NEW YORK, June 23, 2021 /PRNewswire/ -- The global motorcycle market is anticipated to expand at a CAGR of around 4% over the forecast period of 2021-2031, with demand for electric motorcycles to rise faster than previous years. The market is on course to top a valuation of US$ 181 Bn by the end of 2031.
Increasing consumer preference for electric and hybrid motorcycles is anticipated to be a major factor driving global market expansion. Demand for affordable and efficient modes of transportation is projected to rise significantly over the coming years, as the middle-class population grows across the world.
Motorcycles and scooters are considered a viable option for the purpose of traveling and commuting. In addition, matured economies have witnessed increase in demand of recreational activities such as off-road trails, track racing, bike stunts, etc. This is expected to spur demand for high-capacity two wheelers.
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Key Takeaways from Market Study
- South Asia & Pacific is expected to be the largest market for motorcycles, with a majority of sales coming from India.
- Standard motorcycles are anticipated to register a healthy CAGR of around 4% throughout the forecast period, owing to their fuel efficiency and increased use in daily commuting.
- Rising demand for standard scooters is expected to drive growth of the scooter market, especially in developing countries such as India.
- Europe's market for motorcycles witnessed a steady CAGR between 2% to 3%, with Germany emerging as a lucrative market.
- The electric motorcycle segment recorded sluggish growth; however, demand for electric two wheelers is expected to rise significantly in the years to come.
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"Demand for motorcycles is anticipated to witness significant growth owing to introduction of various new motorcycles and scooters, rising urban population, technological enhancements, increased fuel efficiency, and better affordability," says a Persistence Market Research analyst.
Market Landscape
The global market is fragmented and the competition is expected to be intense, with key players enjoying a majority of market share. Key market players are opting for new product launches and technological enhancements in order to stay ahead of the competition.
Some of the leading market participants included in this report are Bajaj Auto Ltd., Bayerische Motoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Eicher Motors Limited, Harley-Davidson, Inc., Hero MotoCorp Ltd., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles Ltd., TVS Motor Company Ltd., Vmoto Limited, Yamaha Motors Co., Ltd. and Zero Motorcycles, Inc., who account for a fair share of the market.
To increase market footprint, key players are focusing on research and innovation for the development of their products.
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Conclusion
Demand for motorcycles is expected to grow at a steady rate over the coming years owing to increasing disposable income, rising urban population, technological enhancements, and introduction of electric and hybrid two wheelers. South Asia and Pacific is projected to remain one of the fastest-growing markets across the globe, especially due to significant development in infrastructure and increasing demand for two wheelers in India.
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a market research report on the motorcycle market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, product, technology, and region.
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