Global Motorcycle Market Report 2023: Sector is Expected to Reach $272.8 Billion by 2030 at a CAGR of 8.6% – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Motorcycle Market 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global motorcycle market size was valued at USD 119.55 billion in 2021 and is poised to grow from USD 129.83 billion in 2022 to USD 272.8 billion by 2030, growing at a CAGR of 8.6% in the forecast period (2023-2030).
Demand in every location has exceeded estimates compared to pre-pandemic levels, making the global COVID-19 pandemic surprising and startling. Using our data, we can see that the world bike market grew by 8.11% in 2020 compared to 2019. Often referred to as a “bike,” a motorbike is a two-wheeled motor vehicle. An engine, as well as numerous electrical and mechanical components, are installed on motorcycles.
A variety of activities, such as commuting, cruising, long-distance travel, sports, racing, and off-road riding, can be accommodated by the vastly different designs of these bikes. Over the past ten years, bikes have become a greater and more accessible means of private transportation. Despite the fact that the automobile industry has experienced tremendous growth in sales, macroeconomic factors including rising disposable income and increased urbanisation have further bolstered cross-regional market sales.
Additionally, producers are attempting to improve mileage and add features like bucket seats, air-cooled engines, larger fuel tanks, distinctive horns, and Bluetooth speaker systems that will give the industry chances in the ensuing years.
Segments covered in this report
The global motorcycle market has been segmented based on type, propulsion type, engine capacity, and region. Based on type, the Motorcycle Market is segmented into standard, sports, and cruiser based. Based on the propulsion type, the Motorcycle Market is segmented into ICE and electric based. Based on engine capacity, the Motorcycle market is segmented into Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, Above 1600 CC. Based on region, the motorcycle market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
With the increased usage of cutting-edge technologies, motorcycles have developed into more complex vehicles with an emphasis on safety, comfort, and luxury. For instance, manufacturers have embraced the development of the antilock braking system (ABS) in large numbers, which indirectly boosts sales.
ABS uses data from the inertial measurement unit (IMU), throttle control, and ABS to maintain the motorcycle’s stability during crises and sudden turns.
Manufacturers are now integrating hands-free and Bluetooth functions in helmets to improve interaction with other riders and remove the inconvenience of taking calls or using smartphones for navigation. Furthermore, the majority of today’s bikes are equipped with a slip clutch, which is designed to partially disengage when the rear wheel tries to accelerate the engine faster than it is capable of doing.
Due to the rapid advancement of motorcycle technology, we have reached the future of motorbikes. Increased consumer discretionary spending has led to a growth in the demand for bikes as a result of better living conditions, an increase in the number of young people, and a shift in the elderly’s preference for owning a car over taking public transportation.
Restraint
Motorcycles are becoming more and more popular due to their many advantages, but the market is frequently restricted by the greater danger of accidents for riders. Data from the European Commission shows that head injuries were present in about 80% of motorbike fatalities. In the European Union, more than 6,500 motorcycle riders die each year, making two-wheelers the riskiest means of transportation on highways, according to the poll. Riders face a mortality risk that is 20 times greater than that of passengers.
Market Trends
Major corporations release their electric motorcycles and take into account the gradual depletion of fossil resources. One may contend that electric two-wheelers are the future. As a result, moving ahead, electric bikes will be the primary focus. Motorcycles were pricey in the first iteration of these machines, and riders had very rudimentary abilities. But similar technological developments in motorcycles have been made by futuristic bicycle makers as well.
As a result, the technology that was anticipated is already a reality in 2020. The two-wheeler business will be drastically changed by AI’s ability to modify ergonomic designs, improve vehicle-to-vehicle communication, and improve rider-to-vehicle communication. The governments of many countries are also stepping up their efforts to encourage electric vehicles, wheelers, and scooters, as well as eco-friendly cars, through incentives and tax benefits.
Companies Mentioned
- Honda Motor Co. Ltd.
- Yamaha Motor Co.Ltd.
- Hero MotoCorp Ltd.
- Bajaj Auto Ltd.
- Suzuki Motor Corporation
- TVS Motor Company Ltd.
- Harley-Davidson, Inc.
- Piaggio & C. SpA
- BMW Motorrad AG
- Kawasaki Heavy Industries, Ltd.
- Triumph Motorcycles Ltd.
- KTM AG
- Ducati Motor Holding S.p.A.
- Royal Enfield (Eicher Motors Ltd.)
- MV Agusta Motor S.p.A.
- Aprilia (Piaggio Group)
- Husqvarna Motorcycles GmbH
- Indian Motorcycle International, LLC
- Benelli (Q.J. S.r.l.)
- Moto Guzzi (Piaggio Group)
For more information about this report visit https://www.researchandmarkets.com/r/8jwnoz
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