Motorcycles Market Expected To Fuel Industry Growth With $171.5 Billion By 2028: Grand View Research Inc.

 

The global motorcycles market size was estimated to reach USD 171.5 billion by 2028 and is anticipated to expand at a CAGR of 7.4% from 2022 to 2028, according to a new report by Grand View Research, Inc. Rising disposable income and improvement in living standards has increased demand for motorcycles across the globe, thereby driving the market growth. In addition, the launch of high-performance motorcycles, the surge in sportbike users, and the developing trend of customization are the factors that drive the market. The travel restriction imposed by the governments on public transportation such as buses, trains, and metros has resulted in heavy demand for motorcycles amid the COVID-19 pandemic.

The high cost of the motorcycles and uncomfortable seating structure are some of the factors hampering the growth of the market. Apart from that, the growing risk of road accidents for motorcycle riders acts as a major restraining factor for the market. Most of the major players operating in the market are implementing the strategy of mergers, acquisitions, and new product launches to gain maximum share in the market.

The COVID-19 pandemic has negatively impacted market growth. India, China, and Japan have been hit the hardest. COVID-19 pandemic has a major effect on the market in terms of sales owing to a disturbance in the transport capabilities of the producers due to strict norms of lockdown and growing safety concerns. Manufacturing operations have been halted, and the supply chain has been disrupted, resulting in a drop in motorcycles exports during the pandemic.

The on-road motorcycles segment contributed to the global market revenue share of around 55% in 2021. Touring motorcycles are more popular in developed countries such as the U.S., Canada, and South America. Moreover, the demand for cruiser variation is steadily growing, with users taking more interest in this segment, particularly in North America and Europe. Thus, several motorcycle manufacturers are progressing into these segments to take advantage of the rising demand for cruiser motorcycles. Thus, the on-road motorcycles demand is high and contributed more to the market revenue.

The Asia Pacific accounted for the largest market share of more than 60% in 2021. According to MarkLines Co., Ltd., India, and China were the major countries that generated large revenue for the motorcycles market in 2021. Due to rapid urbanization as well as heavy Chinese and Indian customer acceptance, the Asia Pacific accounted for the maximum share of the global demand in 2020. With the large demand for motorcycles in the emerging countries of Asia such as India, Indonesia, and Vietnam, OEMs are constructing manufacturing facilities in these countries to avoid compensating import duties and to get an advantage in the motorcycle market. Thus, the aforementioned a factor contributes to more revenue generation in the market in the Asia Pacific.

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The launch of effective products, the surge in sportbike users, and the rising trend of customization are the key factors driving the market growth. Moreover, the rising disposable income of consumers and improvement of living standards led to the use of private motorcycles instead of taking public transportation isthe factor that pouring the market growth.

A motorcycle also known as a motorbike or bike is a two-wheeled motor vehicle manufactured with metallic and fiber frames. The design of the motorcycles differs significantly to outfit a variety of purposes such as sports activity, commuting, long-distance travel, racing, and off-road riding. Demand for effective and reasonable modes of transportation is expected to increase considerably in the upcoming years as the world’s middle-class population expands. Motorcycles are largely being seen as a feasible option, and therefore, demand for motorcycles and scooters is estimated to increase. Demand for motorcycles and a scooter has augmented considerably in rural areas as a result of growing disposable income and lack of well-established public transportation. 

Motorcycles Market Report Highlights

• Europe is forecast to grow with the 2^nd highest CAGR of 7.3% from 2022 to 2028. The rising travel and tourism industry in Europe has led to the rise of bike-rental services, boosting the demand for motorcycles
• The growing preference for high-end motorcycles has boosted demand for cruisers as well as sports motorcycles in Europe, with the trend anticipated to remain during the forecast period
• The scooters segment is likely to register the 2^nd highest CAGR of 7.2% during the forecast period. Due to their low price, scooters are a motorcycle type that remains popular among motorcycle riders who value a light, simple-to-ride motorcycle 

Various types of motorcycles include on-road motorcycles, off-road motorcycles, and scooters. On-road motorcycles are also known as street motorcycles. On-road motorcycles are mainly manufactured to be ridden on paved roads. Off-road motorcycles are also known as dirt bikes and are manufactured particularly for off-road racing events on tracks that are unconventionally paved. Scooters are a motorcycle type that remains famous among motorcycle riders who value a light, easy-to-ride motorcycle. Scooters have significantly more built-in storage space than most conventional motorcycles. 

The COVID-19 pandemic negatively impacted the market. The global market in 2020 saw a fall in user sentiment due to the pandemic which led to a double-digit decline from the preceding year in the major countries such as India, Vietnam, the Philippines, and Thailand. This was due to the shutting off of plants in top motorcycle manufacturing nations such as China, Japan, India, and ASEAN. Manufacturing operations were stopped, and the supply chain was disturbed, causing a fall in motorcycles exports during the pandemic. However, manufacturers are optimistic that following the end of the lockdown period, commuters will more likely avoid public transport, boosting the demand for private vehicles, including motorcycles, which in turn could increase the demand for motorcycles during the forecast period. 

List of Key Players in the Motorcycles Market

• Harley-Davidson Incorporation
• Yamaha Motor Co., Ltd.
• Yadea Group Holdings Ltd.
• Honda Motor Co., Ltd.
• Piaggio & C. SpA
• BMW AG
• Suzuki Motor Corporation
• Hero MotoCorp Limited
• Bajaj Auto Ltd.
• TVS Motor Company