In the 21st century, people began to migrate from one place to another either routinely or periodically. Motorcycles were created so as to allow this movement of people through shorter distances and at a cheaper cost as compared to other modes of private transportation. Upgradation in motorcycle market with their new technologies and improved specifications is therefore resulting in a higher demand by people, especially the younger generation. This market has its own advantage as motorcycles are required and can be driven by both teenagers and adults based on their needs in terms of mileage, preferences, features and other similar factors.
The motorcycle market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028 with an increase in market volume over the years as well. The market is segmented by product, by vehicle, by geography and by region. The product segment is further segmented into electric vehicles and conventional vehicles on the basis of their technological specifications and features. The electric vehicles are a newly developing segment and hence, this segment is projected to result in a higher demand over the forecast period. On the other hand, the market for conventional vehicles currently holds the leading share in the market.
Instead of allowing electrical and fuel engines in the ecosystem, a safe environment is being promoted through changing technologies regularly which results in the demand for newer and enhanced motorcycles. This is estimated to increase the market growth globally as the advancements in technology are mainly focused on larger fuel tanks, low maintenance cost, longevity, good looks, cooled engines and others. CLICK TO DOWNLOAD SAMPLE REPORT
The motorcycle market all over the world is improving at a fast pace owing to the increasing number of motorcycles that can be used in various geographical areas, which further results in a growing demand for better services, support and endurance with respect to their applications. The growing research and development for technological advancements in the market is further estimated to fuel the m0torcycle market. On the back of these, the market is predicted to grow over the forecast period.
Despite the improving advancements in electric vehicles, there is a shortage of necessary equipment in order to meet the growing demand globally as well as lack of measures taken by the companies using the technology to eradicate global warming. This is estimated to hinder the growth of motorcycle market in the future.
Our in-depth analysis of the motorcycle market includes the following segments:
On the basis of regional analysis, the motorcycle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for motorcycles in North America is anticipated to hold the largest share over the coming years. This region consists of the leading manufacturers in the industry on account of presence of key market players which are involved in the manufacture of luxury segments of motorcycles. Moreover, the growing requirements for continuously improving the technologies, as per the British Standard norms, are met in this region. This further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of the developing and growing consumption of vehicles in the region by the large population.
The motorcycle market is further classified on the basis of region as follows:
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