Pune, India, May 26, 2021 (GLOBE NEWSWIRE) -- The global Motorcycle market size is expected to reach USD 485.67 Billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The increasing acceptance of two-wheeled motor vehicles among youths will accelerate the market growth in the forthcoming years. The market size stood at USD 278.07 billion in 2020.
Shift from Public Transport to Private Conveyance to Encourage Market during COVID-19
The travel restriction imposed by the governments on public transportation such as buses, trains, and metros has resulted in heavy demand for motorbikes amid the global pandemic. Moreover, the concerns regarding the high risk of contamination on public transports will further bolster the motorcycle market growth. People are opting for private mobility, especially two-wheelers, due to its affordability and convenience.
Prominent manufacturers such as Honda, Harley-Davidson, and Triumph Motors have predicted these vehicles will be seen as an ideal transportation mode as cities emerge from the quarantine phase in numerous countries. Furthermore, as per the New York Times, in March 2020, sales of such vehicles in the United States increased by 85%. Besides, the strict emission laws and growing air pollution will contribute effectively to the electric motorcycle industry in the foreseeable future.
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Standard Motorcycles to Account for the Highest Share
Based on type, the market is segmented into standard, sports, and cruiser. The standard segment holds the largest share in the global market.
Based on the propulsion type, the market is segmented into internal combustion engines (ICE) and electric propelled motorcycles. The internal combustion engine (ICE) segment is expected to account for a major share in the global market. The latter segment is expected to gain significant share due to the growing vehicular emissions.
Ultra-Modern Technologies to Back Growth
The rapid expansion of the industry will back the development of the market during the forecast period. The increasing disposable income of consumers and improved living standards will have an outstanding effect on the motorcycle market share. Besides, the increasing popularity of these vehicles among millennials can improve the prospects of the market. Furthermore, the trend of customization among sports users will elevate the industry. The high investments in electric and solar-powered bikes will push the growth of the market in the forthcoming years. However, the increasing road accidents in various nations is limiting the growth of the market. According to data from the European Commission, about 80% of bikers killed on the roads suffered head injuries.
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Rising Demand for Affordable Electric Motorcycles to Stimulate Growth in Asia Pacific
The market size in Asia Pacific stood at USD 110.41 billion in 2020. The growth in the region is attributed to the middle and lower-middle-class income populations. The increasing inclination towards private transportation will enable speedy expansion of the market. The Indian motorcycle industry is the world's largest, accounting for 40% of global sales. Moreover, the Indian government is offering subsidies and tax exemptions to consumers to encourage the use of electric two-wheelers in the country, which will push the market growth. Also, the increasing demand for affordable electric motor vehicles in developing nations will offer impetus to the market.
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Expansion on Electric Bikes by Companies to Enrich Market
Companies in the market such as Eicher Motors, Yamaha, Bajaj, and TVS Motors are focused entering the electric bike industry by expanding their production plants. The key companies are also innovating their existing motorbikes and scooters to strengthen their position in the market.
The Report Lists the Key Companies in the Global Market
- Honda Motor Co., Ltd. (Shizuoka, Japan)
- Piaggio & C.SpA (Pontedera, Italy)
- TVS Motor Company Ltd. (Chennai, India)
- Yamaha Motors Co. (Shizuoka, Japan)
- Suzuki Motor Corporation (Shizuoka, Japan)
- Triumph Motorcycles (Hinckley, United Kingdom)
- Zero Motorcycles, Inc. (California, United States)
- Bayerische Motoren Werke (BMW) AG (Munich, Germany)
- Harley-Davidson, Inc. (Wisconsin, United States)
- Hero MotoCorp Ltd. (New Delhi, India)
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Global Motorcycle Market Segmentation:
By Type:
- Standard,
- Sports
- Cruiser
By Propulsion Type:
- ICE
- Electric
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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