Motorcycle Market to Grow with a CAGR of 6.65% Globally Through to 2028
Urbanization and Demand for
Efficient Mobility, Changing Consumer Preferences and Lifestyle Trends are
factors driving the Global Motorcycle market in the forecast period 2024-2028.
According to
TechSci Research report, “Global Motorcycle Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Motorcycle
Market stood at USD 75.63 billion in 2022 and is anticipated to grow with a
CAGR of 6.65% in the forecast period, 2024-2028. A motorcycle is a two-wheeled vehicle with no pedals that
is propelled by a motor. They have superior acceleration and high-speed
handling qualities because they are made for faster speeds. These can slow down
traffic on the highway or during urban commutes, and even faster. Instead of
resting on the frame, their engine is affixed to the center of the back
suspension with a fuel tank positioned above it. Most of them have engines that
are 100cc or smaller, and the capacity goes above and beyond 1000. The gas tank
is in front of the driver, who is seated astride the vehicle's engine. They
have gained popularity over the last ten years as an affordable form of personal
transportation.
The global
motorcycle market is a dynamic and multifaceted industry that encompasses a
wide array of motorcycles, catering to diverse consumer needs, preferences, and
riding experiences.The motorcycle market is characterized by its resilience and
adaptability to changing economic, cultural, and technological landscapes. It
serves as a reflection of global mobility trends, offering solutions to the
challenges posed by urbanization, economic development, and shifting consumer
preferences. Understanding the intricacies of the global motorcycle market
requires an exploration of its key components, including market segmentation,
regional variations, and the influence of regulatory frameworks.
The global
motorcycle market is segmented into various categories, each catering to
distinct consumer needs and preferences. These categories include cruisers,
sport bikes, touring motorcycles, standard bikes, and off-road motorcycles,
among others. Cruisers, known for their laid-back riding positions and
distinctive designs, appeal to riders seeking a relaxed and stylish experience.
Sport bikes, on the other hand, prioritize speed, agility, and aerodynamics,
attracting enthusiasts interested in high-performance riding. Touring
motorcycles cater to long-distance riders, equipped with features for comfort
and storage. Standard bikes offer versatility and practicality, suitable for
everyday commuting. Off-road motorcycles, including dirt bikes and adventure
bikes, are designed for rugged terrains and adventurous riding experiences.
Electric motorcycles represent an emerging segment, addressing the growing
demand for eco-friendly transportation solutions.
Browse over
market data Figures spread through 180 Pages and an in-depth TOC on
"Global Motorcycle Market.”
sThe market
dynamics of each segment are influenced by factors such as technological
advancements, consumer demographics, lifestyle trends, and regulatory
landscapes. For instance, the surge in popularity of adventure touring bikes is
indicative of a broader trend where riders seek versatile machines capable of
handling both on-road and off-road conditions. Customization options, an
integral part of the cruiser segment, reflect the desire of riders to
personalize their motorcycles and express their individuality.
The global
motorcycle market exhibits regional variations shaped by cultural, economic,
and regulatory differences. Emerging markets, including those in Asia and Latin
America, often experience robust growth due to factors such as rapid
urbanization, economic development, and a rising middle class. In these
regions, motorcycles are not merely a mode of transportation but also symbols
of status and aspirational living. In contrast, mature markets, such as North
America and Europe, witness a diverse range of consumer preferences, with a
focus on premium and high-performance motorcycles. These markets are
characterized by a strong motorcycle culture, encompassing recreational riding,
touring, and participation in motorcycle events and rallies. Regulatory
frameworks also contribute to regional variations. Stringent emission
standards, safety regulations, and licensing requirements impact the types of
motorcycles available in different markets. For example, European markets place
a strong emphasis on emissions control, driving the adoption of electric
motorcycles and the development of cleaner-burning internal combustion engines.
