Press release
On-Road Motorcycles Market: Global Trends & Growth Forecast | 2024 To 2033 Key Players Harley-Davidson Incorporation, Yamaha Motor Co. Ltd., Ducati Motor Holding SpA, Honda Motor Co. Ltd.
On-Road Motorcycles Market Share
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According to The Business Research Company's, The on-road motorcycles market size has grown rapidly in recent years. It will grow from $62.17 billion in 2023 to $68.79 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to lifestyle and cultural appeal, fuel efficiency, urban mobility, emerging markets, motorcycle clubs and community, safety regulations.
The on-road motorcycles market size is expected to see rapid growth in the next few years. It will grow to $105.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to lifestyle and cultural trends, environmental awareness, economic conditions: economic factors, electric motorcycles, market expansion in emerging economies, shared mobility. Major trends in the forecast period include technology integration, advanced connectivity, lightweight and compact models, electric motorcycles, retro and vintage styling.
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Market Drivers and Trends:
The rising number of motorbike sports users is expected to propel the growth of the on-road motorcycles market going forward. Motorbike sport is a broad field that encompasses all sporting aspects of motorcycling. In motorbike racing and other motorbike sports, on-road bikes are used as they are much faster than off-road bikes and motorbike sports users use their on-road motorcycles for riding around the pits or staging areas of a motocross races and other motorbike sports. For instance, according to the Insurance Institute for Highway Safety (IIHS), a US-based non-profit organization, registration for the sports bike segment in the United States, 4.31 lakh in 2022. Therefore, the rising number of motorbike sports users is driving the on-road motorcycles market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Harley-Davidson Incorporation, Yamaha Motor Co. Ltd., Ducati Motor Holding SpA, Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Suzuki Motor Corporation, Triumph Motorcycles Ltd., Bayerische Motoren Werke AG, KTM AG, Aprilia SpA, Moto Guzzi, Vespa, Indian Motorcycle International LLC, Husqvarna Motorcycles GmbH, Royal Enfield, MV Agusta Motor SpA, Bajaj Auto Limited, Benelli QJ, Hyosung TNC Co. Ltd., Zero Motorcycles Inc., IMZ-Ural, Norton Motorcycle Co. Ltd., Clews Competition Motorcycles, Lightning Motorcycles Crop., Speedy Working Motors, Motus Motorcycles, Erik Buell Racing, Guangdong Tayo Motorcycle Technology Co. Ltd., Bimota, Voxan Motors
On-Road Motorcycles Market 2024 Key Insights:
• The on-road motorcycles market size is expected to see rapid growth in the next few years. It will grow to $105.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Motorbike Sports Enthusiasts Fueling Growth In The On-Road Motorcycles Market
• Innovative Product Launches In The On-Road Motorcycles Market
• Asia-Pacific was the largest region in the on-road motorcycles market in 2023
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