Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global Motorcycle market size to hit USD 485.67 billion in 2028 at a CAGR of 7.2% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. According to industry professionals and motorcycle manufacturers such as Honda, Harley-Davidson, and Triumph Motors, as cities emerge from the quarantine phase in various regions, two-wheelers are increasingly seen as ideal transportation.
Collaboration of Bosch with Ducati to Stimulate Growth
On December 17th, 2019, the biggest Ducati event in the World, Bosch showcased a series of theoretical and practical activities that explained the theme of safety, joined with driving pleasure, in the foreground. Bosch has renewed its presence together with Ducati in the Ducati Riding Experience (DRE) Road driving course, after the inauguration of 2017. The event was held at Misano World Circuit Marco Simoncelli. Bosch and Ducati have validated their avant-garde security field in synergy with safety protocols to build net-gen motorbikes. These companies have designed new systems to diminish accidents without tweaking the driving experience through their innovative technologies.
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The Internal Combustion Engine (ICE) Segment to Account for the Lion’s Share
Based on type, the market is segmented into standard, sports, and cruiser. The standard motorcycle segment holds the largest share in the global market.
Based on the propulsion type, the market is segmented into internal combustion engines (ICE) and electric propelled vehicles. The internal combustion engine (ICE) segment is expected to account for a major share in the global market. The electric segment is expected to hold a significant motorcycle market share due to the growing vehicular emissions. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The motorcycle industry experienced a mixed impact from the COVID pandemic. The disruption and halt on production and manufacturing activities inhibited the demand and supply of these vehicles during the pandemic. However, the drastic change in consumer demand has resulted in high demand for private transportation, which, in turn, will spur opportunities for the market. Also, the risks concerning the spread of coronavirus in public transports will fuel the demand for motorbikes, thus aiding the market.
Furthermore, the increasing government initiatives for the promotion of electric bikes will bode well for the market. For instance, in June 2019, the Indian government announced a plan to reduce the Goods and Services Tax (GST) on electric vehicles from 12% to 5% to accelerate the country's acceptance of electric vehicles.
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Introduction of Futuristic Bikes to Support Business
Companies are introducing motorbikes with cutting-edge technologies and advanced features, delivering safety, comfort, and luxury for their users. The growing awareness regarding anti-lock braking systems (ABS) among riders will boost motorbikes' sales in the forthcoming years. For instance, Honda announced that it would increase the installation of advanced braking systems due to its commitment to the European Road Safety Charter. This factor will back the demand for motorcycles across the world. ABS uses throttle control and inertial measurement (IMU) data to maintain the bike's stability during sharp turns and emergency stops. Moreover, manufacturers are also introducing hands-free Bluetooth options in helmets to improve connectivity and provide easy navigation to riders, which, in turn, can contribute to the Motorcycle Market.
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Increasing Consumer Inclination towards Bikes to Boost Market in Asia Pacific
Asia Pacific stood at USD 110.41 billion in 2020. The growth is attributed due to a large middle-class population. North America is expected to account for the largest share during the forecast period due to the high demand for an extensive range of motorcycles such as standard, sports, cruisers, and touring. The presence of unconventional manufacturing hubs will augment Growth in Europe.
Honda to Dominate the Motorcycle Market
Honda Motor Co., Ltd., a major manufacturer in the world. The company is one of the leading internal combustion engine producers, with more than 14 million internal combustion engines per year. In 2019, the total production volume had reached up to 400 million units. The company expects to offer mobility advancements through its world-class technologies and provide unrivaled safety for its riders. Eicher Motors, Yamaha, Bajaj, and TVS Motors are also improving their technologies to reinforce their position in the motorcycle industry.
The Report Lists the Key Companies in the Global Market
- Suzuki Motor Corporation (Shizuoka, Japan)
- TVS Motor Company Ltd. (Chennai, India)
- Yamaha Motors Co. (Shizuoka, Japan)
- Triumph Motorcycles (Hinckley, United Kingdom)
- Zero Motorcycles, Inc. (California, United States)
- Bayerische Motoren Werke (BMW) AG (Munich, Germany)
- Harley-Davidson, Inc. (Wisconsin, United States)
- Hero MotoCorp Ltd. (New Delhi, India)
- Honda Motor Co., Ltd. (Shizuoka, Japan)
- Piaggio & C.SpA (Pontedera, Italy)
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Global Motorcycle Market Segmentation:
By Type:
- Standard,
- Sports
- Cruiser
By Propulsion Type:
- ICE
- Electric
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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