Pune, India, July 27. 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the motorcycle market size to grow at a CAGR of 8.4% and reach USD 223.50 billion during the forecast period 2021-2028. The market was valued at USD 119.33 billion in 2020. The growth of the market is attributed to factors such as adoption of advanced technologies and growing demand for motorcycles to drive the growth of the global market.
A motorcycle, also called a motorbike or bicycle, is a two-wheeled motor vehicle with a metal or fiber frame. Motorcycles are equipped with an engine as well as many electronic and mechanical components. Motorcycle designs vary widely to suit various uses such as cruising, commuting, sporting activities, racing, long-distance travel, and off-road riding.
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Report Scope and Segmentation:
|Forecast Period 2022 to 2029 CAGR||8.4%|
|2029 value projection||$223.50 billion|
|Market size in 2022||$127.44 billion|
|Historical data for||2018-2020|
|Number of pages||200|
|Segments Covered||Type, type of propulsion and region|
|Growth engines||Increase in sales of electric and connected bicycles to drive market growth|
|Increase in demand for two-wheelers to promote market growth|
Market drivers and constraints:
Advanced technologies will drive the market growth for manufacturers
Modern motorcycles are usually equipped with a slipper clutch designed to be partially disengaged when the rear wheel attempts to crank the engine faster than its horsepower. The friction clutch was originally designed for high performance supersport motorcycles and track and field equipment, but is now in more widespread use. However, despite the rapid development of motorized two-wheelers due to their numerous advantages and advancements, the increasing risk of road accidents for drivers frequently limits the growth of the motorcycle market.
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The Asia-Pacific region is expected to dominate the global market
The Asia-Pacific market is expected to be worth USD 78.94 billion in 2021. The region will dominate the motorcycle market share due to high population growth, rising middle and lower income populations and growing a growing preference for private transport over public transport. .
North America holds a major share in the global market owing to the high demand for a wide range of bicycles such as standard, sports, cruiser and touring bicycles among others, which is propelling the growth in this region .
Europe has a well-established market which is expected to continue to grow over the forecast period. Attributed to the adoption of advanced technologies, highly advanced manufacturing centers and growing demand for various motorcycles, the regional market is highly profitable for manufacturers.
- Based on type, the market is divided into standard, sport and cruiser.
- On the basis of propulsion type, the market is divided into electric and ICE.
- Geographically, the market is categorized into Europe, Asia-Pacific, North America, and Rest of the World.
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Honda Motor Company will be one of the major players in the global market
Honda Motor Co.Ltd. is the largest bicycle manufacturer in the world. With more than 14 million internal combustion engines produced each year, the company is one of the leading manufacturers of internal combustion engines. The total production volume in 2019 had reached 400 million units. It wants to be the leader in advancing mobility by developing advanced technologies and providing cyclists with the highest level of safety. Additionally, other players, such as Eicher Motors, Bajaj, Yamaha, and TVS Motors, are focusing on entering the electric vehicle market by establishing new manufacturing plants and converting existing motorcycles and scooters into electric vehicles. .
July 2021 –Triumph, Breitling announced a limited-edition watch and motorcycle partnership. For this partnership, Triumph Motorcycle and Breitling will collaborate on two special editions, a watch and a motorcycle set which will be unveiled in early 2022.
Impact of COVID-19-
Following the outbreak of COVID-19, the market will see an increased demand
The rapid spread of COVID-19 around the world has had a significant influence on health and lifestyle, leading to the collapse of the global economy. However, industries are gradually repairing the damage caused by the confinement; however, the recovery rate remains constant. The motorcycle industry is expected to grow in the wake of the pandemic as people will avoid taking public transport to avoid contracting or spreading the disease.
The report provides a comprehensive analysis of the market, focusing on key aspects such as product types, major companies, and major product applications. Apart from this, the report provides an overview of market trends and highlights key developments in the industry.
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List of main market players:
- Honda Motor Co., Ltd. (Japan)
- Piaggio & C. SpA (Italy)
- TVS Motor Company Ltd. (India)
- Yamaha Motors Co. (Japan)
- Suzuki Motor Corporation (Japan)
- Triumph Motorcycles (UK)
- Zero Motorcycles, Inc. (USA)
- Bayerische Motoren Werke (BMW) AG (Germany)
- Harley-Davidson, Inc. (USA)
- Hero MotoCorp Ltd. (India)
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT analysis
4.4. Technological development
4.5. Value chain analysis
4.6. Impact of COVID-19 on the self-driving car market
5. Global Self-Driving Car Market Analysis, Outlook and Forecast, 2017-2028
5.1. Main results/summary
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