Pune, India., May 02, 2023 (GLOBE NEWSWIRE) -- The global motorcycle market was USD 75.63 billion in 2022. The global market size is expected to be USD 79.57 billion in 2023 and is projected to reach USD 124.09 billion by 2030, exhibiting a CAGR of 6.6% during the forecast period from 2023-2030. Motorcycles are more used in slow urban commutes or highway speeds. They have an engine attached to the middle of the frame rather than sitting on the rear suspension and a gas tank placed above it. Advancements in the automotive industry boosted sales significantly. This information is provided by Fortune Business Insights, in its report, titled, “Motorcycle Market 2023-2030.”
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 6.6% |
| 2030 Value Projection | USD 124.09 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 79.57 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 194 |
Drivers & Restraints-
Rapid Rate Of Urbanization And Traffic Congestion In The Urban Areas to Expand Market Value
Motorcycle market growth is accredited to rapid rate of urbanization and traffic congestion in the urban areas. Urbanization has been prevalent in various developing regions such as Asia and Oceania. According to the United Nations (UN) Department of Economic and Social Affairs almost 68% of the global population is expected to live in urban areas by 2050. Problems with this rapidly growing urbanization are high population density, road congestion, lack of parking spaces, inadequate mobility infrastructure, and climate change. Therefore, in both developed and developing economies, road congestion, lack of parking spaces, and other problems related to urbanization have increased the demand for motorcycles. They are suitable due to their compact mobility solutions such as two-wheeled vehicles. However, increasing number of safety concerns while riding a two-wheeler is anticipated to limit the market growth.
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Segments-
Standard Segment To Have The Maximum Share Owing To Its Classic Design
Based on motorcycle type, the market is segmented into standard, sports, cruiser, touring and others. The standard segment holds the largest share as they use advanced technology and a classic design to adjust the rider comfortably. The affordable pricing for standard segment is expected to fuel the market growth. Sports motorcycles are also set to have a considerable growth owing to high-performance of motorbikes that feature a powerful engine and a lightweight body frame.
ICE to Lead the Segment Due to Its Wide Usage
On the basis of propulsion type, the market can be fragmented into ICE and electric-propelled motorcycles. The internal combustion engine (ICE) is estimated to lead the segment owing to its wide usage in various regions. The electric motorcycle segment is also gaining demand due to the increasing number of investments by government agencies in developing electric vehicle charging infrastructure.
On the basis of region, the market is studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Competitive Landscape-
Royal Enfield Announced The Commencement Of A New CKD Plant In Brazil
Honda Motor Co. Ltd. leads the global motorcycle market as it is one of the leading internal combustion engine manufacturers. Other market players include Yamaha, Bajaj, and TVS Motors which are focusing on entering the electric vehicle market through the introduction of new production plants and converting existing motorcycles and scooters into electric vehicles. In December 2022, Royal Enfield announced the commencement of a new CKD plant in Brazil. The company had three CKD assembly plants in Thailand, Colombia, and Argentina. This new plant will be beneficial for brand growth in Latin America.
Regional Insights-
Asia Pacific To Lead Due To Inclination For A Private Mode Of Transportation
Asia Pacific is set to lead the global motorcycle market share due to the inclination for a private mode of transportation over public transport in this region. The inclination for motorcycles is also due to larger number of middle and lower middle-class populations. The sale and production in the China is recorded to be the highest.
North America market is set to expand at a remarkable CAGR with great demand for an extensive range of motorcycles such as sports, cruisers, and touring. The regional market is highly lucrative due to the adoption of advanced technologies and advanced manufacturing hubs and the increasing demand for various types of motorcycles.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants for strengthening their market presence.
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A list of prominent Motorcycle manufacturers operating in the global market:
- Honda Motor Co., Ltd. (Japan)
- TVS Motor Company Ltd. (India)
- Bajaj Auto Ltd. (India)
- Yamaha Motors Co. (Japan)
- Suzuki Motor Corporation (Japan)
- Triumph Motorcycles (U.K.)
- Bayerische Motoren Werke (BMW) AG (Germany)
- Harley-Davidson, Inc. (U.S.)
- Hero MotoCorp Ltd. (India)
- Kawasaki Motors Corp (Japan)
Notable Industry Development:
- January 2023: Hero MotoCorp announced the starting of trial production of e20 fuel two-wheelers which are capable of taking any combination of e10 and e20. It has started commercial production trials for flex fuel motorcycles which will be introduced in the 100-125 cc mass market.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-9
- Global Motorcycle Market Analysis, Insights and Forecast, 09-00
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Standard
- Sports
- Cruiser
- Touring
- Others
- Market Analysis, Insights and Forecast – By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Motorcycle Market Analysis, Insights and Forecast, 09-00
- Market Analysis – By Motorcycle Type
- Standard
- Sports
- Cruiser
- Touring
- Others
- Market Analysis – By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Market Analysis – By Country
- US
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Canada
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Mexico
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Europe Motorcycle Market Analysis, Insights and Forecast, 09-00
- Market Analysis – By Motorcycle Type
- Standard
- Sports
- Cruiser
- Touring
- Others
- Market Analysis – By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Market Analysis – By Country
- UK
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Germany
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- France
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Rest of Europe
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Asia Pacific Motorcycle Market Analysis, Insights and Forecast, 09-00
- Market Analysis – By Motorcycle Type
- Standard
- Sports
- Cruiser
- Touring
- Others
- Market Analysis – By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Market Analysis – By Country
- India
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- China
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Japan
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Motorcycle Type
- Market Analysis, Insights and Forecast – By Propulsion Type
- Rest of the World Motorcycle Market Analysis, Insights and Forecast, 09-00
- Market Analysis – By Motorcycle Type
- Standard
- Sports
- Cruiser
- Touring
- Others
- Market Analysis – By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
- Competitive Analysis
- Key Industry Developments
- Global Market Ranking Analysis (0)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies,
- financials (based on availability))
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- Honda Motor Co, Ltd (Japan)
- TVS Motor Company Ltd ( India)
- Bajaj Auto Ltd (India)
- Yamaha Motors Co (Japan)
- Suzuki Motor Corporation (Japan)
- Triumph Motorcycles (United Kingdom)
- Bayerische Motoren Werke (BMW) AG (Germany)
- Harley-Davidson, Inc ( United States)
- Hero MotoCorp Ltd (India)
- Kawasaki Motors Corp (Japan)
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