Press release
Global Motorcycle Market to Accelerate at a CAGR of 4.0% and Surpass US$ 200.21 billion by 2033
Motorcycle Market 2023 to 2033
The motorcycle market's revenue totaled US$ 129.49 billion in 2022, and the overall motorcycle market is expected to reach US$ 200.21 billion by 2033, growing at a CAGR of 4.0% from 2023 to 2033.
The motorcycle market is a dynamic and rapidly growing sector of the automotive industry. Motorcycles offer an efficient and cost-effective mode of transportation, making them popular among commuters, enthusiasts, and adventure seekers. This research report aims to provide a comprehensive analysis of the motorcycle market, including market trends, drivers, challenges, and key players.
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The research report is based on a combination of primary and secondary research. Primary research involved interviews with industry experts, motorcycle manufacturers, dealers, and consumers to gather insights into the market dynamics. Secondary research included studying relevant literature, industry reports, company websites, and financial reports to obtain comprehensive data on the market size, growth rate, and key players.
Market Dynamics
Drivers
• Increasing urbanization and traffic congestion, leading to a higher demand for agile and fuel-efficient transportation solutions.
• Rising disposable income and changing lifestyles, driving the adoption of motorcycles as a mode of personal transport and leisure activity.
• Technological advancements, such as improved engine performance, enhanced safety features, and connectivity options, attracting a broader consumer base.
• Growing environmental concerns and government initiatives promoting electric motorcycles as a sustainable transportation option.
Restraints
• High risk of accidents and inadequate safety measures, leading to concerns about rider safety.
• Lack of proper infrastructure and road conditions in certain regions, limiting the market growth potential.
• Volatility in fuel prices affecting the purchasing decisions of consumers.
• Stringent emission regulations and noise pollution standards imposing compliance challenges for manufacturers.
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Competitive Landscape
• Bajaj Auto Ltd.
• Bayerische Motoren Werke (BMW) AG
• Ducati Motor Holding S.p.A.
• Eicher Motors Limited
• Harley-Davidson, Inc.
• Hero MotoCorp Ltd.
• Honda Motor Co., Ltd.
• KTM AG
• Piaggio & C. SpA
• Suzuki Motor Corporation
• Triumph Motorcycles Ltd.
• TVS Motor Company Ltd.
• Vmoto Limited
• Yamaha Motors Co., Ltd.
• Zero Motorcycles, Inc.
• Others
Market Segmentation
By Type
• Standard Motorcycles
• Cruiser Motorcycles
• Sports Motorcycles
• Scooters
• Mopeds
• Others
By Engine Capacity
• Below 500cc
• 500-1000cc
• Above 1000cc
By Fuel Type
• Gasoline
• Electric
By End-User
• Commuter
• Off-Road and Adventure
• Sports and Racing
• Others
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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Opportunities
• Emerging markets, particularly in Asia Pacific and Latin America, offering significant growth opportunities due to increasing urbanization and rising middle-class population.
• Growing demand for electric motorcycles, driven by environmental consciousness and government incentives.
• Expansion of motorcycle rental and sharing services, catering to the needs of short-term users and tourists.
• Technological advancements in autonomous and connected motorcycles, paving the way for new market segments and innovative mobility solutions.
Some of the key developments are:
• In May, 2021, The Piaggio ONE, a next generation electric scooter, was unveiled by Piaggio.
• In May 2021: Livewire is Harley-new Davidson's all-electric motorbike brand.
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