Motorcycle Market Forecast till 2027
Market OverviewA motorcycle, also referred to as a bike or motorbike, is a two-wheeled vehicle manufactured using metallic and fiber frames. Motorcycle are designed in various forms to serve different purposes such as sports activities, commuting, long-distance travel, racing, and off-road riding. With the increase in the middle-class population worldwide, there is a growing demand for affordable and efficient modes of transportation, with Motorcycle being seen as a viable option. Additionally, the lack of well-established public transportation in rural areas and the increase in disposable income has led to a significant rise in demand for Motorcycle and scooters.
Motorcycle are classified into different types, such as on-road Motorcycle, off-road Motorcycle, and scooters. On-road Motorcycle are primarily designed for use on paved roads, while off-road Motorcycle, also known as dirt bikes, are manufactured specifically for off-road racing events on unpaved tracks. Scooters, on the other hand, are lightweight and easy-to-ride Motorcycle that are popular among motorcycle riders, and they have more built-in storage space compared to conventional Motorcycle.
Segment OverviewThe segmentation of the Motorcycle market based on fusion application includes postures and handlers. In 2021, the posture segment contributed to the majority of the Motorcycle market revenue. The growing trend of customization and an increase in the number of sport bike users are some of the factors driving market growth. However, over the forecast period, the handler’s category is expected to grow the fastest due to the rising popularity among riders seeking a comfortable ride with advanced driving systems.
The Motorcycle market has been divided by end-users into five categories: cruiser, adventure, touring, standard, and sports. In 2021, the cruiser segment dominated the market and is projected to grow faster during the forecast period of 2019-2027. The growth is primarily due to increased comfort and luxury feel with advancements in technology. Furthermore, major market players' initiatives to enhance cruiser bike design and fuel efficiency are expected to drive market growth. However, the adventure category is expected to be the fastest-growing segment over the forecast period, driven by the growing popularity of adventure and long-distance touring on bikes.
Regional AnalysisAccording to regional analysis, the Asia Pacific region emerged as a significant contributor to the market revenue in 2021. This can be attributed to the region's rapid urbanization and strong demand for Motorcycle, particularly in China and India. In fact, these two countries, along with Indonesia and Vietnam, were identified as major revenue generators for the market in the Asia Pacific region by Infineum International Limited.
China and Taiwan are particularly noteworthy due to their high processing capacities and ample raw materials, making them key locations for motorcycle manufacturing. As a result, the Asia Pacific region is a major revenue-generating area for Motorcycle, with a higher demand compared to other regions.
Major PlayersKey players in the market includes Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Polaris Industries, Inc. (US), Ducati Motor Holding S.p.A. (Italy), BMW AG (Germany), Triumph Motorcycle (UK), Bajaj Auto Ltd. (India), TVS Motor Company (India), Yamaha Motor Co., Ltd. (Japan), Harley-Davidson, Inc. (US), PIERER Mobility AG (Austria), Hero MotoCorp Ltd. (India), and Eicher Motors Limited (India)
COVID 19 ImpactsThe COVID-19 pandemic has had a significant impact on the global Motorcycle market. Due to the imposition of lockdowns and restrictions on movement, the demand for Motorcycle declined sharply in 2020. Many people postponed their purchase plans due to financial uncertainty and a lack of mobility requirements, resulting in reduced sales.
In addition, the closure of factories and supply chain disruptions caused a shortage of raw materials and parts, leading to a reduction in production levels. The lockdowns also affected the supply of Motorcycle and led to the closure of many dealerships, affecting the distribution channels.
However, the market is expected to recover in the coming years as the situation normalizes and economies reopen. As people seek to avoid public transportation and maintain social distancing, there is likely to be an increased demand for personal mobility options such as Motorcycle. Moreover, the growing popularity of electric Motorcycle is expected to drive the market growth in the coming years.
Companies MentionedSuzuki Motor Corporation (Japan)
Honda Motor Co.
Ltd. (Japan)
Kawasaki Heavy Industries
Ltd. (Japan)
Polaris Industries
Inc. (US)
Ducati Motor Holding S.p.A. (Italy)
BMW AG (Germany)
Triumph Motorcycle (UK)
Bajaj Auto Ltd. (India)
TVS Motor Company (India)
Yamaha Motor Co.
Ltd. (Japan)
Harley-Davidson
Inc. (US)
PIERER Mobility AG (Austria)
Hero MotoCorp Ltd. (India)
and Eicher Motors Limited (India),
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