Motorcycle Market Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022
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Motorcycles are two-wheeled vehicles that have no pedals, and run on an automotive engines. Electric motors are also used in powering a motorcycle, while a majority of them are equipped with combustion engines. Motorcycles are engineered, assembled and manufactured in order to attain desired performance, costs and aesthetics. While frame, suspension and front fork are key component of a motorcycle chassis, these vehicles also include an engine, transmission system, final drive (chain lubrication), wheels, tires, brakes and other instruments.
The fast-growing, dynamic APEJ region, led by China and India is expected to be a major driver of the global motorcycle market in the next five years. Rising affluence and the desire for personal mobility in these populous nations along with Indonesia, Thailand, Vietnam, and Malaysia should ensure that APEJ has maximum relevance in the global automotive motorcycle market. Global motorcycle manufacturers have already established their manufacturing units here and some of them even export to other markets. That is why key stakeholders in the motorcycle market are advised to target important countries in this strategic region. The global motorcycle market is anticipated to be worth nearly US$ 150 billion in 2022 from a value of just under US$ 120 billion in 2017 with a CAGR of 4.5%.
7 Growth Prospects about the Global Motorcycle Market
1. Based on product type, light motorcycles are expected to remain dominant in the global market, followed by scooters, in terms of revenues. However, electric motorcycles are expected to register the highest CAGR in the global motorcycles market through 2022. Sales of mopeds in the market will remain sluggish during the forecast period.
2. On the basis of cylinder capacity, below 250 cc will remain preferred in the market, with sales estimated to reach nearly US$ 100,000 Mn by 2022-end. 200 cc to 500 cc is expected to be the second-most lucrative product type segment in the global motorcycle market by 2022-end.
3. Low-priced motorcycles are expected to remain most attractive in the market, followed by mid-priced motorcycles. Sales of high-priced motorcycles are estimated to register a comparatively low CAGR through 2022.
4. In emerging countries of Asia Pacific excluding Japan (APEJ), such as India and China, where motorcycles are becoming an attractive alternative to utilizing mass transit, or riding a bicycle. Post-reaching certain thresholds of per capita income, strong growth in sales of motorcycles is estimated in these countries. APEJ is expected to remain dominant in the global motorcycle market during the forecast period.
5. Although Japan is projected to be the second largest market for motorcycles, sales in North America are projected to register a comparatively higher CAGR through 2022.
6. Sales of motorcycles in Europe and Middle East & Africa (MEA) are estimated to register low CAGRs in the global motorcycles market through 2022.
7. Key market players identified in Fact.MR’s report include Bajaj Auto Ltd., Bayerische Motoren Werke AG, Benelli Q.J., Piaggio & C. SpA, Harley-Davidson Motor Company, Inc., Suzuki Motor Corporation, Honda Motor Co., Ltd., Hero MotoCorp Ltd., Eicher Motors Limited, Yamaha Motor Co., Ltd., KR Motors Co., Ltd., and Chongqing Jianshe Motorcycle Co., Ltd.
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Light motorcycles Larger than All other Segments in Motorcycle Market
The light motorcycle segment represents an impressive market opportunity in 2022 and it is predicted to be larger than all other segments in the motorcycle market. Light motorcycles will have a revenue share of 10% in 2017. However, the needs of all customers cannot be satisfied by light motorcycles. A substantial number prefer scooters for a number of reasons such as style, convenience, and ease of use when compared to light motorcycles. That is why the scooter segment of the motorcycle market is poised to attain considerable value in 2017, albeit, will record a sluggish CAGR from 2017-2022. As mentioned above, APEJ accounts for almost four-fifth of the light motorcycle and scooter segments in the motorcycle market and it is extremely likely to retain its dominant share throughout the duration of the forecast period.
Affluent Customers Seek out Sports Motorbikes
The sports motorbikes segment is a niche, yet highly profitable segment in the motorcycle market. Customers with a high disposable income who look for differentiated products are the prime target for sports motorbike manufacturers and this segment is estimated to grow impressively to reach an estimated value of US$ 14 billion in 2022. Another niche yet vital segment is that of electric scooters. Customers desire electric scooters primarily because of their eco-friendly credentials and the rising prices of gasoline. As technological advancements sweep through the market, electric scooters could become a focus area for large players in the motorcycle market going forward. With a vigorous CAGR and a potential multibillion-dollar market in 2022 ripe for the picking, this is hardly a surprise.
Below 250 cc segment a Potential Multibillion Market Opportunity
Most of the action in the motorcycle market is in the sub 250 cc segment and companies are recommended to make their business decisions keeping this is mind. The 250 cc segment is projected to touch US$ 94 billion by end 2022. Even the 200 – 500 cc segment is quite lucrative as it will present a sizeable market value in 2017 alone. Increasing demand for motorcycles for intercity commute will continue to boost the growth of this segment.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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