Press release
Cruiser Bikes Market : Daily Commute and Touring Industry Forecast, 2021-2030
According to a recent report published by Allied Market Research, titled, "Cruiser Bikes Market by Engine Capacity, Price and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global cruiser bikes market was valued at $61.99 billion in 2020, and is projected to reach $101.98 billion by 2030, registering a CAGR of 5.5% from 2021 to 2030.Europe dominates the market, in terms of revenue, followed by Asia-Pacific, North America and LAMEA. Germany dominated the global cruiser bikes market share in 2020. Italy is expected to grow at a significant rate during the forecast period, owing to increase in demand for advanced vehicles.
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Cruiser bikes are specially designed high priced bikes that are designed in such a way that they offer an aesthetic look when run on road. Cruiser bikes are designed to give a royal look when the person drives the bike. The structure of cruiser bikes includes the foot rest placed in front of the vehicle while the driver seat is placed slightly at the back of the vehicle. The increased trend for bike touring activities followed by the introduction of low cost bikes has supplemented the growth of the global cruiser bikes market.
Covid-19 Scenario
There has been a massive shortage of raw materials due to a disrupted supply chain with ban on import-export activities, travel bans, and restrictions on transportation in many countries. Moreover, many governments imposed lockdown restrictions in place. This impacted the production activities of cruiser bikes.
Owing to economic uncertainties, business discontinuities, and job losses, many individuals postponed their investment plans in cruiser bikes with reduced disposable income.
The lockdown affected the entire automotive industry during the initial phases of the Covid-19 pandemic. However, the daily operations would begin and the demand for cruiser bikes would grow during the post-lockdown.
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The more than 1000cc segment to continue its lead position during the forecast period
Based on engine capacity, the more than 1000cc segment accounted for the highest share in 2020, contributing for more than half of the global cruiser bikes market, and is projected to continue its lead position during the forecast period. This is due to trend of touring activities by individuals across the globe. However, the 501cc to 1000cc segment is estimated to manifest the highest CAGR of 7.1% from 2021 to 2030, owing to excellent performance as well as the budget-friendly nature of vehicles with this engine.
The touring segment to continue its leadership status during the forecast period
Based on application, the touring segment held the highest share in 2020, accounting for around four-fifths of the global cruiser bikes market, and is expected to continue its leadership status during the forecast period. This is due to surge touring activities among youngsters worldwide. However, the daily commute segment is projected to portray the fastest CAGR of 7.0% from 2021 to 2030. This is attributed to increased demand for advanced and high-performance bikes commute to colleges or offices.
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Leading market players
BMW AG
Harley Davidson
Hero Motocorp
Honda Motor Company
Piaggio
Suzuki Motor Company
Triumph Motorcycle
TVS
Yamaha
Zero Motorcycle
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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