Motorcycle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Motorcycle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors Of Motorcycle Market

The motorcycle market size was valued at USD 79.57 billion in 2023, and the market is now projected to grow from USD 84 billion in 2024 to USD 133.47 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period of 2024-2032.

The COVID-19 pandemic created significant opportunities on the motorcycle market growth as curbing coronavirus outbreak was prioritized. The worldwide motorcycle market confronted huge difficulties because of the Coronavirus pandemic, prompting diminished deals and disturbances underway and supply chains. Lockdown measures and monetary vulnerabilities brought about decreased customer spending and deferred buys. Notwithstanding, as economies recuperate and limitations facilitate, the motorcycle market is supposed to bounce back, driven by repressed request and the requirement for individual transportation.

The motorcycle market share globally has been contributed due to the Metropolitan Gridlock. Metropolitan populaces are quickly developing. As per the United Nations Conference on Trade & Development (UNCTAD) statistical handbook, the extent of the world's metropolitan populace expanded from 51.6% in 2010 to 56.2% in 2020. The extent of the metropolitan populace has expanded quickly throughout the past ten years. Urbanization over the course of the last ten years has been most unmistakable in creating districts like Asia and Oceania. Besides, as per the United Nations (UN) Department of Economic and Social Affairs, by 2050, practically 68% of the total populace is supposed to live in metropolitan regions. Issues with this quickly developing urbanization incorporate high populace thickness, street blockage, absence of parking spots, lacking portability foundation and environmental change.

Furthermore, there’s been a notable trend of Electric Motorcycles. As the world step by step centers around lessening petroleum product use, bigger motorcycle organizations are sending off electric motorcycle. In light of this situation, it tends to be examined that the eventual fate of such vehicles will be electric. Consequently, the spotlight will be more on electric from now on. The primary flood of electric models was exorbitant, and their ability to ride was extremely confined. Notwithstanding, advanced vehicle brands, for example, Damon have made motorbike innovation forward leaps. Therefore, numerous expectations of motorcycle innovation turned into a reality in 2023. Many organizations are chipping away at elective fuel and battery innovation to add alongside traditional fuel motorcycles.

Comprehensive Motorcycle Market

A bike is a two-wheeled vehicle controlled by an engine without pedals. They are intended for higher velocities and have fast dealing with qualities and better speed increase. These are prepared to do slow metropolitan drives or interstate rates and even past. They have a motor connected to the center of the casing as opposed to sitting on the back suspension and a fuel tank put above it. The greater part of them has 100cc or even lower motors, and the most extreme limit likewise surpasses 1000 and further. The driver sits straddling the vehicle motor with the fuel tank in front.

Asia Pacific will share the most extreme market share in 2022. The Asia Pacific district rules the worldwide market attributable to high segment development, a bigger number of center and lower-working class populaces, and a rising tendency towards a confidential method of transportation over open vehicle around here. The Indian business is perhaps of the biggest market, representing a huge portion of worldwide bike deals. The Indian government is additionally taking drives, for example, Acclaim II to give endowments and assessment exceptions to shoppers to empower the utilization of electric bikes in the country. Additionally, the high deals and creation in China, the rising interest for reasonable electric models for short drives in creating economies, and the public authority advancing electric motorcycles are supposed to support the Asia Pacific market during the conjecture time frame.

The top players in the market play a crucial role in the motorcycle market assuring industrial prospectus growth and setting market standards. These players include, Honda Motor Co., Ltd. (Japan), TVS Motor Company Ltd. (India), Bajaj Auto Ltd. (India), Yamaha Motors Co. (Japan), Suzuki Motor Corporation (Japan) these market players provide a level-playing competitive landscape.

In January 2024, Raptee Energy, an EV startup, exhibited its high-voltage drive train included at the Tamil Nadu Global Investor Meet (GIM). Alongside a strong drivetrain, it likewise has a maximum velocity of 135km/hr and a scope of 150 kms. As indicated by the organization, it is set to be sent off by April 2024.

Segmentation Table

Motorcycle Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 6.8% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, End-User, and Region

By Type Standard

Sports

Cruiser

Touring

Others

By End-User

ICE

Electric

By Region North America (By Type, End-User, and Country)

- U.S. (By Type and End-User)

- Canada (By Type and End-User)

Europe (By Type, End-User, and Country/Sub-region)

- U.K. (By Type and End-User)

- Germany (By Type and End-User)

- France (By Type and End-User)

- Italy (By Type and End-User)

- Spain (By Type and End-User)

- Rest of Europe (By Type and End-User)

Asia Pacific (By Type, End-User, and Country/Sub-region)

- China (By Type and End-User)

- Japan (By Type and End-User)

- India (By Type and End-User)

- Australia (By Type and End-User)

- Rest of Asia Pacific (By Type and End-User)

Latin America (By Type, End-User, and Country/Sub-region)

- Brazil (By Type and End-User)

- Mexico (By Type and End-User)

- Rest of Latin America (By Type and End-User)

Middle East & Africa (By Type, End-User, and Country/ Sub-region)

- GCC (By Type and End-User)

- South Africa (By Type and End-User)

- Rest of Middle East & Africa (By Type and End-User)


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