Pune, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Motorcycles Market Analysis/Motorcycle Market Trends
The global motorcycles industry is highly lucrative and predicted to witness significant growth at a healthy 5.73% CAGR over the forecast period (2015- 2025), reveals the Market Research Future (MRFR) report. A motorcycle, simply put, is a three-wheeled or two-wheeled car that is used daily. Almost everyone has tried it or owns it. It is in great demand among the younger generation and is also a style statement. Companies that manufacture motorcycles are giving their efforts to suffice the need of general users and motorcycle enthusiasts. Each model is symbolic of the user’s personality, thus manufacturers are serving the growing needs of bike enthusiasts.
Alluring Features that Fuel Market Growth
As per the MRFR report, there are numerous factors that are propelling the motorcycles market size. These include consumer’s high disposable income, the introduction of effective and better products regularly, increasing customization trend, rise in sports motorcycle takers, technological advancements in the automotive sector with respect to manufacturing processes, electronics, and design, growing need for safety features and driver assistance for a comfortable and safe riding experience, and the growing trend for long distance bike riding. The additional factors adding to the motorcycles market revenue include the increasing preference for off-road biking, demand for electronic motorcycles, surge in adventure and sports activities, rising living standards, growing demand from the defense sector due to increasing applications and growing defense budgets, rising tourism activities, and the demand from emerging economies.
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On the other hand, strict regulations of emissions from motorcycles and high price of luxury motorcycles may possess a negative impact on the motorcycles market outlook over the forecast period.
COVID-19 Analysis
The ongoing COVID-19 pandemic has cast its spell on almost every industry with the motorcycles market being no different. This is owing to the closure of plants in top motorcycle manufacturing countries like ASEAN, Japan, China, and India. It influenced the supply of components to the manufacturing facilities across the globe and also had an effect on production with maximum manufacturers being dependent on China for supplies. Owing to lockdowns and social distancing trends there has been a fall in the sales of bikes.
The crisis has disrupted manufacturing operations and supply chains rigorously, thus making it challenging for dealers and motorcycle manufacturers. Several customers have cancelled bookings that were made before the outbreak. Besides, motorcycles that were sold cannot undergo the registration process for use due to lockdowns. This current situation for the industry is an unprecedented one. Not only dealerships and manufacturers, but the whole supply chain of motorcycle components has been hit by the virus’ economic effects.
The premium and mainstream motorcycle brands such as KTM and Ducati have shut down production facilities just as Indian Motorcycle and Harley-Davidson too have. Besides, the manufacturing of motorcycles too has been suspended across most brands. But with the relaxation of lockdowns there has been a need for personal cars as people prefer to avoid public transport which may have a positive impact on the motorcycles market value.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the motorcycles market based on type.
By type, the global motorcycles market is segmented into touring, standard, sports, cruiser, and adventure. Of these, the standard segment will lead the market over the forecast period. Standard motorcycles have been in the market since decades. They are the evolution of classic British bikes and universal Japanese motorcycles. Standard bikes incorporate the upright sitting position with the foot pegs and handlebar from the rider’s reasonable distance.
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Regional Takeaway
China to Lead Motorcycles Market
By region, the global motorcycles market covers growth opportunities and the latest trends across Mexico, Brazil, the US, India, and China. Of these, the APAC region will lead the market over the forecast period, with China and India having the utmost share. China is a hub for motorcycle manufacturing for the easy accessibility of raw materials and affordability of labor. Besides, the growing demand for advanced motorcycles, rising per capita income, and a large population base are also adding market growth. The motorcycle market in India is characterized by low displacement, fuel-efficient, and low-cost bikes. The country has experienced a huge demand for motorcycles, especially from rural areas owing to the construction of paved roads and new infrastructure developments. The presence of top motorcycle brands in India such as TVS, Hero MotoCorp, Bajaj, and Honda is also adding to the motorcycles market growth in the region.
The global motorcycles market in North America will have favorable growth over the forecast period. Growing demand from consumers for hi-tech, advanced motorcycles, active players opting for aggressive growth strategies, consumer’s high disposable income to invest in premium products, and growing trend for customization are adding to the global motorcycles market share in the region.
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Competitive Landscape
The notable players profiled in the global motorcycles market report include:
- Eicher Motors Limited (India)
- Ducati Motor Holding S.p.A. (Italy)
- Triumph Motorcycles (UK)
- TVS Motor Company (India)
- Hero MotoCorp Ltd. (India)
- Kawasaki Heavy Industries, Ltd. (Japan)
- BMW AG (Germany)
- Bajaj Auto Ltd. (India)
- PIERER Mobility AG (Austria)
- Yamaha Motor Co., Ltd. (Japan)
- Polaris Industries, Inc. (US)
- Harley-Davidson, Inc. (US)
- Suzuki Motor Corporation (Japan), and
- Honda Motor Co., Ltd. (Japan), among others.
The motorcycles market is highly fragmented due to the involvement of several market players. The key players are engaged in expansions, joint ventures, alliances, product development, M&A, and others to boost their position in the market both internationally and regionally. Integrated solutions, rapid technological change, and strong completion by players are chief factors that impact market development.
Industry Updates
- February 2021-Hero MotoCorp has set up a separate unit for selling Harley-Davidson motorcycles in India.
- January 2021- The new Honda 350cc motorcycle will hit the road on February 16.
- January 2021- TVS owned Norton Motorcycles has invested in new factory headquarters in the United Kingdom.
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