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The motorcycles market is set to reach US$ 180.94 BN by 2030, at a 4.10% CAGR between years 2022-2030. The market is a very volatile and ever-changing space which gets influenced by various factors to mold its aspects of market dynamics. Market trends are shaped by customer preferences because their choices always change. Currently, motorcycles are no longer just a means to travel from point A to B and rather have become an easy way of life for most people.
With the growing demand for customized and specialized consumption end, manufacturers feel obliged to change with time by designing a varied range of products.
Economic factors are another factor that has a fundamental influence on the motorcycle market dynamics. Sales are affected by consumer purchasing power, interest rates and overall economic stability. When the economy is developing, in a rush of purchasing new motorbikes there can be increased due to their discretionary spending.
However, recessions might lead to a decrease in the amount that consumers spend on non-essential commodities and hence disfavor motorcycle sales. The influence of government regulations and policies is also significant in the motorcycle market. Strict emission standards and safety regulations have led manufacturers to invest more on research and development that would develop greener, safer motors.
This affects not only the design and manufacturing activities but also consumer choices because an increasing number of buyers are environmentally responsible consumers with safety concerns. Another of the motorcycle market drivers is technological developments. Innovations in engine efficiency, connectivity features and safety systems make motorcycles more attractive to the riders. However, the electric motorcycle has emerged as a popular alternative due to technological advancements that eliminated internal combustion engines.
With the advancement of battery technology and continuing development in terms of infrastructure for electric motorcycles, this is likely to cause further change towards their market dynamics. The global events and social trends are also influencing the motorcycle market. For instance, COVID-19 has greatly affected the chain of supply and production capacities apart from consumer preferences.
From office to the remote work, market behavior has changed about commuting and it may impact consumers’ preferences for types of motorcycles that they want. In addition, societal trends including the increasing popularity of sustainability and an appetite for adventure have also impacted on this market whereby manufacturers adjusting their strategies as will be guided by these emerging tastes. In the motorcycle market, there is stiff competition among various manufacturers who are competing for their share of this vital segment.
Competitive advantage may be influenced by brand image, marketing strategies and prices. Iconic brands leverage their long history and heritage to create a robust brand image, as opposed to new entrants relying on innovation. and affordability. This competitive landscape encourages constant improvement and ensures that consumers have a diverse range of options to choose from.
Motorcycles Market Highlights:
Motorcycles Market Overview:
The motorcycles market size was valued at USD 131.2 million in 2021. The motorcycles industry is projected to grow from USD 136.58 million in 2022 to USD 180.94 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2024-2030). The rise in demand for sports bicycles due to the increased use of bicycles in trekking and the rise in consumer inclination towards electric or e-bikes are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Motorcycles Market Trends
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Consumer inclination towards electric bikes to boost the market growth
The rise in consumer inclination towards electric or e-bikes accelerates market growth. These bikes are widely adopted as they are smaller in size, provide health benefits and offer higher speed with lesser effort. The surge in the requirement for motorcycles for various purposes, such as daily transport and adventure, drives the market further. The growing disposable income of consumers and improvements in living standards led to using private motorcycles instead of taking public transportation, which is the factor that pours the market growth.
Further, different motorcycles, such as cruisers, adventure bikes, scooters, and sports bikes, have different performance levels, stability, handling, and controls. Riders must be agile and alert while riding, as motorcycles provide little protection in case of an accident. Motorcycles accidents have become a major concern for OEMs, government, and road safety authorities. For instance, motorcyclists comprise 34% of all traffic fatalities in the US. According to NHTSA, in 2020, out of 5,458 accidents in the US, 76% were riders, and 24% were passengers. Collision with fixed objects is another major concern for governments and motorcyclists. Further, in 2020, 34% of motorcycles had fatal crashes with fixed objects due to rider errors, such as overspeeding, under-cornering, running wide on a curve due to excess speed, or a fall due to over-braking.
Additionally, an electric motorcycle is an electric two-wheeled vehicle in which electricity is stored in a rechargeable battery. The increased environmental concerns and the low fuel efficiency of conventional motorcycles are major factors driving the demand for e-motorcycles. Several governmental bodies have devised new incentive schemes for electric motorcycles to boost the market's growth. Technological advancements, such as high-speed handling efficiency, compact size, better acceleration, and reduced motor weight, are expected to drive the growth of the electric motorcycles market CAGR across the globe in recent years.
