Motorcycle Market Projects A Steady Growth Rate Of 3.5% CAGR Through 2031

Global Motorcycle Industry Outlook in 2022 and Beyond

The Motorcycle industry is looking forward to 2021 with a sense of optimism. In 2020, Motorcycle sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.

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Motorcycle Market Segmentation by Category

By Motorcycle Type :

Adventure
Cruiser
Mopeds
Sports
Standard
Touring

By Engine Capacity :

Up to 150 CC
151-300 CC
301-500 CC
501-800 CC
801-1000 CC
1001-1600 CC
Above 1600 CC

By Region :

North America
Latin America
Europe
Middle East and Africa (MEA)
East Asia
South Asia
Oceania

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Why is the United States Motorcycle Market in the Spotlight?

The United States, being the epicenter of the world's third-largest motorcycle market, North America, is in the focus of manufacturers. High demand for a wide variety of motorcycles such as cruisers, standard, touring motorcycles, and others is propelling growth in the United States.

According to a report titled "Motorcycle Trends in the United States", published by the Bureau of Transportation Statistics on 21st May 2017, motorcycle registrations in the United States have grown each of the past 10 years, from 3,826,373 in 1997 to 6,678,958 in 2006 - a 75% overall increase, and have been growing at even higher rates since then, except a slight decline in 2007 and 2020. This data indicate ample of opportunities awaiting motorcycle manufacturers in the country.

Competitive Landscape

The global motorcycle market is fragmented and thriving on key players. In order to excel in this landscape, key market players are focusing on launching a wider variety of vehicles. For instance,

Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others, in 2019.
Red Bull KTM Factory Racing's Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.

Europe Motorcycle Market Players Can Benefit from Foreign Exports

The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.

As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.

While the domestic Motorcycle demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.

China will Further its Lead as World's Largest Motorcycle Market

The Motorcycle industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.

China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.

China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.

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Indian Motorcycle Outlook Subdued by COVID-19 Resurgence

The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.

The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.

Key Long-term Trends

Overall, the Motorcycle industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Motorcycle market in the long run. These include,


Motorcycle digital retail
Motorcycle digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe


Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.


Electric vehicle sales will continue unabated
The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.

For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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This release was published on openPR.