Motorcycles Market Growth & Trends
The global motorcycles market size was estimated to reach USD 171.5 billion by 2028 and is anticipated to expand at a CAGR of 7.4% from 2022 to 2028, according to a new report by Grand View Research, Inc. Rising disposable income and improvement in living standards has increased demand for motorcycles across the globe, thereby driving the market growth. In addition, the launch of high-performance motorcycles, the surge in sportbike users, and the developing trend of customization are the factors that drive the market. The travel restriction imposed by the governments on public transportation such as buses, trains, and metros has resulted in heavy demand for motorcycles amid the COVID-19 pandemic.
The high cost of the motorcycles and uncomfortable seating structure are some of the factors hampering the growth of the market. Apart from that, the growing risk of road accidents for motorcycle riders acts as a major restraining factor for the market. Most of the major players operating in the market are implementing the strategy of mergers, acquisitions, and new product launches to gain maximum share in the market.
The COVID-19 pandemic has negatively impacted market growth. India, China, and Japan have been hit the hardest. COVID-19 pandemic has a major effect on the market in terms of sales owing to a disturbance in the transport capabilities of the producers due to strict norms of lockdown and growing safety concerns. Manufacturing operations have been halted, and the supply chain has been disrupted, resulting in a drop in motorcycles exports during the pandemic.
The on-road motorcycles segment contributed to the global market revenue share of around 55% in 2021. Touring motorcycles are more popular in developed countries such as the U.S., Canada, and South America. Moreover, the demand for cruiser variation is steadily growing, with users taking more interest in this segment, particularly in North America and Europe. Thus, several motorcycle manufacturers are progressing into these segments to take advantage of the rising demand for cruiser motorcycles. Thus, the on-road motorcycles demand is high and contributed more to the market revenue.
The Asia Pacific accounted for the largest market share of more than 60% in 2021. According to MarkLines Co., Ltd., India, and China were the major countries that generated large revenue for the motorcycles market in 2021. Due to rapid urbanization as well as heavy Chinese and Indian customer acceptance, the Asia Pacific accounted for the maximum share of the global demand in 2020. With the large demand for motorcycles in the emerging countries of Asia such as India, Indonesia, and Vietnam, OEMs are constructing manufacturing facilities in these countries to avoid compensating import duties and to get an advantage in the motorcycle market. Thus, the aforementioned a factor contributes to more revenue generation in the market in the Asia Pacific.
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Motorcycles Market Report Highlights
- Europe is forecast to grow with the 2nd highest CAGR of 7.3% from 2022 to 2028. The rising travel and tourism industry in Europe has led to the rise of bike-rental services, boosting the demand for motorcycles
- The growing preference for high-end motorcycles has boosted demand for cruisers as well as sports motorcycles in Europe, with the trend anticipated to remain during the forecast period
- The scooters segment is likely to register the 2nd highest CAGR of 7.2% during the forecast period. Due to their low price, scooters are a motorcycle type that remains popular among motorcycle riders who value a light, simple-to-ride motorcycle
Motorcycles Market Segmentation
Grand View Research has segmented the motorcycles market based on type, and region:
Type Outlook (Revenue, USD Million, 2017 - 2028)
- On-road Motorcycles
- Off-road Motorcycles
- Scooters
Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Asia Pacific
- China
- India
- Indonesia
- Vietnam
- Central & South America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players in the Motorcycles Market
- Harley-Davidson Incorporation
- Yamaha Motor Co., Ltd.
- Yadea Group Holdings Ltd.
- Honda Motor Co., Ltd.
- Piaggio & C. SpA
- BMW AG
- Suzuki Motor Corporation
- Hero MotoCorp Limited
- Bajaj Auto Ltd.
- TVS Motor Company
Market Overview Market Research Future (MRFR) discusses different factors that are expected to prompt the electric motorcycles market 2020 across the assessment period 2019–2025.
The rise in need to replace fuel driven traditional commute solutions with electricity-fuelled electric motorcycles to curb the rise in air pollution can impel the expansion of market in the years ahead.
The easy availability of battery pack and economic motors that are installed in electric motorcycle for storing and transformation of electricity improve customer convenience, which can bolster the expansion of the electric motorcycles in the years ahead.
Prominent PlayersHarley-Davidson, Inc. (US), Zero Motorcycles Inc. (US), Electric Motion (France), Energica Motor Company S.p.A.(Italy), Revolt Motors (India), TACITA SRL (Italy), Bell Custom Cycles (BCC) (US), Torkmotors (India), Alta Motors (US), Johammer e-mobility GmbH (Germany), Husqvarna Motorcycles GmbH (Austria), Blacksmith Electric (India), Razor USA LLC.
(US), LITO MOTORCYCLES (France), and Essence Motorcycles (France) are some reputed names in the electric motorcycles global market as listed by MRFR.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/8136Segment Study The segment assessment of the global electric motorcycles market is based on battery type, vehicle range, and voltage.
