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

Market Overview

Global Motorcycle Market has valued at USD 75.63 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.65% through 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. The majority 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.

Market Drivers

Urbanization and Demand for Efficient Mobility

A pivotal driver for the global motorcycle market is the ongoing global trend of urbanization and the resulting demand for efficient and flexible mobility solutions. As more people migrate to urban areas, the challenges of traffic congestion, limited parking space, and the need for quick and cost-effective transportation have intensified. Motorcycles, with their inherent advantages in maneuverability and ease of parking, emerge as an ideal solution to address these urban mobility challenges. In densely populated urban environments, motorcycles provide a practical means of navigating through traffic, reducing commute times, and offering flexibility in reaching destinations. Commuters in congested cities often choose motorcycles for their ability to weave through traffic, providing a faster and more agile mode of transportation compared to four-wheeled vehicles. Additionally, motorcycles contribute to overcoming the challenges of last-mile connectivity. In urban areas with robust public transportation systems, motorcycles serve as efficient connectors for commuters to reach their final destinations. This aspect is particularly crucial as urban planners and policymakers focus on creating integrated and sustainable transportation ecosystems. The global demand for motorcycles is influenced by the growing urban population and the corresponding need for accessible, affordable, and efficient mobility solutions. Motorcycle manufacturers are strategically positioning their products to cater to urban commuters, offering models that combine fuel efficiency, compact designs, and agility to meet the demands of urban mobility. As urbanization continues to shape the global landscape, the motorcycle market is poised to benefit from the increasing reliance on two-wheeled transportation in urban environments. Manufacturers are likely to focus on innovations that enhance the urban commuting experience, such as lightweight and electric motorcycles, to address the evolving needs of urban dwellers.

Economic Development and Rising Middle-Class Aspirations

Economic development, particularly in emerging markets, is a significant driver of the global motorcycle market. As countries experience economic growth, there is a parallel rise in disposable income levels, enabling more individuals to afford personal transportation, including motorcycles. The burgeoning middle class in many developing nations often views motorcycles as a symbol of upward mobility and a practical means of personal transportation. The affordability of motorcycles, both in terms of initial purchase cost and ongoing maintenance, positions them as accessible alternatives to four-wheeled vehicles. For many individuals entering the middle class, motorcycles represent an aspirational and cost-effective choice, providing a balance between personal mobility and financial considerations. The automotive industry, including the motorcycle sector, benefits from the increasing purchasing power of the middle class. Motorcycle manufacturers strategically design and market models that cater to the preferences and aspirations of this expanding consumer segment. Features such as fuel efficiency, durability, and versatility are emphasized to align with the needs of middle-class consumers seeking reliable and economical transportation. The influence of economic development is not limited to emerging markets. In mature markets, economic growth contributes to a stable demand for motorcycles as consumers explore recreational riding, commuting alternatives, and niche segments within the motorcycle market. Manufacturers adapt their product portfolios to cater to diverse consumer segments, including those seeking affordable and practical transportation solutions. The rising middle-class aspirations for personal mobility, coupled with economic growth, drive the demand for motorcycles globally. Manufacturers are likely to continue targeting this demographic by introducing models that balance affordability, performance, and style, thereby sustaining the momentum of the global motorcycle market.

Technological Advancements and Innovation

Technological advancements and innovation play a pivotal role in driving the global motorcycle market forward. The integration of cutting-edge technologies enhances the performance, safety, and overall appeal of motorcycles, attracting consumers seeking the latest features and capabilities. One of the transformative technological trends in the motorcycle industry is the advent of electric motorcycles. The development of electric powertrains has led to the creation of environmentally friendly and energy-efficient motorcycles, aligning with global efforts to reduce emissions and promote sustainable transportation. Electric motorcycles offer advantages such as zero-emission operation, lower maintenance costs, and a quieter riding experience, appealing to environmentally conscious consumers. Connectivity features represent another significant technological driver. Modern motorcycles increasingly come equipped with advanced connectivity systems, including smartphone integration, navigation assistance, and real-time data displays. These features enhance the overall riding experience, providing convenience, safety, and entertainment for riders. Advanced safety technologies also contribute to the appeal of motorcycles. Anti-lock braking systems (ABS), traction control, and stability control systems enhance rider safety by mitigating the risks associated with braking and maneuvering. These technologies are becoming standard features in many motorcycles, appealing to consumers who prioritize safety in their purchasing decisions. The integration of lightweight materials, advanced materials, and aerodynamics contributes to the performance and efficiency of motorcycles. Lightweight designs enhance agility and fuel efficiency, while aerodynamic features improve stability and reduce drag. Technological advancements in materials and design contribute to the overall evolution of motorcycle performance across various segments. As technology continues to advance, manufacturers are likely to invest in research and development to stay at the forefront of innovation. The ongoing pursuit of technological excellence is expected to result in motorcycles that not only meet regulatory requirements but also exceed consumer expectations in terms of performance, efficiency, and features.