However, the rise in demand for sports bicycles due to the increased use of bicycles in trekking and leisure activities is one of the major factors driving the growth of the motorcycles market. An increase in the number of cycling events and biking expeditions to difficult terrains, including steep mountain ranges, are major factors driving the growth of the motorcycles market revenue.
Motorcycles Market Segment Insights
Motorcycles Application Insights
The Motorcycles market segmentation, based on fusion application, includes postures and handlers. The posture segment held the majority share in 2021, contributing to the motorcycles market revenue. This is primarily owing to the increase in sport bike users, and the growing customization trend is some factor swelling market growth. However, handlers are the fastest-growing category over the forecast period due to the rising popularity among riders seeking a comfortable ride with the advanced driving system.
Motorcycles End-Users Insights
The motorcycles market data has been bifurcated by end-users into the cruiser, adventure, touring, standard, and sports. The cruiser segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The increased comfort and luxury feel with advancements in technology are some of the major factors driving the growth of the market. Also, increased initiatives by major market players to enhance cruiser bike design and fuel efficiency are expected to boost market growth. However, adventure is the fastest-growing category over the forecast period due to the growing popularity of adventure and long-distance touring on the bike to enhance the motorcycles market.
Figure 1: Motorcycles Market by End User, 2024 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Motorcycles Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific motorcycles market accounted for USD 57.59 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to rapid urbanization and heavy Chinese and Indian customer acceptance. According to Infineum International Limited, China, India, Indonesia, and Vietnam are the prominent countries that generated the maximum revenue for the market in this region. Moreover, China motorcycles market held the largest market share, and the India motorcycles market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Motorcycles Market Share by Region 2024 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe motorcycles market accounts for the second-largest market share due to the advanced manufacturing hubs and better demand for different types of motorcycles. As per the European Association of Motorcycle Manufacturers (ACEM), prominent countries in Europe, such as Germany, Italy, France, the UK, and Spain, account for about 80% of motorcycle registrations in 2020. Further, the Germany motorcycles market held the largest market share, and the UK motorcycles market was the fastest-growing market in the European region.
The North America motorcycles market is expected to grow at the fastest CAGR from 2024 to 2030. The region locale has been created as a center point for automotive production because of the low cost of production and the accessibility of minimal expense work. Moreover, China motorcycles market held the largest market share, and the India motorcycles market was the fastest-growing market in the Asia-Pacific region.
Motorcycles Key Market Players
Major market players are spending a lot of money on R&D to increase their product lines, which will help the motorcycles market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the motorcycles industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the motorcycles industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The motorcycles market major player such as Honda Motor Co. Ltd. (Japan), Suzuki Motor Corporation (Japan), Polaris Industries Inc. (US), and others are working on expanding the market demand by investing in research and development activities.
Bayerische Motoren Werke AG, abbreviated as BMW, is a German multinational manufacturer of motorcycles and luxury vehicles headquartered in Munich, Bavaria. The organization was founded in 1916 as a manufacturer of aircraft engines, produced from 1917 until 1918 and from 1933 to 1945. Automobiles are marketed under the brands BMW, Mini and Rolls-Royce, and motorcycles are marketed under the brand BMW Motorrad. In June 2020, BMW launched the new ACC system. The recent BMW Motorrad Active Cruise Control (ACC) is projected to give the rider the utmost comfort and safety.
Also, Yamaha Motor Co., Ltd. is a Japanese multinational manufacturer of motorcycles, and marine products, including boats and outboard motors, and other motorized products. The enterprise was established in 1955 upon separation from Yamaha Corporation and is headquartered in Iwata, Shizuoka, Japan. The company conducted development, production and marketing operations through 109 consolidated subsidiaries in 2012. In May 2021, Yamaha Motor Co., Ltd. Launched YZF-R7 supersport model. The motorcycle features a 689 cm3 engine developed based on Yamaha's Crossplane Concept. It is mounted in a lightweight frame for the roads of Europe and the United States.
