Motorcycles Market Size

Motorcycles Market Overview:

The motorcycles market size was valued at USD 131.2 billion in 2021. The motorcycles industry is projected to grow from USD 136.58 Billion in 2022 to USD 180.94 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2024 - 2030). The rise in demand for sports bicycles due to the increased use of bicycles in trekking and the rise in consumer inclination towards electric or e-bikes are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Motorcycles Market Trends

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  Consumer inclination towards electric bikes to boost the market growth

  
  

The rise in consumer inclination towards electric or e-bikes accelerates market growth. These bikes are widely adopted as they are smaller in size, provide health benefits and offer higher speed with lesser effort. The surge in the requirement for motorcycles for various purposes, such as daily transport and adventure, drives the market further. The growing disposable income of consumers and improvement in living standards led to using private motorcycles instead of taking public transportation, which is the factor that pours the market growth.

Further, different motorcycles, such as cruisers, adventure bikes, scooters, and sports bikes, have different performance levels, stability, handling, and controls. Riders must be agile and alert while riding, as motorcycles provide little protection in case of an accident. Motorcycles accidents have become a major concern for OEMs, government, and road safety authorities. For instance, motorcyclists comprise 34% of all traffic fatalities in the US. According to NHTSA, in 2020, out of 5,458 accidents in the US, 76% were riders, and 24% were passengers. Collision with fixed objects is another major concern for governments and motorcyclists. Further, in 2020, 34% of motorcycles had fatal crashes with fixed objects due to rider errors, such as overspeeding, under-cornering, running wide on a curve due to excess speed, or a fall due to over-braking.

Additionally, an electric motorcycle is an electric two-wheeled vehicle in which electricity is stored in a rechargeable battery. The increased environmental concerns and the low fuel efficiency of conventional motorcycles are major factors driving the demand for e-motorcycles. Several governmental bodies have devised new incentive schemes for electric motorcycles to boost the market's growth. Technological advancements, such as high-speed handling efficiency, compact size, better acceleration, and reduced motor weight, are expected to drive the growth of the electric motorcycles market CAGR across the globe in recent years.

However, the rise in demand for sports bicycles due to the increased use of bicycles in trekking and leisure activities is one of the major factors driving the growth of the motorcycles market. An increase in the number of cycling events and biking expeditions to difficult terrains, including steep mountain ranges, are major factors driving the growth of the motorcycles market revenue.

Motorcycles Market Segment Insights

Motorcycles Application Insights

The Motorcycles market segmentation, based on fusion application, includes postures and handlers. The posture segment held the majority share in 2021, contributing to the motorcycles market revenue. This is primarily owing to the increase in sport bike users, and the growing customization trend is some factor swelling market growth. However, handlers are the fastest-growing category over the forecast period due to the rising popularity among riders seeking a comfortable ride with the advanced driving system.

Motorcycles End-Users Insights

The motorcycles market data has been bifurcated by end-users into the cruiser, adventure, touring, standard, and sports. The cruiser segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The increased comfort and luxury feel with advancements in technology are some of the major factors driving the growth of the market. Also, increased initiatives by major market players to enhance cruiser bike design and fuel efficiency are expected to boost market growth. However, adventure is the fastest-growing category over the forecast period due to the growing popularity of adventure and long-distance touring on the bike to enhance the motorcycles market.

Figure 1: Motorcycles Market by End User, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Motorcycles Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific motorcycles market accounted for USD 57.59 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to rapid urbanization and heavy Chinese and Indian customer acceptance. According to Infineum International Limited, China, India, Indonesia, and Vietnam are the prominent countries that generated the maximum revenue for the market in this region. Moreover, China motorcycles market held the largest market share, and the India motorcycles market was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Motorcycles Market Share by Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe motorcycles market accounts for the second-largest market share due to the advanced manufacturing hubs and better demand for different types of motorcycles. As per the European Association of Motorcycle Manufacturers (ACEM), prominent countries in Europe, such as Germany, Italy, France, the UK, and Spain, account for about 80% of motorcycle registrations in 2020. Further, the Germany motorcycles market held the largest market share, and the UK motorcycles market was the fastest-growing market in the European region.

The North America motorcycles market is expected to grow at the fastest CAGR from 2024 to 2030. The region locale has been created as a center point for automotive production because of the low cost of production and the accessibility of minimal expense work. Moreover, China motorcycles market held the largest market share, and the India motorcycles market was the fastest-growing market in the Asia-Pacific region.

Motorcycles Key Market Players

Major market players are spending a lot of money on R&D to increase their product lines, which will help the motorcycles market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the motorcycles industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the motorcycles industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The motorcycles market major player such as Honda Motor Co. Ltd. (Japan), Suzuki Motor Corporation (Japan), Polaris Industries Inc. (US), and others are working on expanding the market demand by investing in research and development activities.

Bayerische Motoren Werke AG, abbreviated as BMW, is a German multinational manufacturer of motorcycles and luxury vehicles headquartered in Munich, Bavaria. The organization was founded in 1916 as a manufacturer of aircraft engines, produced from 1917 until 1918 and from 1933 to 1945. Automobiles are marketed under the brands BMW, Mini and Rolls-Royce, and motorcycles are marketed under the brand BMW Motorrad. In June 2020, BMW launched the new ACC system. The recent BMW Motorrad Active Cruise Control (ACC) is projected to give the rider the utmost comfort and safety.

Also, Yamaha Motor Co., Ltd. is a Japanese multinational manufacturer of motorcycles, and marine products, including boats and outboard motors, and other motorized products. The enterprise was established in 1955 upon separation from Yamaha Corporation and is headquartered in Iwata, Shizuoka, Japan. The company conducted development, production and marketing operations through 109 consolidated subsidiaries in 2012. In May 2021, Yamaha Motor Co., Ltd. Launched YZF-R7 supersport model. The motorcycle features a 689 cm3 engine developed based on Yamaha's Crossplane Concept. It is mounted in a lightweight frame for the roads of Europe and the United States.

List of the Key Companies in the Motorcycles market include

• Honda Motor Co., Ltd. (Japan)


• Suzuki Motor Corporation (Japan)


• Polaris Industries, Inc. (US)


• Yamaha Motor Co., Ltd. (Japan)


• Harley-Davidson, Inc. (US)


• PIERER Mobility AG (Austria)


• BMW AG (Germany)


• Kawasaki Heavy Industries, Ltd. (Japan)


• Triumph Motorcycles (UK)


• Hero MotoCorp Ltd. (India)


• Bajaj Auto Ltd. (India)


• TVS Motor Company (India)


• Ducati Motor Holding S.p.A. (Italy)


• Eicher Motors Limited (India)


• Among others

Motorcycles Industry Developments

October 2021: Kawasaki announced the development of a hybrid-electric motorcycle with connected mobility and Al bike assists. The motorcycle will use the company's Rideology app and add-on features to achieve a new level of connected mobility.

October 2021: KPIT announced plans to invest in R&D for its upcoming software solutions for a fully integrated and connected platform for use in the automobile and mobility domain. Cybersecurity and vehicle safety will be the main parameters of the upcoming software.

June 2021: Ducati inaugurated the production of the latest Multistrada V4 and declared the world's first motorcycle equipped with front and rear radar technology.

April 2021: Minda Corporation Limited combined with Ride Vision to utilize Artificial Intelligence-enabled Collision Avoidance Systems to be accomplished in the Indian motorcycles market.

Motorcycles Market Segmentation

Motorcycles Application Outlook

• Handlers


• Postures

Motorcycles End-Users Outlook

• Cruiser


• Adventure


• Touring


• Standard


• Sports

Motorcycles Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America