Factors such as increase in demand for two-wheeler due to traffic congestion, growth in investment by manufacturers in the motorcycle industry and rise in adoption of electric motorcycles drive the growth of the global motorcycle market.
PORTLAND, Ore., Jan. 19, 2023 /PRNewswire/ — 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”. According to the report, the global motorcycle industry generated $105.5 billion in 2021, and is anticipated to generate $233.5 billion by 2031, witnessing a CAGR of 8.6% from 2022 to 2031.
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Prime determinants of growth
Factors such as increase in demand for two-wheeler due to traffic congestion, growth in investment by manufacturers in the motorcycle industry to innovate and bring superior performance and comfort in designs and the rise in adoption of electric motorcycles drive the growth of the global motorcycle market. However, high risk of accidents and high cost associated with sports bikes restrict the market growth. Moreover, incorporation of cutting-edge technology in motorcycles and rise in popularity & evolution in motorcycles events in developed economies present new opportunities for the market growth in the coming years.
The outbreak of the Covid-19 pandemic had a negative impact on the global motorcycle market, owing to implementation of the global lockdown which led to considerable drop in motorcycle sales.
Many small and big players in the motorcycle sector witnessed issues such as halt of production activities, mandated plant closures by the government, and others.
However, many motorcycle manufacturers such as KTM AG had assessed their overall strategy for the rest of 2020 and decided to make several key decisions in the wake of COVID-19. For instance, in February 2021, the Motorcycle Industry Council announced that the motorcycle sales rose by 11.4% in 2020. And this momentum snowballed so far in 2021.
Also, the growing popularity of motorcycling content creators on video-sharing sites, such as YouTube and Instagram had seen their engagement surge during the pandemic.
The standard motorcycle segment to maintain its leadership status throughout the forecast period
Based on type, the standard motorcycle segment held the highest market share in 2021, accounting for nearly two-fifths of the global motorcycle market, and is estimated to maintain its leadership status throughout the forecast period, as it consumes less fuel as compared to other bikes (sports & cruiser) and are easy-to-control and ride. However, the sports motorcycle segment is projected to manifest the highest CAGR of 10.2% from 2022 to 2031, owing to numerous developments and innovations in sports bikes for medium to high-income group consumers.
The Internal Combustion Engine (ICE) segment to maintain its leadership status throughout the forecast period
Based on propulsion type, the Internal Combustion Engine (ICE) segment held the highest market share in 2021, accounting for nearly 90% of the global motorcycle market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the rising integration of internal combustion engines (ICEs) with the fuel-efficient system and advancement in IC engine technologies with more sophisticated components. However, the electric segment is projected to manifest the highest CAGR of 13.1% from 2022 to 2031, owing to the increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules & regulations toward vehicle emissions.
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The mid segment to maintain its lead position during the forecast period
Based on price range, the mid segment accounted for the largest share in 2021, contributing to more than one-third of the global motorcycle market, and is projected to maintain its lead position during the forecast period. This is owing to an increase in the income of consumers and availability of a wide range of mid-priced motorcycles that are equipped with advanced safety technologies. However, the low segment is expected to portray the largest CAGR of 9.5% from 2022 to 2031, owing to the fact that the bikes provide great efficiency, are less expensive, and offer advanced safety features, such as ABS.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global motorcycle market, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 9.7% from 2022 to 2031, owing to the surge in technological innovations in the automobile industry, increase in focus by motorcycle manufacturers on superior performance and comfort, and rise in the preference of consumers toward premium off-road motorcycles.
Leading Market Players: –
Bayerische Motoren Werke (BMW) AG,
Honda Motor Co., Ltd.,
Piaggio & C. SpA,
Suzuki Motor Corporation,
TVS Motor Company Ltd.,
Yamaha Motor Co.,
Zero Motorcycles, Inc.
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SOURCE Allied Market Research