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Cruiser Bikes Market Set to Roar Past USD 101.98 Billion by 2030, Reports Allied Market Research
Cruiser Bikes Market
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Factors such as rising demand from customers for technologically advanced motor bikes, improvement in rider's safety and increased demand for advanced motorcycles supplements the growth of the global cruiser bikes market. Moreover, the factors such as high initial investment cost and high risk of accidents hampers the growth of the global market. However, increasing initiatives regarding the design and development of innovative systems and introduction of advanced technologies in bikes are the factors that are expected to create a positive impact; thus, supplementing the growth of the cruiser bikes market across the globe.
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.
Numerous companies have been operating in the market and are offering their cruiser models, which leads to the growth of the market across the globe. Moreover these companies have carried out numerous developmental strategies such as product launch, partnership as well as are continuously developing products, which also creates numerous opportunities for the growth of the global cruiser bikes market.
The global cruiser bikes market has been segmented on the basis of engine capacity, price, application and region. Based on engine capacity, the market has been segmented into 250cc to 500cc, 500cc to 800cc, 800cc to 1600cc and >1600cc. Based on the price, the market has been segmented into low, mid and high. Based on application, the market has been segmented into daily commute and touring. By region, the global market has been studied across North America, Europe, Asia-Pacific and LAMEA.
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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.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific is expected to witness the fastest CAGR of 7.4% during the forecast period, owing to surge demand for advanced bikes for traveling among individuals. However, Europe contributed to the highest market share in 2020, holding around one-third of the global cruiser bikes market. This is due to presence of leading companies such as BMW AG, Triumph Motorcycles, Piaggio & C. SpA, and others and top-selling cruiser models offered by them in the region. North America is projected to register a CAGR of 5.3% during the forecast period.
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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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