Motorcycle Market Projects A Steady Growth Rate Of 3.5% CAGR Through 2031

Automotive

Demand for motorcycles has increased steadily over the past years due to their affordability factor, fuel efficiency, and wide variety on offer. While the outbreak of COVID-19 put a standstill to manufacturing motorcycles initially, recovery has taken place at quite a rapid pace. High demand for cruiser motorcycles is further fueling the sales for motorcycles manufacturers across geographies.

While growth of the automotive industry has become prominent over the last decade, manufacturers have come up with a flurry of inventions in order to increase their sales footprint. According to a report published by the Select USA, the United States has one of the largest automotive markets in the world. As per its report, since Honda opened its first U.S. plant in 1982, almost every major European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 billion in the United States.

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Motorcycle Market Segmentation by Category

Motorcycle Type

  • Adventure
  • Cruiser
  • Mopeds
  • Sports
  • Standard
  • Touring

Engine Capacity

  • Up to 150 CC
  • 151-300 CC
  • 301-500 CC
  • 501-800 CC
  • 801-1000 CC
  • 1001-1600 CC
  • Above 1600 CC

Region

  • North America
  • Latin America
  • Europe
  • Middle East and Africa (MEA)
  • East Asia
  • South Asia
  • Oceania

Key Takeaways from Motorcycle Market Study

  • Asia Pacific remains the largest market for motorcycles, with its epicenter in India, holding over half of the regional market share.
  • Europe to emerge as the second-largest market for motorcycles, with Germany holding more than 21% market share.
  • The United States to hold more than 90% of market value for the world’s third-largest market for motorcycles – North America.
  • Japan and South Korea to maintain a positive outlook throughout the forecast period, while Australia, France, and the United Kingdom, to remain lucrative pockets.
  • High demand for cruiser motorcycles to propel the growth of manufacturers across regions.
  • Motorcycles with engine capacity of 801-1000 CC to exhibit hegemony.

Competitive Landscape

The global motorcycle market is fragmented and thriving on key players. In order to excel in this landscape, key market players are focusing on launching a wider variety of vehicles. For instance,

  • Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others, in 2019.
  • Red Bull KTM Factory Racing’s Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.

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