on product types, the global motorcycle market is divided into standard, cruiser, sports, mopeds, electric and others. Collectively, standard and cruiser motorcycles are anticipated to account for more than 53% of the total market share in 2020. This is attributed to standard motorcycle’s high fuel efficiency, low-cost maintenance, and longevity. In addition, the availability of multiple options to finance the purchase of a motorcycle has enabled the rural population of developing countries to purchase bikes. This, in turn, is creating a plethora of opportunities for the players operating in this segment.
Also, the demand for cruiser variants is gradually rising, with consumers taking a greater interest in this segment, especially in North America and Europe. This is attributed to the development of lightweight cruiser bikes and high-performance motorcycles.
Regional Analysis
On the basis of regions, the global motorcycle market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Asia Pacific accounted for the largest market share of more than 72% in 2019 an is expected to dominate in the forecast period.
Growth of the market in the region is attributed to surging disposable income, urbanization, better standards of living with attractive addition to the lifestyle.
The sales revenue of motorcycles in India is expected to reach USD 57,819.3 Mn by the end of 2026. In emerging economies such as China and India, OEMs are establishing production facilities to avoid paying import duties and to gain an edge in the motorcycle market.
Growing demand for premium motorcycles and low cost of manufacturing in these regions is also expected to boost sales of premium motorcycles during the forecast period. The markets of U.S. and Europe are also anticipated to witness a lucrative growth over the forecast period owing to higher disposable income and favorable economy of the nations.
Segments
The global motorcycle market has been segmented on the basis of
Product Types
- Standard
- Cruiser
- Sports
- Mopeds
- Electric
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bajaj Auto Ltd
- Bayerische Motoren Werke (BMW) AG
- Ducati Motor Holding S.p.A
- Eicher Motors Limited
- Harley-Davidson, Inc
- Hero MotoCorp Ltd
- Honda Motor Co., Ltd
- KTM AG
- Piaggio & C. SpA
- Suzuki Motor Corporation
- Triumph Motorcycles Ltd
- TVS Motor Company Ltd
- Vmoto Limited
Competitive Landscape
Major companies in the global motorcycle market include Bajaj Auto Ltd., Bayerische Motoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Eicher Motors Limited, Harley-Davidson, Inc., Hero MotoCorp Ltd., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles Ltd., TVS Motor Company Ltd., Vmoto Limited, Yamaha Motors Co., Ltd. and Zero Motorcycles, Inc.
The market players are engaged in product development to amplify their market share and gain traction in global marketplace. The companies are engaging in strategic acquisitions such as product launches, R&D, agreements, and collaborations to gain market share.
For instance, in 2019, Suzuki launched its new product Access 125 which is powered by Suzuki Eco Performance Technology (SEP) and features eco assist illumination, fuel injection engine and led headlamp. The SEP technology is a new development concept that offers low fuel consumption and superior acceleration for better riding performance.
In 2019, Yamaha launched premium models of YZF-R1 and YZF-R1M for the European market. The newly launched bike meets the Euro 5 standards and features electronically controlled suspension and advanced cross plane engine for enhanced track performance.
For instance, in 2020, Harley-Davidson India, one of the topmost motorcycles producing companies launched BS6 range that includes four Sportsters, four Softails and two Street cruisers including the brand-new Low Rider S. These motorcycles fall into premium category and with a price range starting from INR 5.3 Lacks to INR 20 Lacks.
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