List of the Key Companies in the Motorcycles market include
- Honda Motor Co., Ltd. (Japan)
- Suzuki Motor Corporation (Japan)
- Polaris Industries, Inc. (US)
- Yamaha Motor Co., Ltd. (Japan)
- Harley-Davidson, Inc. (US)
- PIERER Mobility AG (Austria)
- BMW AG (Germany)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Triumph Motorcycles (UK)
- Hero MotoCorp Ltd. (India)
- Bajaj Auto Ltd. (India)
- TVS Motor Company (India)
- Ducati Motor Holding S.p.A. (Italy)
- Eicher Motors Limited (India)
- Among others
Motorcycles Industry Developments
June 13, 2024, Suzuki Manufacturing of America Corporation (henceforth, “SMAC”), the company's American affiliate, has produced 500,000 ATVs overall. ATV manufacture was initiated by SMAC in May 2002. Presently, four models are produced by the company: KingQuad 750AXi 4x4, KingQuad 500AXi 4x4, KingQuad 400ASi 4x4, and KingQuad 400FSi 4x4. With the KingQuad 750AXi 4x4 Power Steering Special Edition as its flagship model, 500,000 units were sold in 22 years and 2 months.
In March 2024, Huntington Ingalls Industries, Inc. (HII), the top naval ship construction company in the United States, obtained an order to construct the REMUS 620, a remotely operated submarine vehicle intended for a customer in the Indo-Pacific Region, which is scheduled to be handed over within the current year for use in monitoring and data gathering.
Kongsberg Discovery received a relatively important contract in February 2024 when the Defense Innovation Unit (DIU) contracted Kongsberg Discov to carry out a research project further enhancing the US Navy’s undersea operations. The 24-month contract targets the deployment of the modern HUGIN Autonomous Underwater Vehicle (AUV) for enabled navy operations.
In June 2022, The lifetime extension (LTE) program for the Skjold Class ships of the Royal Norwegian Navy was approved by the Norwegian Defense Materiel Agency, which awarded the contract to Kongsberg Defense & Aerospace (KONGSBERG) to upgrade the defense system. 267 MNoK is the total value of the contract.
Moreover, Kongsberg Maritime (KM) entered into a new contract with a design, development, engineering and consulting company, Aker Arctic (Aker Arctic Technology Inc.), where KM will be responsible for providing propellers and shafts for four new SQ2020 corvette ships.
In March 2024, Huntington Ingalls Industries, Inc. (HII), the top naval ship construction company in the United States, obtained an order to construct the REMUS 620, a remotely operated submarine vehicle intended for a customer in the Indo-Pacific Region, which is scheduled to be handed over within the current year for use in monitoring and data gathering.
Kongsberg Discovery received a relatively important contract in February 2024 when the Defense Innovation Unit (DIU) contracted Kongsberg Discov to carry out a research project further enhancing the US Navy’s undersea operations. The 24-month contract targets the deployment of the modern HUGIN Autonomous Underwater Vehicle (AUV) for enabled navy operations.
June 2022 - The lifetime extension (LTE) program for the Skjold Class ships of the Royal Norwegian Navy was approved by the Norwegian Defense Materiel Agency, which awarded the contract to Kongsberg Defense & Aerospace (KONGSBERG) to upgrade the defense system. 267 MNoK is the total value of the contract.
June 2022 - Kongsberg Maritime (KM) entered into a new contract with a design, development, engineering and consulting company, Aker Arctic (Aker Arctic Technology Inc.), where KM will be responsible for providing propellers and shafts for four new SQ2020 corvette ships.
In September 2021, TotalEnergies contracted Fugro to undertake an investigation of the site’s Geohazard in Suriname’s geophysical data and geotechnical soil samples.
In 2021, the patented robotic technology developed by Eelume is multi-functional and suitable for various industries. The name Eelume is derived from the English words eel and illume, which describes the robot which looks like a snake and swims underwater, travels long distances and operates under high pressure in tight spaces to carry out inspection.
Motorcycles Market Segmentation
Motorcycles Application Outlook
- Handlers
- Postures
Motorcycles End-Users Outlook
- Cruiser
- Adventure
- Touring
- Standard
- Sports
Motorcycles Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
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