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Global Motorcycles, Scooters and Mopeds Market 2024 - By Growth Opportunities, Future Insights, Regional Segments, Latest Innovations And Forecast To 2033
Global Motorcycles, Scooters and Mopeds Market
According to The Business Research Company's, the motorcycles, scooters and mopeds market size has grown strongly in recent years. It will grow from $323.67 billion in 2023 to $351.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to economic affordability, urbanization trends, traffic congestion mitigation, youthful demographics, government regulations and incentives.
The motorcycles, scooters and mopeds market size is expected to see strong growth in the next few years. It will grow to $464.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to electric vehicle adoption, smart and connected features, last-mile delivery solutions, sharing economy integration, rural market expansion. Major trends in the forecast period include safety innovations, e-commerce and direct-to-consumer sales, connectivity and iot integration, shared mobility services, cultural preferences.
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Market Drivers and Trends:
The growing trend of micromobility is expected to propel the growth of the motorcycles, scooters, and mopeds market going forward. Micromobility refers to a mode of transportation that involves small, lightweight vehicles, typically designed for short-distance travel within urban or densely populated areas. Micromobility encourages the adoption of electric motorbikes and scooters by raising awareness of two-wheeled transportation, particularly in urban areas, and aligning it with environmental concerns. For instance, in December 2022, according to the National Association of City Transportation Officials, a US-based non-profit organization, the number of dockless e-scooter trips experienced a nearly twofold increase, rising from 33 million in 2020 to 62.5 million in 2021, constituting 56% of all shared micro-mobility journeys in 2021. Therefore, the growing trend of micromobility is driving the growth of the motorcycles, scooters, and mopeds market.
Major companies operating in the motorcycles, scooters, and mopeds market are developing innovative products with advanced technologies such as auto-balancing technology to gain a competitive edge in the market. Auto balancing technology refers to the self-stabilizing system that allows the scooters to balance automatically, providing a seamless and stable riding experience for users. For instance, in January 2023, Liger Mobility, an India-based motor-vehicle manufacturing company, unveiled the Liger X and Liger X+, the world's first self-balancing electric scooters. These scooters incorporate the patented 'AutoBalancing' technology, providing automatic balancing at low speeds and enhancing rider safety, comfort, and convenience. These e-scooters utilize liquid-cooled lithium-ion batteries designed for Indian conditions, with advanced algorithms ensuring thermal safety and predictive maintenance. Both models are equipped with 4G, GPS, and a mobile app for live tracking, ride history, and smart alerts, offering an unparalleled riding experience with unique features like FeetFreeStop, ReverseRide, and Learner mode.
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Major Key Players of the Market:
Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Suzuki Motor Corporation, Chang'an Automobile Co. Ltd., Yamaha Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Kawasaki Heavy Industries Ltd., Polaris Inc., Bajaj Auto Limited, Hero MotoCorp Limited, Pierer Mobility AG, TVS Motor Company, Piaggio & C. SpA., Eicher Motors Limited, Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd., Jinyi Motor Co. Ltd., Sundiro Honda Motorcycle Co. Ltd., Kymco, Zero Motorcycles Inc., MV Agusta Motor S.p.A., Loncin Holdings Ltd., Norton Motorcycle Company Ltd., Zongshen Industry Group Co. Ltd., Hyosung Motors & Machinery Inc.
Motorcycles, Scooters and Mopeds Market 2024 Key Insights:
• The motorcycles, scooters and mopeds market is expected to grow to $464.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Growing Micromobility Trend Fueling Motorcycles, Scooters, And Mopeds Market Growth
• Market Innovations For Motorcycles, Scooters, And Mopeds Self-Balancing Electric Scooters From Liger Mobility
• North America was the largest region in the motorcycles, scooters and mopeds market in 2023
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