Global Motorcycle Market Highlights Over 2020 - 2030
The global motorcycle market garnered a revenue of USD 98774.4 Million in the year 2020 and is further expected to reach USD 147054.4 Million by the end of 2030 by growing with a CAGR of 3.8% during the forecast period, i.e., 2021-2030. The growth of the market can primarily be attributed to the growing need for cost-effective private transportation amongst individuals worldwide, followed by the growing trends of two-wheeler adventure sports and racing, and for the increasing availability of a wide range of motorcycles with different engine sizes. Moreover, growing demand for energy-efficient transportation systems, increasing initiatives by the government of nations worldwide to support electric motorcycles by providing subsidies and tax rebates, and the escalating prices of petroleum products worldwide, are some of the additional factors expected to drive the market growth. Moreover, backed by the rising incidences of motorcycle fatalities, there is a growing focus amongst the motorcycle manufacturers to develop enhanced safety vehicles, which is anticipated to drive the market growth. According to the statistics by the National Highway Traffic Safety Administration (NHTSA) of the U.S. Department of Transportation, around 84000 motorcyclists were injured in the year 2019.
Global Motorcycle Market Regional Synopsis
Regionally, the global motorcycle market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World. Amongst the market in these regions, the market in the Asia Pacific region is expected to hold a significant share during the forecast period. The growth of the market in the region can primarily be attributed to the increasing production of both electric and non-electric two-wheelers in the region. The sales of non-electric motorcycles in the region in the year 2020 recorded to around 33000 Thousand units, whereas that of electric motorcycles was close to 1300 Thousand units. Moreover, it has also been found that the production of electric motorcycles below 200CC has witnessed a massive growth, which is also anticipated to drive the market growth in the region in the coming years.
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Growth Drivers and Challenges Impacting the Growth of the Global Motorcycle Market
Growth Drivers
- Growing Need for Cost-Effective Private Mode of Transportation
- Increasing Adoption of Electric Motorcycles
Challenges
- Rise in Concerns for Safety Related Issues with Motorcycles
Global Motorcycle Market Segmentation Synopsis
The global motorcycle market is segmented by type into motorbike, light motorcycle, electric bikes, sports motorbike, moped, ice motorcycle, scooter, and others. Amongst these, the sports motorbike segment is expected to hold the largest market share throughout the forecast period and further attain a market revenue of USD 71173.8 Million by the end of 2030, up from a revenue of USD 49836.6 Million in 2020. The market is also segmented on the basis of engine type into less than 200CC, 200-400CC, 400-600CC, 600-800CC, 800-1000CC, and above 1000CC. Amongst these segments, the above 1000CC segment is expected to hold the largest market share in the coming years and further reach a market revenue of USD 63233.2 Million by the end of 2030. The market is also segmented on the basis of application into daily commute, racing, off road, and others. Amongst these segments, the racing segment is expected to garner the largest market revenue of USD 57826.6 Million by the end of 2030.
Top Featured Companies Dominating The Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global motorcycle market that are included in our report are Bayerische Motoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., and others.
