Motorcycles Industry Overview
The global motorcycles market size was valued at USD 104.1 billion in 2021 and is estimated to rise at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2028.
The launch of effective products, the surge in sportbike users, and the rising trend of customization are the key factors driving the market growth. Moreover, the rising disposable income of consumers and improvement of living standards led to the use of private motorcycles instead of taking public transportation isthe factor that pouring the market growth.
A motorcycle also known as a motorbike or bike is a two-wheeled motor vehicle manufactured with metallic and fiber frames. The design of the motorcycles differs significantly to outfit a variety of purposes such as sports activity, commuting, long-distance travel, racing, and off-road riding. Demand for effective and reasonable modes of transportation is expected to increase considerably in the upcoming years as the world’s middle-class population expands. Motorcycles are largely being seen as a feasible option, and therefore, demand for motorcycles and scooters is estimated to increase. Demand for motorcycles and a scooter has augmented considerably in rural areas as a result of growing disposable income and lack of well-established public transportation.
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Various types of motorcycles include on-road motorcycles, off-road motorcycles, and scooters. On-road motorcycles are also known as street motorcycles. On-road motorcycles are mainly manufactured to be ridden on paved roads. Off-road motorcycles are also known as dirt bikes and are manufactured particularly for off-road racing events on tracks that are unconventionally paved. Scooters are a motorcycle type that remains famous among motorcycle riders who value a light, easy-to-ride motorcycle. Scooters have significantly more built-in storage space than most conventional motorcycles.
The COVID-19 pandemic negatively impacted the market. The global market in 2020 saw a fall in user sentiment due to the pandemic which led to a double-digit decline from the preceding year in the major countries such as India, Vietnam, the Philippines, and Thailand. This was due to the shutting off of plants in top motorcycle manufacturing nations such as China, Japan, India, and ASEAN. Manufacturing operations were stopped, and the supply chain was disturbed, causing a fall in motorcycles exports during the pandemic. However, manufacturers are optimistic that following the end of the lockdown period, commuters will more likely avoid public transport, boosting the demand for private vehicles, including motorcycles, which in turn could increase the demand for motorcycles during the forecast period.
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Key Companies profiled:
Some prominent players in the global motorcycles market include
- Harley-Davidson Incorporation
- Yamaha Motor Co., Ltd.
- Yadea Group Holdings Ltd.
- Honda Motor Co., Ltd.
- Piaggio & C. SpA
- BMW AG
- Suzuki Motor Corporation
- Hero MotoCorp Limited
- Bajaj Auto Ltd.
- TVS Motor Company
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