Motorcycle market is expected to grow at a compound annual growth rate of 4% during the assessment period (2020-2030)
Manufacturers use advanced technologies to promote the growth of the motorcycle industry
NEW YORK, US, May 09, 2022 (Globe Newswire) – Motorcycle market overview:
According to a comprehensive research report by Market Research Future (MRFR), the “Motorcycle Market Information” by Type and Region – Forecast to 2030 “The market size will grow at a compound annual growth rate of 4% by 2030.
The increasing preference of motorcycles by customers as a means of transportation especially with off-road travel will provide profitable opportunities for the motorcycle market during the forecast period.
The major players dominating the motorcycle market are:
Honda Motor Co., Ltd. (Japan)
Suzuki Motor Corporation (Japan)
Polaris Industries Inc. (United State)
Yamaha Motor Co., Ltd. (Japan)
Harley-Davidson Inc. (United State)
PIERER Mobility AG (Austria)
BMW AG (Germany)
Kawasaki Heavy Industries Co., Ltd. (Japan)
Triumph Motorcycles (UK)
Hero MotoCorp Ltd. (India)
Bajaj Auto Ltd (India)
TVS Motor Company (India)
Ducati Motor Holding SpA (Italy)
Eicher Motors Limited (India)
Get a free sample PDF brochure:
USP Market exclusively includes:
Manufacturers use advanced technologies to promote market growth
The use of advanced technologies by the motorcycle manufacturers will boost market growth during the forecast period. Motorcycles are becoming more sophisticated and modern in terms of safety, comfort and luxury as cutting-edge technologies become widespread. For example, ABS is gaining widespread acceptance among manufacturers, which indirectly boosts sales. ABS keeps the bike stable during fast cornering and crunch times by combining ABS data, throttle control and inertial measurement (IMU). Bluetooth hands-free options are now being introduced into helmets to increase connectivity with other passengers and eliminate the hassle of accepting calls/navigating with smartphones. Moreover, modern motorcycles are usually equipped with a sliding clutch, which is designed to partially disengage when the rear wheels are trying to move the engine faster than its power. The slip clutch was originally designed for high-performance sports motorcycles and track and field equipment, but is now widely used.
High risk of accidents to challenge the market
High accident risk may be a challenge to the market during the forecast period. Despite the rapid expansion of two-wheeled vehicles as a result of its many advantages and innovations, the increased risk of road accidents for the passenger is often a limiting factor in the market.
Browse In-Depth Market Research Report (118 Pages) in Motorcycles Market:
Market segmentation covered by the research:
The global motorcycle market is segmented on the basis of application, type of drivetrain, type of motorcycle, and engine capacity.
By application, the motorcycle market is segmented into standard motorcycle uprights and broad handlers with better cushion.
By type of payment, the benchmark segment will lead the market during the forecast period.
By type of motorcycles, the motorcycle market is divided into touring, standard, sport, cruiser, and adventure.
By engine capacity, the motorcycle market is segmented into over 1600cc, 1001-1600cc, 801-1000cc, 501-800cc, 301-500cc and 151-300cc. C, and up to 150 cc.
Talk to an expert:
Asia Pacific to Commando Motorcycle Market
The APAC region will lead the global motorcycle market during the forecast period. Due to the low cost of production and the availability of low-cost labor, the Asia Pacific region has become a pivotal region for automobile manufacturing. During the forecast period, China is expected to lead the worldwide motorcycle market. Due to the cheap labor price and the abundance of raw materials in this country, China is the largest motorcycle producer in the world, followed by India. Due to the high demand for four-wheel drive vehicles, China witnessed a significant decrease in the income of the global motorcycle market in 2018, with the sales volume and production dropping to less than 14 million units. India is the second largest motorcycle market in the world, due to features such as affordability, fuel efficiency, and the bikes’ small displacement. Due to road construction and infrastructure development, there has been a huge increase in the demand for motorcycles in the rural areas of the country. Due to rapid population growth, increasing middle and lower class income levels, and the growing preference for private transportation over public transportation, the region dominates the global market. India’s motorcycle sector is the largest in the world, accounting for more than 40% of global sales. Despite the fact that Honda holds 14 percent of the market share as a stand-alone company, Indian OEMs control 77 percent of the entire market. On the other hand, Hero MotoCorp is a major player along with Bajaj Auto and TVS Motor. The Indian government is also promoting two-wheeled motorcycles with programs such as FAME-II, which provide incentives and tax breaks for users. Moreover, the Asia Pacific market is likely to benefit from the largest sales and production in China, the growing need for cost-effective electric scooters for short commutes in developing economies, and government support for electric two-wheelers during the forecast period.
Buy this report:
Impact of COVID-19 on the global motorcycle market
The rapid spread of the COVID-19 pandemic around the world has had a devastating impact on the health and lifestyles of people, causing the global economy to collapse. On the other hand, industries are gradually controlling the damage after lockdown, with a steady rate of recovery. This industry is expected to evolve in the wake of the pandemic, as people will avoid using public transportation to avoid contracting or spreading the disease. Since local buses, trains, and other forms of public transportation are often crowded, they are prone to pollution. As a result, consumers are more likely to choose private transportation, with two-wheelers/motorcycles being the most cost-effective and convenient option. Consumers in China and Western Europe have noticed a new need to commute during the epidemic to maintain social distance and to use various devices that were clean and undamaged. As cities emerge from quarantine in different regions, two-wheelers are increasingly seen as ideal mobility, according to bike manufacturers and industry professionals such as Honda, Triumph Motors and Harley-Davidson. Furthermore, due to government restrictions on public transportation as a result of social distancing guidelines, travelers are choosing these types of bicycles as their primary form of transportation. According to the New York Times, motorcycle sales in the United States increased by 85 percent in March 2020. As a result, the electric motorcycle segment is likely to grow faster after COVID-19.
Electric Power Steering Market Information Report, By Vehicle Type and Region – Global Forecast to 2030
Automotive Suspension System Market: By Suspension System, By Damping Type, By Vehicle Type, By Sales Channel And Region – Forecast to 2027
Automotive Remote Diagnostics Market Research Report: Information by Product Type, Connectivity, Vehicle Type and Application – Forecast to 2030
On the future of market research:
Market Research Future (MRFR) is a global market research company that prides itself on its services, providing complete and accurate analysis in relation to diverse markets and consumers worldwide. Market Research Future has the distinct objective of providing optimum quality research and accurate customer research. Our market research studies by products, services, technologies, applications, end users and market players for global, regional and country market segments, enables our clients to see more, learn more and do more, helping answer your most important questions.
Follow us: LinkedIn | Twitter
CONTACT: Contact Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: firstname.lastname@example.org Website: https://www.marketresearchfuture.com