Changing Consumer Preferences and Lifestyle Trends

Changing consumer preferences and evolving lifestyle trends exert a significant influence on the global motorcycle market. As societal values, demographics, and cultural norms shift, so do the preferences of motorcycle buyers. Manufacturers are keenly attuned to these changes, adapting their product offerings to align with the diverse needs and aspirations of consumers. Lifestyle trends, such as the increasing popularity of adventure touring and off-road riding, influence the design and features of motorcycles. Adventure motorcycles, equipped with robust suspension systems, off-road capabilities, and long-distance touring features, cater to consumers seeking versatile and adventurous riding experiences. Similarly, cruiser-style motorcycles appeal to riders looking for a relaxed and laid-back riding posture. Customization options are gaining prominence, reflecting the desire of consumers to personalize their motorcycles and make a statement about their individuality. Manufacturers are responding by offering a range of accessories, paint options, and design elements that allow riders to create unique and customized motorcycles. Environmental consciousness and sustainability are becoming integral considerations for consumers, driving the demand for eco-friendly and fuel-efficient motorcycles. This trend is particularly evident in the increasing interest in electric motorcycles and models with lower environmental footprints. Demographic shifts, including the rise of female riders and older riders returning to motorcycling, influence the types of motorcycles in demand. Manufacturers are adapting by designing motorcycles with features that cater to a diverse range of riders, ensuring inclusivity and addressing the changing demographics of the motorcycle market. The recognition of motorcycles as lifestyle accessories, rather than purely utilitarian vehicles, is reshaping the industry. Manufacturers are creating marketing strategies that emphasize the experiential and emotional aspects of motorcycling, tapping into the aspirational and symbolic value that motorcycles hold for many riders. As consumer preferences continue to evolve, manufacturers are likely to diversify their product portfolios, introducing models that cater to specific lifestyles, preferences, and demographics. This adaptability to changing consumer trends is crucial for sustaining the global motorcycle market's growth and relevance.

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Key Market Challenges

Economic Uncertainties and Affordability Concerns

One of the foremost challenges facing the global motorcycle market is the impact of economic uncertainties and affordability concerns on consumer purchasing behavior. Economic fluctuations, particularly in emerging markets, can significantly influence disposable income and consumer confidence, directly affecting the demand for motorcycles. The motorcycle market is often sensitive to changes in economic conditions. During periods of economic downturns or recessions, consumers may postpone discretionary purchases, including motorcycles, due to financial uncertainties and concerns about job security. Conversely, economic growth tends to positively impact motorcycle sales as consumers feel more confident about making significant purchases. Affordability remains a critical factor for potential motorcycle buyers, especially in price-sensitive markets. The cost of motorcycles, which includes the vehicle itself, insurance, maintenance, and fuel, can be a significant financial commitment. As economic conditions fluctuate, consumers may reassess their priorities, and the motorcycle market may experience periods of reduced demand. The COVID-19 pandemic serves as a recent example of how economic uncertainties can impact the motorcycle industry. The pandemic disrupted supply chains, caused financial distress for many consumers, and led to shifts in spending patterns. In such challenging times, motorcycle manufacturers face the dual challenge of adapting to changing market dynamics while maintaining affordability to sustain market demand. Manufacturers must be agile in their pricing strategies, considering the economic context and aligning their offerings with the evolving needs and financial capacities of consumers. Collaborative efforts with financial institutions to provide flexible financing options may also mitigate affordability concerns, making motorcycles more accessible to a broader consumer base.

