Westford, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Global motorcycle market is growing at a healthy CAGR of 8.4% primarily due to increasing demand from developing countries, such as China and India. In addition, growth in traditional markets such as Europe and North America is also anticipated. SkyQuest study says that motorcycles will account for 16% of total worldwide vehicle sales by 2025. This is up from 13% in 2018. The main reasons for this growth are increasing demand from developing countries, along with growing interest in electric motorcycles. For instance, in the last 9 months, the global motorcycles production was recorded at 40.5 million units, which is expected to surpass 61.8 million units by the end of 2022, over 3.3% growth as compared to 2021.
SkyQuest analysts of the global motorcycle market note that there are several areas where manufacturers can improve their product offerings to gain market share: cost reductions, better fuel economy, new safety features, and more comfortable seating positions. Additionally, they suggest introducing new models that appeal to a wider variety of riders.
Get sample copy of this report:
https://skyquestt.com/sample-request/motorcycle-market
So, what's driving the growth? There a few factors at play: Growing populations in developing countries are increasingly favoring motorcycles over cars for transportation; increased awareness about health benefits associated with riding a motorcycle; increasing spending on leisure activities such as travel, dining out and entertainment; technological advancements that have led to more powerful engines and lightweight frames; expansion of sales channels such as online sales and franchise operations; continued growth of the electric motorcycle market.
There are several potential challenges that could affect the growth of the motorcycle industry over the next few years. One major issue is that many riders don't have a good understanding about how to maintain their bike properly, which can lead to mechanical failures or accidents.
Production Outlook of Motorcycle Market: 100 Million Motorcycles to Be Sold By 2035
Motorcycle sales in the United States totaled 1.5 million units in 2021, down from 2.1 million units in 2020 and 2.4 million units in 2019. The market share of motorcycles in the US market declined from 2% in 2021 to 1% in 2020. The main reasons for this decline are the increase of car ownership and the increasing popularity of cars that run on gasoline or diesel fuel, which has led to a shift away from motorcycles as transportation mode.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/motorcycle-market
In terms of global sales in the motorcycle market, Honda was the largest motorcycle company with shipments totaling 20.3 million units in 2021 followed by Yamaha and Suzuki. In terms of market share, Honda held a 50% market share. Harley-Davidson accounted for 9% of global shipments while Ducati accounted for 5%. In terms of revenue. In 2021, Honda reached the milestone of 400 million motorcycles sold from the establishment of the company.
Despite these challenges, SkyQuest expects the global motorcycle market to exceed 100 million units by 2035—a significant milestone given that it currently stands at around 53 million units. The penetration rate of motorcycles in total vehicle volumes is also projected to grow from 2% currently to 3% by 2028 due largely to rising popularity among leisure riders who are using more motorcycles than commercial users. The growth in the recreational segment will also be supported by increased demand for adventure.
Electric Motorcycle market Reach to Valuation of 57 Billion By 2028 at a CAGR of 40%
The global electric motorcycle market is estimated to be worth $57 billion by 2028, according to a new report by SkyQuest. The major regions contributing to the market are Asia-Pacific (APAC), Europe, North America, and Latin America. China continues to be the largest regional market for electric motorcycles with a sales value of USD 20.8 billion by the end of 2022. The APAC region is expected to witness highest growth at CAGR of 40% due to the growing penetration of green vehicles and advanced infrastructure providing support for electric vehicles.
China is estimated to be the leading market for electric motorcycles with over 45% share by 2028. The country is also likely to witness a high adoption of electric motorcycles due to stringent emission norms implemented by various governments in Asia Pacific. India will occupy second position with a market share of around 33% by 2028. The U.S. which currently accounts for a little over 7% of the global electric motorcycle market, is tipped to witness significant growth owing to increasing investment in green transportation solutions and growing awareness about the environmental benefits of electric vehicles among consumers.
Investment in Electric motorcycles has been witnessing rapid adoption across regions owing to their favorable environmental profiles and reduced operational costs per mile compared to traditional Internal Combustion Engine (ICE) vehicles. This investment positive impact has helped propel EV adoption across segments such as commercial transport, passenger cars, ride hailing services and more recently in Electric Motorcycles (EM). Investments being made by key industry players coupled with continued R&D efforts will further support market expansion.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/motorcycle-market
Top Players in the Global Motorcycle market
- Honda Motor Co. Ltd. (Japan)
- Suzuki Motor Corporation (Japan)
- Polaris Industries Inc. (US)
- Yamaha Motor Co.Ltd. (Japan)
- Harley-Davidson Inc. (US)
- PIERER Mobility AG (Austria)
- BMW AG (Germany)
- Kawasaki Heavy Industries Ltd. (Japan)
- Triumph Motorcycles (UK)
- Hero MotoCorp Ltd. (India)
- Bajaj Auto Ltd. (India)
- TVS Motor Company (India)
- Ducati Motor Holding S.p.A. (Italy)
- Eicher Motors Limited (India)
Related Reports in SkyQuest’s Library:
Global Electric Vehicle Market
Global Electric Vehicle Charging Station Market
Global Secure Logistics Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
