Motorcycle Market 2022
As per industry analysis, the global motorcycle market is set to close in on a valuation of US$ 125 Bn in 2021. The global motorcycle market is anticipated to expand at a CAGR of around 4% over the forecast period of 2021-2031, with demand for electric motorcycles to rise faster than previous years. The market is on course to top US$ 181 Bn by the end of 2031.Increasing demand for electric/hybrid motorcycles & scooters, rise in adoption of personal mobility owing to ease of accessibility & convenience, and inclination of young adults towards sports motorcycles are shaping market expansion.
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Motorcycle Market introduces the building blocks of the report with the influence of market dynamics and functioning and a need to understand customer behavior. The increase and decrease in the product/service budget also play an important role in predicting the future growth of Motorcycle Market. Besides, the high deployment cost of product/service, and other restraints are also pointed out in the report. Motorcycle Market report also studies the value, volume trends and pricing history of the market so that the pattern and layout are also evaluated for the advanced study of the market over the forecast period.
Increasing consumer preference for electric and hybrid motorcycles is anticipated to be a major factor driving global market expansion. Demand for affordable and efficient modes of transportation is projected to rise significantly over the coming years, as the middle-class population grows across the world.
Motorcycles and scooters are considered a viable option for the purpose of traveling and commuting. In addition, matured economies have witnessed increase in demand of recreational activities such as off-road trails, track racing, bike stunts, etc. This is expected to spur demand for high-capacity two wheelers.
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Key Takeaways from Market Study
- South Asia & Pacific is expected to be the largest market for motorcycles, with a majority of sales coming from India.
- Standard motorcycles are anticipated to register a healthy CAGR of around 4% throughout the forecast period, owing to their fuel efficiency and increased use in daily commuting.
- Rising demand for standard scooters is expected to drive growth of the scooter market, especially in developing countries such as India.
- Europe’s market for motorcycles witnessed a steady CAGR between 2% to 3%, with Germany emerging as a lucrative market.
- The electric motorcycle segment recorded sluggish growth; however, demand for electric two wheelers is expected to rise significantly in the years to come.
“Demand for motorcycles is anticipated to witness significant growth owing to introduction of various new motorcycles and scooters, rising urban population, technological enhancements, increased fuel efficiency, and better affordability,” says a Persistence Market Research analyst.
The global market is fragmented and the competition is expected to be intense, with key players enjoying a majority of market share. Key market players are opting for new product launches and technological enhancements in order to stay ahead of the competition.
Some of the leading market participants included in this report are
- Triumph Motorcycles Ltd.
- Bajaj Auto Ltd.
- Bavarian Motor Works (BMW) AG
- Ducati Motor Holding S.p.A.
- Eicher Motors Limited
- Harley-Davidson, Inc.
- Hero MotoCorp Ltd.
- Honda Motor Co., Ltd.
- KTM AG
, who account for a fair share of the market.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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