Stringent Emission Standards and Regulatory Compliance

The motorcycle industry is grappling with increasingly stringent emission standards and regulatory compliance requirements imposed by governments worldwide. As countries strive to address environmental concerns and reduce air pollution, regulatory bodies are implementing measures to curb emissions from internal combustion engine (ICE) vehicles, including motorcycles. Emission standards, such as Euro 5 in Europe and Bharat Stage VI in India, mandate lower levels of pollutants, pushing manufacturers to invest in technology and engineering solutions to meet these stringent requirements. Achieving compliance often entails incorporating advanced emission control systems, optimizing engine designs, and adopting cleaner fuel technologies. The challenge for motorcycle manufacturers lies in balancing compliance with emission standards without compromising performance, affordability, and the overall riding experience. Meeting stringent regulations may necessitate the integration of complex emission control systems, which can add to the manufacturing costs and, in some cases, increase the overall weight of the motorcycle. Additionally, the diversity of emission standards across regions poses challenges for manufacturers operating in the global market. Adhering to different sets of regulations requires flexibility and adaptability, often resulting in the need for region-specific modifications to motorcycles. As emission standards continue to evolve, manufacturers must invest in research and development to stay ahead of regulatory requirements. This includes exploring alternative powertrain technologies, such as electric motorcycles, and developing strategies for transitioning to cleaner and more sustainable modes of transportation.

Impact of Urbanization on Mobility Preferences

The global trend toward urbanization presents a unique challenge to the motorcycle market, particularly in densely populated urban areas. As more people migrate to cities, the dynamics of transportation and mobility preferences undergo significant changes, influencing the demand for motorcycles. Urbanization is often accompanied by increased traffic congestion, stricter emission regulations, and a growing emphasis on sustainable and shared mobility solutions. In this context, motorcycles face challenges related to their compatibility with urban living, particularly in megacities where space is limited, and environmental concerns are paramount. The traditional advantages of motorcycles, such as maneuverability in traffic and ease of parking, can be outweighed by the downsides, including noise pollution, safety concerns, and emissions. Some cities are implementing policies that restrict or discourage the use of motorcycles in certain areas, contributing to a shift in mobility preferences. The rise of alternative modes of urban transportation, such as electric scooters, bicycles, and micro-mobility solutions, poses a competitive challenge to motorcycles. These alternatives are often perceived as more environmentally friendly, cost-effective, and suitable for short distance commuting within urban environments. Motorcycle manufacturers must navigate this changing landscape by adapting their product offerings to align with urban mobility trends. This may involve developing electric motorcycles, exploring lightweight and compact designs, and collaborating with urban planners and policymakers to create a conducive environment for motorcycles within urban transportation ecosystems.

Safety Concerns and Increasing Regulatory Scrutiny

Safety has been a longstanding concern in the motorcycle industry, and it continues to be a significant challenge. The inherent risks associated with two-wheeled vehicles, including a higher likelihood of accidents and the severity of injuries in the event of a crash, underscore the need for robust safety measures. Regulatory bodies are increasingly scrutinizing motorcycle safety standards, leading to the implementation of more stringent requirements. These standards encompass aspects such as braking systems, lighting, stability control, and helmet regulations. Manufacturers must invest in research and development to meet these evolving safety standards while ensuring that safety features do not compromise the performance and affordability of motorcycles.

Key Market Trends

Electric Motorcycles and Sustainable Mobility

A prominent trend in the global motorcycle market is the rise of electric motorcycles, marking a significant shift toward sustainable mobility solutions. With increasing awareness of environmental issues and a global push for reduced carbon emissions, electric motorcycles have emerged as a compelling alternative to traditional internal combustion engine (ICE) bikes. Technological advancements in battery technology, particularly lithium-ion batteries, have significantly improved the performance and range of electric motorcycles. Leading manufacturers are investing heavily in research and development to enhance battery efficiency, reduce charging times, and extend the electric range. These improvements address one of the primary concerns of consumers – range anxiety – and contribute to the growing acceptance of electric motorcycles. Governments worldwide are playing a crucial role in promoting the adoption of electric motorcycles. Incentives such as subsidies, tax credits, and infrastructure development are incentivizing consumers to opt for electric vehicles, aligning with broader sustainability goals. Additionally, regulatory frameworks mandating emission reductions and encouraging the adoption of electric vehicles further drive the market's transition toward electrification. The electric motorcycle market is witnessing increased competition, with both established motorcycle manufacturers and new entrants introducing innovative electric models. The market's evolution toward electric mobility represents a transformative trend that not only addresses environmental concerns but also reshapes the competitive landscape of the motorcycle industry.

