New York, April 14, 2023 (GLOBE NEWSWIRE) -- The Motorcycle Market brought in US$129.48 Billion in 2022. The demand for bikes will rise in 2021, with the top 5 market businesses commanding a substantial percentage of the motorcycle market. From 2023 to 2033, the global motorcycle market is projected to grow at a CAGR of 4.0%, reaching US$ 200.20 Billion.
The global motorcycle market is a highly competitive and dynamic industry that includes the manufacturing, sales, and distribution of motorcycles worldwide. Motorcycles are popular among consumers due to their affordable prices, fuel efficiency, and ease of use. The market is expected to grow in the coming years due to the increasing demand for motorcycles in emerging economies and the growing trend towards urban mobility.
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The global motorcycle market is segmented by type, including sport, cruiser, touring, standard, and others. Sport motorcycles are the most popular type of motorcycle, with a market share of over 40%. The market is also segmented by engine capacity, with motorcycles ranging from small displacement bikes to high-performance superbikes.
In recent years, the motorcycle industry has been impacted by several trends, including the rise of electric motorcycles, the growing popularity of adventure touring bikes, and the increasing use of advanced electronics and connectivity features.
Market Drivers:
The motorcycle market is a global industry that is experiencing steady growth driven by several factors, including the growing demand for personal transportation, the popularity of recreational riding, and the increasing adoption of motorcycles as an alternative to traditional cars.
The growth of the motorcycle market can be attributed to several factors. One of the major factors driving the market is the increasing demand for motorcycles in emerging economies such as India, China, and Southeast Asia. The growing middle class and rising disposable incomes in these regions have led to an increase in demand for motorcycles.
Another factor driving the growth of the market is the growing trend towards urban mobility. Motorcycles are popular among consumers as they are affordable, fuel-efficient, and can navigate through congested urban areas easily. This has led to an increase in demand for motorcycles in urban areas.
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Key Players:
The top players in the global motorcycle market include Bajaj Auto Ltd., Bayerische Motoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Eicher Motors Limited, Harley-Davidson, Inc., Hero MotoCorp Ltd., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles Ltd., TVS Motor Company Ltd., Vmoto Limited, Yamaha Motors Co., Ltd., Zero Motorcycles, Inc.
Market Segmentation:
Type: The motorcycle market is segmented by type into sport, cruiser, touring, standard, and others. Sport motorcycles are the most popular type of motorcycle, accounting for over 40% of the global market share. Cruiser motorcycles are the second most popular type, followed by touring bikes. Standard motorcycles and others account for a smaller market share.
Engine capacity: Motorcycles are also segmented by engine capacity, with bikes ranging from small displacement bikes to high-performance superbikes. In general, the global motorcycle market is dominated by motorcycles with engine capacities below 500cc. However, the market for high-performance bikes with engine capacities above 1000cc is also growing.
Regional Analysis:
Asia Pacific is the largest market for motorcycles, followed by Europe and North America. The growth of the market in Asia Pacific can be attributed to the increasing demand for motorcycles in countries such as India, China, and Southeast Asia. The market in Europe is driven by the high demand for premium motorcycles, while the market in North America is driven by the popularity of motorcycles for recreational purposes.
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Recent News
- In March 2023, Harley-Davidson announced the launch of its new adventure touring motorcycle, the Pan America. The bike is designed for both on-road and off-road riding and is aimed at the growing adventure touring market.
- In February 2023, Yamaha unveiled its new 2023 YZF-R1M superbike. The bike features advanced electronic systems and a lightweight carbon-fiber body, making it a top contender in the high-performance motorcycle market.
- In January 2023, Indian Motorcycle announced its plans to launch a new electric motorcycle in 2024. The bike will be designed and developed in collaboration with Zero Motorcycles and will feature an Indian-designed powertrain.
- In December 2022, Triumph Motorcycles launched its new Tiger 1200 XR adventure motorcycle. The bike features a range of advanced features, including a new TFT instrument display, LED lighting, and improved ergonomics.
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