Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Motorcycle Market by Type (Standard, Sports, Cruiser, Adventure), by Propulsion Type (Internal Combustion Engine (ICE), Electric), by Price Range (Low, Mid, High): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report indicates that the global market for motorcycles is projected to garner $233.5 billion by 2031, having witnessed the value of $105.5 billion in 2021 with a notable CAGR of 8.6% during the forecast timeframe of 2022 to 2031.
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Factors influencing the growth of the market:
The global motorcycle market is expanding rapidly due to surge in adoption of electric motorcycles, increase in investment by frontrunners in the motorcycle sector, and surge in demand for two-wheeler owing to traffic congestion. On the other hand, high cost and risk related to sports bikes restrain the market growth to some extent. Nevertheless, the surge in evolution and popularity of motorcycle events in developed nations and integration of advanced technologies in motorcycles will offer remunerative growth opportunities to the market in the upcoming years.
The standard motorcycle segment to retain its dominance throughout the forecast timeframe
By type, the standard motorcycle segment generated the major share in 2021, contributing to nearly two-fifths of the overall motorcycle market revenue and is expected to maintain its dominance status from 2022 to 2031. The standard motorcycle requires less fuel in comparison with other bikes (Cruiser and Sports) and are easy to ride and control. Moreover, the sports motorcycle segment is estimated to showcase the fastest growth with 10.2% CAGR during the forecast period, due to several developments and innovations among sports bikes for consumers across medium to high-income group.
The internal combustion engine (ICE) segment to lead the trail during the forecast period
On the basis of propulsion type, the internal combustion engine (ICE) segment garnered the major share in 2021, contributing to nearly 90% of the overall market revenue and is expected to continue its supremacy from 2022 to 2031. The growth is attributed to the technological advancements in IC engines with simpler components and surging incorporation of ICEs along with fuel-efficient systems. On the other hand, the electric segment would cite the fastest growth with 13.1% CAGR during the forecast period, due to strict government norms for vehicle emissions and robust demand for low emission, high performance, and fuel-efficient vehicles.
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The mid segment to rule the roost during the forecast period
On the basis of price range, the mid segment held the largest share in 2021, accounting for more than one-third of the total market revenue and is estimated to lead the trail from 2022 to 2031. The growth is attributed to the availability of a broad range of mid-priced motorcycles furnished with the latest safety technologies and the surge in consumer income. On the other hand, the low segment would display the fastest CAGR of 9.5% throughout the forecast timeframe, because the bikes are less expensive, offer advanced safety features like ABS and great efficiency.
Asia-Pacific to retain its dominant status during the forecast period
The regional analysis in the report states that the market across the Asia-Pacific generated the highest market share in 2021, contributing to more than one-third of the total market revenue and is estimated to grab the lion’s share throughout the forecast timeframe. The same region is estimated to showcase the highest growth with 9.7% CAGR by 2031, due to surge in the consumer shift toward premium-off road motorcycles, growing focus on superior performance and comfort by manufacturers, and the increase in technological advancements in the automobile sector.
Leading market players:
- Zero Motorcycles, Inc.
- Yamaha Motor Co.,
- TVS Motor Company Ltd.,
- Triumph Motorcycles,
- Suzuki Motor Corporation,
- Piaggio & C. SpA,
- KTM AG,
- Honda Motor Co., Ltd.,
- Harley-Davidson Inc.,
- Bayerische Motoren Werke (BMW) AG,
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Similar Reports We Have on Automotive Industry:
Connected Motorcycle Market Research Report 2023-2032
300cc Motorcycle Market Research Report 2023-2032
Cruiser Bikes Market Research Report 2023-2032
Two-Wheeler Motorcycle Market Research Report 2023-2032
Electric Scooter and Motorcycle Market Research Report 2023-2032
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