Connectivity and Smart Features

Connectivity and smart features are becoming integral components of modern motorcycles, catering to the tech-savvy preferences of today's riders. The integration of Internet of Things (IoT) technology and connectivity features is transforming motorcycles into connected vehicles, offering a range of benefits related to safety, navigation, and entertainment. Advanced connectivity features include smartphone integration, allowing riders to access navigation, music, and notifications directly through the motorcycle's display. Real-time data such as weather updates, traffic conditions, and route optimization enhance the overall riding experience. Motorcycle manufacturers are partnering with technology companies to develop proprietary systems or integrate popular third-party platforms to offer seamless connectivity. Safety is a paramount consideration, and connectivity plays a crucial role in enhancing rider safety. Features like automatic emergency calls (eCall), collision avoidance systems, and blind-spot detection contribute to reducing the risk of accidents. The integration of sensors and cameras enables motorcycles to gather and analyze data, providing valuable insights for both riders and manufacturers. The trend toward connectivity extends beyond individual motorcycles to fleet management solutions. In the commercial sector, connected motorcycles facilitate efficient route planning, real-time monitoring of vehicle health, and enhanced security measures. Fleet operators benefit from improved logistics and maintenance, leading to cost savings and operational efficiency. As the demand for connectivity grows, motorcycle manufacturers are incorporating more sophisticated infotainment systems and collaborating with technology partners to stay ahead in the market. The intersection of technology and motorcycles is creating new possibilities for customization, safety, and entertainment, making connected motorcycles a key trend that is likely to define the future of the global motorcycle market.

Shift Towards Premium and Performance Bikes

The global motorcycle market is witnessing a notable shift toward premium and performance-oriented bikes, driven by evolving consumer preferences and a growing segment of enthusiasts seeking high-performance machines. This trend is evident across various categories, including sport bikes, cruisers, and adventure motorcycles. Motorcycle manufacturers are introducing advanced features and cutting-edge technologies in premium models to attract discerning riders. High-performance engines, advanced suspension systems, and state-of-the-art electronics contribute to the enhanced riding experience offered by premium motorcycles. The integration of lightweight materials, aerodynamics, and advanced braking systems further underscores the focus on performance. Premium motorcycles often feature innovative design elements, personalized customization options, and advanced safety features. These factors contribute to the aspirational appeal of premium bikes, attracting riders looking for a combination of style, performance, and exclusivity. The rise of the adventure touring segment within the premium category is particularly noteworthy. Adventure motorcycles, equipped with robust features for both on-road and off-road experiences, have gained popularity among riders seeking versatility and the ability to explore diverse terrains. Motorcycle manufacturers are expanding their portfolios to cater to this growing segment, introducing adventure models with advanced technology and durability. The demand for premium and performance motorcycles is not limited to mature markets; emerging economies are also witnessing a rise in enthusiasts willing to invest in high-end machines. This trend has led to an increase in global competition, prompting manufacturers to continually innovate and differentiate their premium offerings. As the market for premium motorcycles continues to expand, manufacturers are likely to focus on creating unique selling propositions, collaborating with renowned designers, and incorporating cutting-edge technologies to maintain a competitive edge in this dynamic segment.

Rise of Shared Mobility and Micro-Mobility Solutions

Shared mobility and micro-mobility solutions are emerging as influential trends in the global motorcycle market, driven by urbanization, congestion, and the need for efficient and sustainable transportation in densely populated areas. Shared mobility platforms are introducing motorcycle-sharing services, offering an alternative mode of transport for short-distance commuting. Motorcycle-sharing services, often facilitated through mobile applications, allow users to access motorcycles for a specific duration, providing a cost-effective and convenient solution for urban mobility. These services cater to individuals who require swift and flexible transportation options, especially in areas with heavy traffic congestion. The rise of micro-mobility solutions, including electric scooters and mopeds, is complementing shared motorcycle services. These compact and agile vehicles are well-suited for navigating congested urban environments, offering an efficient and eco-friendly alternative to traditional modes of transportation. Governments and local authorities are recognizing the potential of shared motorcycle services and micro-mobility solutions in addressing transportation challenges. Incentives such as dedicated parking spaces, reduced registration fees, and regulatory support contribute to the growth of these services. Motorcycle manufacturers are also exploring opportunities in this space, with some developing specific models designed for shared mobility and micro-mobility applications. The integration of electric powertrains in these vehicles aligns with the broader trend of electrification and sustainability. The shared mobility and micro-mobility trend represents a transformative shift in how motorcycles are utilized in urban environments. As cities continue to grapple with traffic congestion and environmental concerns, shared motorcycle services and micro-mobility solutions are poised to play a crucial role in providing efficient and sustainable transportation options.

