Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Motorcycle Market by Type, Propulsion Type, Price Range: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The motorcycle market is expected to experience a significant growth rate of 8.6% from 2022-2031 owing to growing requirement for cost-effective private transportation among people around the world.
Bikes have been increasingly adopted as cost-effective private transportation in the past decade. Although advances in the automotive industry have greatly boosted sales, macroeconomic factors such as increased disposable income and increased urban population have further promoted cross-regional market sales. Also, the manufacturers are focusing on improving the mileage and other features such as larger fuel tanks, air-cooled engines, bucket seats, unique horns, and Bluetooth speaker systems, which will create opportunities for the market in the forthcoming years.
The key factors driving the growth of the motorcycle market include rising popularity & evolution in motorcycles events in developed economies and incorporation of cutting-edge technology in motorcycles which creates lucrative opportunities for the growth of the market across the globe. Moreover, the factors such as rising adoption of electric motorcycles, growth in investment by manufacturers in motorcycle industry for superior performance and comfort and increase in demand for two-wheeler due to traffic congestion also propels the market toward a positive growth across the globe. Moreover, the factors such as high availability of raw materials, advanced manufacturing facilities, and rapidly growing economy have provided a boost to motorcycle sales globally.
The increasing trend of motorcycling among youth globally owing to the movies in Hollywood and Bollywood related to car and bike racing creates ample opportunities for the growth of the market across the globe.
In order to make motorcycles more sophisticated, motorcycle manufacturers are also focused on new discoveries in the fields of frame metals, riding styles, and shape. For instance, BMW AG modified its S 1000 R in October 2022 to take advantage of aerodynamic advancements.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents analytical depiction of the global motorcycle market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall motorcycle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global motorcycle market with a detailed impact analysis.
- The current motorcycle market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type
- Standard
- Sports
- Cruiser
- Adventure
By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
By Price Range
- Low
- Mid
- High
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Harley-Davidson Inc.
- Triumph
- Suzuki
- Piaggio & C. SpA
- BMW AG
- Zero Motorcycles, INC.
- KTM AG
- TVS Motor Company Ltd.
- Yamaha Corporation
- Honda
Key Market Insights
- By type, the standard segment was the highest revenue contributor to the market, and is estimated to reach $85.62 billion by 2031, with a CAGR of 7.8%. However, the sports segment is estimated to be the fastest growing segment with the CAGR of 10.2% during the forecast period.
- By propulsion type, the internal combustion engine (ICE) segment was the highest revenue contributor to the market, and is estimated to reach $188.53 billion by 2031, with a CAGR of 7.8%. However, the electric segment is estimated to be the fastest growing segment with the CAGR of 13.1% during the forecast period.
- By price range, the mid segment was the highest revenue contributor to the market, and is estimated to reach $88.30 billion by 2031, with a CAGR of 9.0%. However, the low segment is estimated to be the fastest growing segment with the CAGR of 9.5% during the forecast period.
For more information about this report visit https://www.researchandmarkets.com/r/d09hdz-market?w=12
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