As per SNS Insider’s research, motorcycling’s cultural allure, coupled with the thrill of recreational riding, attracts a diverse consumer base, contributing to motorcycles marketgrowth.
The motorcycles market, as per the SNS Insider report, achieved a valuation of USD 117.93 billion in 2022, with a projected increase to USD 218.29 billion by 2030. Anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2030, this signifies substantial growth during the forecast period.
Market Report Scope
A motorcycle, often colloquially referred to as a bike, is a two-wheeled motorized vehicle that has gained immense popularity as a mode of transportation and recreation. Motorcycles typically consist of a lightweight frame, powered by an internal combustion engine, and are designed for one or two riders. They come in various styles, including cruisers, sport bikes, touring bikes, and dirt bikes, each tailored for specific purposes and preferences.
Key Players
PIERER Mobility AG (Austria), BMW AG (Germany), Ltd. (Japan), Triumph Motorcycles (UK), Polaris Industries, Inc. (US), Hero MotoCorp Ltd. (India), Bajaj Auto Ltd. (India), Honda Motor Co., Ltd. (Japan), Kawasaki Heavy Industries, Suzuki Motor Corporation (Japan), Eicher Motors Limited (India), Yamaha Motor Co., Ltd. (Japan), Harley-Davidson, Inc. (the US), TVS Motor Company (India), Ducati Motor Holding S.p.A. (Italy)are some of the affluent competitors with significant market share in the Motorcycles Market.
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Market Analysis
The motorcycles market is experiencing robust growth, driven by several key factors. First and foremost is the increasing demand for affordable and fuel-efficient transportation options, especially in emerging markets. Additionally, the rising popularity of recreational riding, coupled with a growing trend towards customization and personalization, contributes to the market’s expansion. Technological advancements, such as the integration of smart features and electric propulsion, are also playing a pivotal role in attracting a diverse consumer base. Economic growth in developing regions has increased disposable income, driving the affordability and popularity of motorcycles. As urban areas expand, the need for agile and space-efficient transportation solutions has fueled the demand for motorcycles. Evolving consumer preferences, including a shift towards eco-friendly options and stylish designs, are influencing market trends.
Impact of Recession
The ongoing recession has presented both challenges and opportunities for the motorcycles market. On the negative side, economic uncertainties have led to a temporary decline in consumer spending, impacting discretionary purchases such as recreational vehicles. However, on a positive note, the emphasis on cost-effective transportation options has increased, positioning motorcycles as an attractive alternative. Additionally, the rise of remote work has stimulated interest in leisure activities, potentially boosting the recreational motorcycle segment. The shift towards remote work and increased leisure time could drive interest in recreational motorcycle riding. The aftermarket segment may experience growth as consumers seek cost-effective ways to customize and maintain their motorcycles during economic downturns.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced geopolitical uncertainties with potential repercussions on the motorcycles market. Negative impacts may include disruptions in the global supply chain, leading to increased manufacturing costs and potential shortages of critical components. Additionally, economic sanctions and geopolitical tensions may dampen consumer confidence, affecting purchasing decisions. However, there is a possibility of increased demand for motorcycles as individuals seek alternative modes of transportation amidst geopolitical uncertainties.
Key Regional Development
The North American motorcycles market is characterized by a diverse consumer base with a strong affinity for cruisers and touring bikes. The market is influenced by cultural factors and a preference for leisure riding, and the recent surge in electric motorcycle adoption reflects the region’s focus on sustainability. In Europe, motorcycles are not only a means of transportation but also a cultural phenomenon. The market showcases a strong inclination towards sports motorcycles and adventure bikes, reflecting the region’s passion for both racing and outdoor exploration. Asia-Pacific dominates the global motorcycle market, driven by the high demand for affordable and fuel-efficient transportation. Scooters and commuter bikes are prevalent, catering to the region’s densely populated urban areas.
Key Takeaway from Motorcycles Market Study
- The adventure motorcycle segment is poised to dominate the market, fueled by a growing interest in outdoor exploration and long-distance touring. Consumers increasingly seek versatile motorcycles capable of handling various terrains, making adventure bikes a popular choice.
- The sports motorcycle segment is set to dominate the market, driven by the thrill-seeking preferences of enthusiasts. With a focus on high-performance engines, aerodynamic designs, and advanced braking systems, sports motorcycles cater to riders who seek speed, precision, and an adrenaline-fueled riding experience.
Recent Developments Related to Motorcycles Market
- Royal Enfield has recently announced the launch of its pre-owned motorcycle business. The pre-owned motorcycle business is set to offer a curated selection of Royal Enfield motorcycles that have undergone thorough inspections and refurbishments to ensure quality and reliability.
- In a strategic expansion move, TVS Motor Company has officially entered the Vietnamese market, bringing its diverse range of motorcycles and scooters to the discerning Vietnamese consumer. This marks a significant milestone for TVS Motor, as it extends its global footprint and taps into the burgeoning two-wheeler market in Vietnam.
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