Focus on Safety and Advanced Riding Assistance Systems

Safety has always been a paramount concern in the motorcycle industry, and recent trends reflect an intensified focus on incorporating advanced riding assistance systems to enhance rider safety. Motorcycle manufacturers are leveraging technology to develop innovative safety features that mitigate the risks associated with two-wheeled transportation. Anti-lock braking systems (ABS), traction control systems, and electronic stability control are becoming standard features in many motorcycles, contributing to improved stability and control. These technologies are particularly valuable for novice riders and enhance overall safety across various riding conditions. Advanced rider assistance systems, such as adaptive cruise control, blind-spot detection, and collision avoidance systems, are gaining prominence. These features use sensors and cameras to monitor the motorcycle's surroundings, providing real-time alerts and interventions to prevent or mitigate potential accidents.

Segmental Insights

Motorcycle Type Analysis

The market is divided into four categories based on type: standard, sports, cruiser, and touring. The global market is dominated by the standard segment. The earliest style is the standard type. To ensure the rider is comfortable, they combine cutting-edge technology with a traditional style. The two industries that contribute most to the global industry are those of India and Japan. because there are well-known two-wheeler companies in the area. Additionally, there is a sizable market for less more than 300 cc) models, which are made in China and India but are primarily found in Asian and African nations. The market demand for these vehicles is anticipated to be fueled by the standard type's reasonable pricing. Sports bikes are a performance-focused class of motorcycles with a strong engine and a lightweight design body composition.

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Regional Insights

In 2022, Asia Pacific will hold the largest market share. Due to strong demographic growth, a greater proportion of middle-class and lower-middle-class individuals, and a growing preference for private transportation over public transportation, the Asia Pacific region currently dominates the global market. One of the industries in India is the biggest markets, making up a sizeable portion of motorcycle sales worldwide. Additionally, the Indian government is adopting programs like FAME-II, which give customers tax breaks and subsidies to promote the use of electric vehicles wheelers across the nation. Additionally, China has the highest production and sales figures, and the demand for reasonably priced in developing nations, electric vehicles for brief commuting, and government support for electric motorcycle are anticipated to increase.

Recent Developments

• Hero MotoCorp, an Indian company, and Zero Motorcycles, a California-based company, partnered in March 2023. Hero MotoCorp invested up to US$60 million in Zero. Through this partnership, Zero Motors will create powertrains on par with Hero MotoCorp's electric motorcycle production, sourcing, and marketing volumes.
• Hero MotoCorp, the biggest two-wheeler manufacturer in India, announced in January 2023 that it would begin producing €20 fuel two-wheelers that can run on any combination of e10 and €20. It has begun the commercial production trials for motorcycles that use flex fuel and will be available for the 100–125 cc mass market.
• In January 2023, Bajaj Auto plans to enter the premium two-wheeler market by producing KTM bikes with displacements greater than 390cc for both domestic and international consumers.

Key Market Players

• 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

Report Scope:

In this report, the Global Motorcycle Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Motorcycle Market, By Motorcycle Type:

o   Standard

o   Sports

o   Cruiser

o   Touring

o   Others

• Motorcycle Market, By Propulsion Type:

o   ICE

o   Electric

• Motorcycle Market, By Region:

o   Asia-Pacific

§  China

§  India

§  Japan

§  Indonesia

§  Thailand

§  South Korea

§  Australia

o   Europe & CIS

§  Germany

§  Spain

§  France

§  Russia

§  Italy

§  United Kingdom

§  Belgium

o   North America

§  United States

§  Canada

§  Mexico

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Turkey

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Motorcycle Market.

Available Customizations:

Global Motorcycle market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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