Motorcycle Market to Reach USD 186.4 Billion by 2032, Growing at a CAGR of 4.1% | Persistence Market Research

Overview of the Global Motorcycle Market

The global motorcycle market is set to grow significantly, driven by rising urbanization, affordable mobility solutions, and increasing adoption of electric motorcycles. According to the latest estimates by Persistence Market Research, the market is projected to grow from US$ 140.7 Bn in 2025 to US$ 186.4 Bn by 2032, expanding at a CAGR of 4.1% during the forecast period.

Asia-Pacific dominates the market, accounting for over 55% of the global share, owing to its massive population, rising disposable incomes, and preference for two-wheelers due to traffic congestion and affordability. Within product categories, internal combustion engine (ICE) motorcycles remain the leading segment, but electric motorcycles are witnessing exponential growth, especially in countries pushing for clean mobility.

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Key Highlights from the Report

• Electric motorcycles are rapidly gaining traction due to government incentives and environmental concerns.
• Asia-Pacific remains the largest regional market with countries like India, Indonesia, and Vietnam driving demand.
• Honda, Hero MotoCorp, and Yamaha lead global motorcycle sales with millions of units sold annually.
• The rise of food delivery and last-mile logistics is fueling motorcycle adoption.
• Cruiser and sports motorcycles are increasingly popular among young and premium buyers.
• India alone holds approximately 40% of the global motorcycle market share.

Market Segmentation

Motorcycles are segmented based on engine type, vehicle type, and end-use applications. ICE motorcycles currently dominate the market due to widespread fuel infrastructure, affordability, and consistent performance. However, electric motorcycles are gaining momentum, particularly for urban commutes and delivery services, driven by government subsidies and technological improvements.

From a user base perspective, the market includes commuter motorcycles, sports bikes, cruisers, adventure bikes, and delivery-focused two-wheelers. While commuters make up the bulk of sales, sports and adventure motorcycles are witnessing growth among young enthusiasts. Similarly, cruiser bikes are gaining appeal among long-distance riders due to their comfort and customization options.

Regional Insights

India: Dominant Market with Rapid Electrification

India is the global leader in motorcycle sales, contributing nearly 40% of the global market. Affordable prices, strong domestic manufacturing, and rural accessibility have made two-wheelers the preferred mode of transportation. The government's push for electric mobility and the rising middle class are further bolstering growth.

Indonesia & Vietnam: High Urban Usage and Ownership

Indonesia and Vietnam also rank among the top motorcycle markets. In Vietnam, over 86% of households own motorcycles, reflecting their importance in daily transportation. Indonesia's traffic congestion makes motorcycles a practical solution, with over 6 million units sold in 2023.

Market Drivers

Affordable and Fuel-Efficient Transportation

Motorcycles offer a cost-effective and fuel-efficient mode of transport, especially in developing countries. Standard motorcycles appeal to first-time buyers and low-income groups, while features like ABS and improved suspension add safety and comfort. These bikes also offer easier navigation through congested cities, making them ideal for daily commuters.

Market Restraints

Shift Towards Electric Two-Wheelers

The growing preference for electric vehicles is gradually reducing the demand for traditional ICE motorcycles. Governments are implementing strict emission regulations, compelling manufacturers to adapt. Safety concerns and higher accident rates also dampen sales among cautious buyers.

Market Opportunities

Surge in Food Delivery and Ride-Hailing Demand

With the expansion of food delivery apps and ride-hailing services, demand for motorcycles used in logistics and transportation has soared. Companies like Zomato, Swiggy, and Zepto increasingly use two-wheelers for last-mile delivery. Moreover, the rising gig economy is fueling demand for affordable electric bikes.

Reasons to Buy the Report

✔ Gain in-depth insights into current and future motorcycle market trends
✔ Identify high-growth segments and regions for targeted investment
✔ Analyze competitive landscape and key strategies of top manufacturers
✔ Understand the impact of electric mobility on traditional markets
✔ Access reliable forecasts and data-backed projections through 2032

Frequently Asked Questions (FAQs)

How Big is the Motorcycle Market in 2025?
What is the Projected Growth Rate of the Motorcycle Market through 2032?
Who are the Key Players in the Global Motorcycle Market?
What is the Market Forecast for Motorcycle Sales by 2032?
Which Region is Estimated to Dominate the Motorcycle Industry in the Forecast Period?

Company Insights

1. Bajaj Auto Ltd.
2. Bayerische Motoren Werke (BMW) AG
3. Ducati Motor Holding S.p.A.
4. Eicher Motors Limited
5. Harley-Davidson, Inc.
6. Hero MotoCorp Ltd.
7. Honda Motor Co., Ltd.
8. KTM AG
9. Piaggio & C. SpA
10. Suzuki Motor Corporation
11. Triumph Motorcycles Ltd.
12. TVS Motor Company Ltd.
13. Vmoto Limited
14. Yamaha Motors Co., Ltd.
15. Zero Motorcycles, Inc.

Recent Developments

• Ducati announced the launch of 14 new motorcycles in India by 2025 to expand its premium offerings.
• Harley-Davidson unveiled its most powerful bike with a 131 cubic-inch engine, priced at over $110,000.
• Ultraviolette Automotive launched the Shockwave, an electric motorcycle aimed at urban commuters and gig workers.
• Royal Enfield is set to release six new models in 2025, including the Classic 650 and Guerrilla 450.
• Ola Electric introduced the Gig and Gig+ scooters, tailored for delivery professionals.

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Category-wise Insights

Sports Bikes Popular Among Youth

Young buyers in India, China, and Southeast Asia prefer sports bikes like the KTM Duke, Yamaha R15, and Kawasaki Ninja. These bikes offer high performance, stylish aesthetics, and advanced safety features. Their popularity is also fueled by motorsports events and social media influence.

Dominance of ICE Motorcycles

Despite the EV surge, internal combustion engine motorcycles remain dominant due to cost-effectiveness, reliability, and wide fuel availability. In response to sustainability goals, companies are investing in hybrid models and flex-fuel engines. For instance, Honda's new CB300F Flex-Fuel model supports E85 ethanol blend.

Growing Demand for Cruiser Bikes

Cruiser motorcycles are gaining favor for their comfort, long-distance suitability, and retro appeal. Models like Harley-Davidson's Street Glide and Royal Enfield's Meteor attract both beginners and seasoned riders. Customization potential and ergonomic seating make them a preferred choice for leisure riders.

Conclusion

The global motorcycle market is navigating a transformative phase marked by electrification, urban mobility needs, and technological innovations. While traditional ICE motorcycles continue to dominate, the shift towards sustainable and connected mobility is reshaping market dynamics. With rising demand from Asia-Pacific and evolving consumer preferences, the motorcycle industry is poised for strong, sustained growth through 2032.

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