Several key
trends are shaping the current landscape of the global motorcycle market. The
rise of electric motorcycles represents a paradigm shift towards sustainable
and environmentally friendly transportation. Technological advancements in
battery technology, coupled with a growing emphasis on reducing carbon
emissions, have fueled the development of electric motorcycles that offer a
clean and quiet riding experience. Connectivity features have become integral
to modern motorcycles, catering to tech-savvy consumers. Smart helmets,
smartphone integration, and advanced infotainment systems enhance the overall
riding experience by providing navigation, real-time data, and communication
capabilities. This trend reflects the broader integration of technology into
everyday life and the desire for seamless connectivity. The global motorcycle
market also reflects changing consumer preferences, with an increasing demand
for adventure and off-road motorcycles. Adventure touring, characterized by
long-distance rides through diverse terrains, has gained popularity among
riders seeking exploration and a sense of adventure. Manufacturers have
responded by introducing adventure models equipped with advanced features for
both on-road and off-road capabilities. Customization has become a significant
trend, driven by the desire for individuality and personal expression.
Motorcycle manufacturers are offering customization options, allowing riders to
tailor their bikes to suit their preferences. This trend aligns with the broader
cultural shift towards unique and personalized consumer experiences.
Safety features
and rider-assistance technologies are advancing, contributing to enhanced rider
safety. Anti-lock braking systems (ABS), traction control, and stability
control systems have become standard features in many motorcycles, reducing the
risk of accidents and improving overall stability. Advanced rider-assistance
systems, including adaptive cruise control and collision avoidance, further
contribute to safer riding experiences.
The global
motorcycle market is propelled by several key drivers that contribute to its
growth and resilience. Urbanization and the demand for efficient mobility
solutions play a pivotal role, especially in densely populated urban areas
where motorcycles provide a practical and agile means of navigating through
traffic. The increasing focus on urban mobility and last-mile connectivity
positions motorcycles as essential components of integrated transportation
ecosystems. Economic development and rising middle-class aspirations are
fundamental drivers influencing the global motorcycle market. As countries
experience economic growth, a burgeoning middle class seeks affordable and
practical transportation solutions. Motorcycles, known for their
cost-effectiveness and accessibility, become viable options for individuals
aspiring to own personal vehicles. Technological advancements and innovation
are driving the evolution of the global motorcycle market. The advent of
electric motorcycles, connectivity features, and advanced safety technologies
are reshaping the industry. Manufacturers investing in research and development
to stay at the forefront of technological innovation are likely to influence
the market's trajectory.
Changing
consumer preferences and lifestyle trends contribute to the diversity of the
global motorcycle market. The shift towards adventure touring, customization,
and environmentally conscious riding reflects evolving consumer values.
Manufacturers that understand and adapt to these changing preferences can
position themselves effectively in the market. Globalization and market
expansion are driving forces that contribute to the reach and influence of the
motorcycle market. Manufacturers operating on a global scale can leverage
diverse market opportunities, catering to different consumer segments and
regions. The globalization of the motorcycle market fosters innovation, healthy
competition, and the exchange of best practices across the industry.
Major companies
operating in Global Motorcycle Market are:
- Honda
Motor Co., Ltd.
- IVS
Motor Company Ltd.
- Bajaj
Auto Ltd.
- Yamaha
Motors Co.
- Suzuki
Motor Corporation
- Triumph
Motorcycles
- Bayerische
Motoren Werke (BMW) AG
- Harley-Davidson,
Inc.
- Hero
MotoCorp Ltd.
- Kawasaki
Motors Corp.
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“The
global motorcycle market is a dynamic industry shaped by diverse consumer
preferences, technological innovations, and regional variations. Fueled by
urbanization, economic development, and a rising middle class, motorcycles
serve as efficient and accessible modes of transportation. Key trends such as
the rise of electric motorcycles, connectivity features, and a focus on safety
contribute to the market's evolution. Challenges, including economic
uncertainties and stringent regulations, require strategic navigation. As
globalization expands the market's reach, manufacturers must adapt to changing
consumer lifestyles and preferences. Overall, the global motorcycle market
reflects a dynamic landscape, balancing tradition with innovation to meet the
diverse needs of riders worldwide.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Motorcycle Market– Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented Analysis, By Motorcycle
Type (Standard, Sports, Cruiser, Touring, Others), By Propulsion Type (ICE,
Electric), By Region, Competition, 2018-2028”, has evaluated the
future growth potential of Global Motorcycle Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Motorcycle Market.
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