Motorcycles Market Poised to Grow at a CAGR of 4% During the Assessment Period (2020-2030) - Report by Market Research Future (MRFR)
Use of Advanced Technologies by Manufacturers to Bolster Motorcycles Industry Growth
New York US, May 09, 2022 (GLOBE NEWSWIRE) -- Motorcycles Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Motorcycles Market” information by Type and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 4% by 2030.
The increasing preference of motorcycles by customers as private transportation with an off-road travelling will offer lucrative opportunities for the motorcycles market over the forecast period.
Dominant Key Players on Motorcycles Market Covered are:
- Honda Motor Co. Ltd. (Japan)
- Suzuki Motor Corporation (Japan)
- Polaris Industries Inc. (US)
- Yamaha Motor Co. Ltd. (Japan)
- Harley-Davidson Inc. (US)
- PIERER Mobility AG (Austria)
- BMW AG (Germany)
- Kawasaki Heavy Industries Ltd. (Japan)
- Triumph Motorcycles (UK)
- Hero MotoCorp Ltd. (India)
- Bajaj Auto Ltd. (India)
- TVS Motor Company (India)
- Ducati Motor Holding S.p.A. (Italy)
- Eicher Motors Limited (India)
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Market USP Exclusively Encompassed:
Use of Advanced Technologies by Manufacturers to Bolster Market Growth
The use of advanced technologies by motorcycle manufacturers will bolster market growth over the forecast period. Motorbikes have turned more complex and fashionable in terms of safety, comfort, and luxury as cutting-edge technologies have become more widely adopted. For example, the antilock brake system (ABS) is gaining widespread acceptability among manufacturers, boosting sales indirectly. ABS maintains the bike's stability during rapid turns and crises by combining ABS, throttle control, & inertial measurement (IMU) data. Hands-free and Bluetooth options are now being introduced in helmets to increase connectivity with other riders and eliminate the hassle of accepting calls/navigating with smartphones. Furthermore, modern motorcycles are typically fitted with a slip clutch, which is designed to partially disengage when rear wheels try to move the engine quicker than its power. The slip clutch had been originally designed for high-performance sports motorcycles and track and field equipment, but it is now more extensively employed.
Higher Risk of Accidents to act as Market Challenge
The higher risk of accidents may act as a market challenge over the forecast period. Despite the rapid expansion of motorized two-wheelers as a result of their numerous advantages and innovations, the rising danger of road accidents for the rider is frequently a factor limiting the market.
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Segmentation of Market Covered in the Research:
The global motorcycles market is bifurcated based on application, propulsion type, motorcycle type, and engine capacity.
By application, the motorcycles market is segmented into upright postures in standard motorcycles and wide handlers with better cushion.
By propulsion type, standard segment will lead the market over the forecast period.
By motorcycle type, the motorcycles market is segmented into touring, standard, sports, cruiser, and adventure.
By engine capacity, the motorcycles market is segmented into above 1600cc, 1001-1600cc, 801-1000cc, 501-800cc, 301-500cc, 151-300cc, and up to 150cc.
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APAC to Command Motorcycles Market
The APAC region will command the global motorcycles market over the forecast period. Owing to the low production cost and the availability of low-cost labour, the Asia-Pacific region has become a focal area for automotive manufacturing. During the forecast period, China is expected to lead the worldwide motorbike market. Due to the cheap price of labour and the abundance of raw materials in this country, China is the world's largest motorbike producer, followed by India. Owing to a rise in demand for four-wheelers, China saw a dramatic reduction in global motorcycle market income in 2018, with both sales & production volume falling below 14 million units. India is the world's second-largest motorcycle market, because of features such as affordability, fuel efficiency, and the bikes' small displacements. Due to the construction of roads and the development of infrastructure, there has been a great increase in the demand for motorcycles in the country’s rural areas. Due to rapid demographic growth, increased middle and lower-middle-class income levels, and a growing preference for private transit over public transportation, the area dominates the global market. India's motorcycle sector is the world's largest, accounting for over 40% of global sales. Despite the fact that Honda has a 14 percent market share as a standalone company, Indian OEMs control 77 percent of the whole market. Hero MotoCorp, on the other hand, is a major player alongside Bajaj Auto and TVS Motor. The Indian government is also promoting electric two-wheelers with programs like FAME-II, which provides incentives and tax exemptions to users. Furthermore, the Asia Pacific market is likely to benefit from the largest sales and production in China, rising need for cost-effective electric motorbikes for shorter commutes in the developing economies, and government support for electric two-wheelers during the forecast period.
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COVID-19 Impact on the Global Motorcycles Market
The rapid spread of the COVID-19 epidemic over the world had a devastating effect on the health and lifestyles of people, causing the global economy to collapse. Industries, on the other hand, are gradually controlling damage following the lockdown, with a steady rate of recovery. This industry is projected to develop following the pandemic, since individuals will avoid taking public transit to avoid contracting or spreading the illness. Because local buses, trains, and other forms of public transportation are frequently crowded, they are susceptible to contamination. As a result, consumers are likely to choose for private transportation, with two-wheelers/motorcycles being the most cost-effective and convenient option. Consumers in China & Western Europe noted a new need for mobility during the epidemic to preserve social distance and utilize different devices that were clean and undamaged. As cities emerge from quarantine in various regions, two-wheelers are increasingly considered as perfect mobility, according to bike manufacturers and industry professionals such as Honda, Triumph Motors, and Harley Davidson. Furthermore, due to restrictions by the government on public transportation as a result of social distancing guidelines, commuters are choosing these types of bikes as their primary form of transportation. As per the New York Times, motorcycle sales in the United States soared by 85 percent in March 2020. As a result, the electric motorcycle sector is likely to grow faster following COVID-19.
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