Motorcycle Market - By Type (Standard, Standard, Cruiser, Adventure), By Propulsion Type (Internal Combustion Engine (ICE), Electric), By Engine Capacity (Scooters, Under 500cc, 500cc - 1000cc, Over 1000cc), Forecast 2024 - 2032

Motorcycle Market - By Type (Standard, Standard, Cruiser, Adventure), By Propulsion Type (Internal Combustion Engine (ICE), Electric), By Engine Capacity (Scooters, Under 500cc, 500cc - 1000cc, Over 1000cc), Forecast 2024 - 2032

Motorcycle Market size is poised to expand at 8.5% CAGR from 2024 to 2032 propelled by the expanding youthful demographics. Lately, young consumers are increasingly seeking cost-effective and agile transportation, contributing to the adoption of motorcycles as they offer a sense of freedom, affordability, and the ability to navigate urban environments efficiently. Additionally, social media influence is promoting the motorcycle culture and creating a strong connection with younger riders.

Furthermore, the ongoing introduction of innovative electric models is reshaping consumer preferences, attracting a new host of eco-conscious riders. Several manufacturers are also committing to sustainable practices by developing new motorcycle models featuring advanced battery technologies and range capabilities, adding to the industry growth. For instance, in December 2023, Honda Global announced plans to introduce an electric motorbike equal to 110-125 cc commuters in India by 2024 as part of its new motorcycle electrification strategy, with an investment of $3.4 billion in new products and research by 2030.

The motorcycle industry is segmented into type, propulsion type, engine capacity, and region.

In terms of type, the market value from the cruiser segment witnessed high demand in 2023 and is expected to record considerable revenue from 2024-2032. Cruisers are gaining popularity among motorcycle enthusiasts worldwide due to their distinctive design and laid-back riding style. Additionally, the appeal of cruiser bikes to a diverse demographic, from seasoned riders to newcomers, for seeking a relaxed yet powerful riding experience, is expected to fuel the segment growth.

Based on propulsion type, the electric motorcycle market is set to gain significant traction between 2024 and 2032 owing to the increasing emphasis on sustainable mobility and rising environmental consciousness. Rapid advancements in battery technology, improved range, and the ongoing improvements in charging infrastructure are contributing to the rising popularity of electric bikes. Several governments worldwide are incentivizing electric vehicle adoption whilst major manufacturers are investing in electric models for driving innovations and expanding consumer choices. The ongoing shift towards cleaner transportation solutions will also augment the segment growth.

Regionally, the North America motorcycle market generated substantial revenue in 2023 and is set to expand at a robust CAGR through 2032 attributed to the evolving consumer preferences and an increasing focus on leisure and recreational riding. The demand for diverse motorcycle types, including cruisers, sport bikes, and adventure bikes in the region has significantly surged. The improving economic conditions have resulted in the jump in discretionary spending on recreational vehicles, providing lucrative growth opportunities. For instance, in November 2023, China-based Evoke Electric Motorcycles launched its all-new grand tourer electric motorcycle in North America. The growing trend of customization and personalization will also foster the aftermarket sales, adding to the regional industry expansion.