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Motorcycle And Bicycle Market to Surpass $108.59 Billion by 2029 | Key Trends & Insights
Motorcycle And Bicycle Market
How Will the Motorcycle And Bicycle Market Grow by 2025 in Terms of Size and Growth?
The steady expansion of the motorcycle and bicycle market has been observed in the last few years. This market is projected to increase from $85.81 billion in 2024 to $89.44 billion by 2025, indicating a compound annual growth rate (CAGR) of 4.2%. Factors such as economic growth, urbanization, concerns about the environment, and rising fuel prices have greatly contributed to its growth during the historic period.
What Are the Estimated Growth Rates for the Motorcycle And Bicycle Industry Through 2029?
We can anticipate a constant expansion in the market size for motorcycles and bicycles in the upcoming years, where it's projected to reach $108.59 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. The expansion during this projection period is linked to factors including urban mobility solutions, health and fitness, e-commerce, delivery services, and regulatory shifts. The period also anticipates trends like electrification, lightweight materials, advanced manufacturing techniques, digital and connectivity advancements, as well as collaborations and partnerships.
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What Are the Strategic Drivers Boosting Motorcycle And Bicycle Market Performance?
The rise in health awareness is projected to stimulate the motorcycle and bicycle industry's growth. Herein, health awareness pertains to a person's mindfulness and proactive endeavors aimed at enhancing and preserving their overall health, which covers an array of actions, views, and convictions pertaining to physical wellbeing, nutrition, and lifestyle decisions. This heightened health awareness stems from issues like an escalating prevalence of diseases tied to lifestyle choices, such as obesity, diabetes, and cardiovascular diseases, which have underscored the significance of a healthy lifestyle. Motorcycles and bicycles are perceived as the perfect option for the health-savvy population. In this regard, bicycles are particularly popular due to their fitness-enhancing capacity and motorcycles have also been utilized for leisurely outdoor activities. For example, a survey carried out by the US-based non-profit group, International Food Information Council, in May 2022, collected data from 1,005 American grown-ups aged between 18-80 and young Gen Z consumers aged 18-24. It was reported that roughly 52% of the respondents adhered to a specific diet or eating plan, an increase from 39% in 2021, and most popular choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). Consequently, the surging health awareness is indeed propelling the motorcycle and bicycle market.
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What Are the Segments in the Motorcycle And Bicycle Market?
The motorcycle and bicycle market covered in this report is segmented -
1) By Type: Motorcycles And Parts, Bicycles And Parts, Motor Scooters, Other Motorcycle And Bicycle
2) By Propulsion Type: Internal Combustion Engine (ICE), Electric
3) By Distribution Channel: Independent Retailers, Online Sales
Subsegments:
1) By Motorcycles And Parts: Cruiser Motorcycles, Sport Motorcycles, Touring Motorcycles, Standard Motorcycles, Dirt Bikes, Electric Motorcycles, Motorcycle Parts (Engines, Tires, Frames)
2) By Bicycles And Parts: Road Bicycles, Mountain Bicycles, Hybrid Bicycles, Electric Bicycles (E-bikes), Bicycle Parts (Wheels, Tires, Handlebars)
3) By Motor Scooters: Gas-powered Motor Scooters, Electric Motor Scooters, Off-road Scooters
4) By Other Motorcycle And Bicycle: Tricycles, Mopeds, Folding Bicycles, All-terrain Vehicles (ATVs)
What Are the Key Adoption Trends in the Motorcycle And Bicycle Market?
There's an increasing trend amongst bicycle producers investing heavily in the production of electric bicycles powered by rechargeable batteries. These forms of bikes offer an environmentally friendly and low-cost alternative mode of transport, and are perfect for leisure cycling, shopping, or running errands. Major companies are also pouring investment into innovative electric bicycles, featuring GPS and internet connectivity capabilities. For instance, in 2022, motorcycle producer, Ducati, introduced its inaugural folding electric bicycle, the MG20. In line with this, a company based in India that specializes in electric mobility launched its new-generation electric bicycles.
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Which Companies Lead the Competitive Landscape of the Motorcycle And Bicycle Industry?
Major companies operating in the motorcycle and bicycle market include EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd, Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.
Where Are the Key Motorcycle And Bicycle Market Opportunities by Region?
Asia-Pacific was the largest region in the motorcycle and bicycle market in 2024. Western Europe was the second-largest region in the motorcycle and bicycle market. The regions covered in the motorcycle and bicycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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