Rockville, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global motorcycle market is estimated at US$ 98.8 billion in 2022 and is expected to expand at an impressive CAGR of 3.8% during the forecast years of 2022-2032.
Owing to increasing disposable income of rural area population and lack of a well-established public transport system, the demand for motorcycles and scooters has increased considerably in rural areas. The road infrastructure of rural areas is still in its primitive stage as compared to urban areas. To fulfil the need for mobility in rural areas and overcome high selling price and tax rates of four wheelers, the consumers are looking towards motorcycles, thereby increasing their demand and subsequently, aiding the growth of the market.
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Moreover, motorcycles are now being increasingly preferred for not only personal use but also for adventure and touring activities. In a bid to avoid traffic congestion and get an open-air feel, tourists prefer motorcycles over four wheelers as their chosen method of transportation.
Cruiser bikes are popular among the tourist. This factor is one of the prime factors responsible for high sales of motorcycle, thereby prompting their growth in the market. Due to the traffic problems in almost every urban area, the local citizens also prefer motorcycles for daily commuting over four wheelers, which is another factor driving the popularity of the market.
Key Takeaways from Market Study
- The global motorcycle market is projected to expand at an impressive CAGR of 3.8% and be valued at US$ 144 billion by 2032.
- The market witnessed (1.5)% CAGR for the period of 2017-2021.
- Under type, standard motorcycle dominates the market and are valued at US$ 50.6 billion in 2022.
- Asia-Pacific and Latin America dominated the market with 68.7% and 8.5% market share in 2021.
- Together, 150-300 CC and Upto 150 CC capacity bikes are likely to represent 61.4% market share in 2022.
- Based on region, demand for motorcycle is expected to increase at CAGRs of 3.0% and 3.5%, respectively, in Europe and North America.
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Market Development
Over time, motorcycle technology has advanced significantly. For instance, the majority of the major manufacturers are increasing the production of electric motorcycles in place of the traditional motorcycles powered by fossil fuels. Electric motorcycles were fairly pricey when they first appeared on the market. However, as more companies involved in creating custom designs and enhancing the features, they have become more reasonably priced.
In the industry, there has been a trend away from standard motorcycles, and more individuals are choosing motorcycles with a retro look. Although vintage motorcycles were fantastic in their prime, the motorcycle business has undergone significant technological advancements. Due to this, manufacturers of motorcycles are creating retro-inspired motorbike designs with better and more modern features.
Competitive Landscape
Motorcycle manufacturers are Yamaha Motor Co., Ltd, Suzuki Motor Corporation, Honda Motor Company Ltd., Hero MotorCorp Limited, Eicher Motors Limited, TVS Motor Company Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, Ducati Motor Holding S.p.A, Expleco Limited,Kawaski Heavy Industries Ltd., Triumph Motorcycles Limited, BMW AG, KTM AG, Polaris Industries Inc, Lifan Industry (Group) Co., Ltd. The world’s leading manufacturers of motorcycle products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh riding environments. Moreover, expertise and professionalism in planning, designing, and providing minimum pollution level are at the backbone of their marketing strategies.
- In Jan. 2020, Red Bull KTM Factory Racing’s Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.
- In May. 2019, Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others.
Fact.MR has provided detailed information about the price points of key manufacturers of motorcycle positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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Segmentation of Motorcycle Industry Research
- By Type:
- Adventure
- Cruiser
- Mopeds
- Sports
- Standard
- Touring
- By Capacity:
- Up to 150 CC
- 151-300 CC
- 301-500 CC
- 501-800 CC
- 801-1000 CC
- 1001-1600 CC
- Above 1600 CC
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global motorcycle market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of motorcycle type (Adventure, Cruiser, scooter, sports, standard, touring), engine capacity (Upto 150 CC, 150-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, Above 1600 CC), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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Motorcycle Filter Market - The global motorcycle filter market is poised to exhibit a CAGR of 6.2% during the forecast period of 2017-2022. Filters play an important part in the engine of any automobile, and motorcycles are no exception. When the engine oil or any other lubricating oil circulates inside the engine, it accumulates various kinds of dirt particles that harm the engine.
Motorcycle Suspension System Market - According to the recent study, the motorcycle suspension system market is expected to register moderate growth during the forecast period owing to the increasing frequency of suspension replacement, growing population, and increased demand for comfort is expected to drive the growth of the market. The growth of the electric bike sector in the European region is also estimated to boost the demand for motorcycle suspension systems.
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About Fact.MR
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