Persistence Market Research estimates that the motorcycle market will generate US$129,488.00 Mn in sales in 2022. With the top 5 market companies controlling a sizable portion of the motorcycle market in 2021, the demand for motorcycles will increase. The global motorcycle market is anticipated to develop at a CAGR of 4.0% from 2023 to 2033, reaching US$ 200,206.00 Mn.
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Demand from Rural Areas and Burgeoning Economic Strength to Propel Market Growth
Owing to increasing disposable income of the rural area consumer and dearth of a well-established public transport system, the demand for motorcycles and scooters has increased considerably in rural areas. The road infrastructure of rural areas is still in its primitive stage as compared to the urban infrastructure. To fulfill the need for mobility in rural areas and overcome high selling price and tax rates of four wheelers, the consumers are looking towards motorcycles, thus increasing their demand and subsequently, aiding the growth of the market. Furthermore, in the financial year 2017, rural areas accounted for approximately 38% of the two wheeler population in India, where the sales of two wheelers is highest in the world.
Burgeoning urbanization in developing countries such as Asia Pacific and Latin America, rising employment, improvements witnessed in disposable income, and a rise in the dual income of households are the key factors fuelling the demand for motorcycles. Reasonable price brackets for middle-class population and associated freedom of movement in crowded urban environments, low environmental impact, and ease of parking owing to the small size of two wheelers are some of other dynamics driving the conventional motorcycle market. According to the Federation of Asian Motorcycle (FAMI), in South East Asian countries, it is very common to have one or more motorcycle or scooter in a household. Thus, both the rural and urban population are expected to act as the driving force of the global motorcycle market.
India to Surge Ahead of all Regions and Countries in Motorcycle Consumption
India is one of the most prominent regions in the two wheelers market with a share of approximately 34% in 2017 in the global motorcycle market. India is one of the largest consumers of standard motorcycles, owing to the high preference for motorcycles in the country, especially in the middle class population segment. The narrow road infrastructure and closely knit cities are the most prominent aspects that makes India one of the leading consumers of motorcycle.
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Key Market Segments Covered
- Standard Motorcycles
- Sports Motorcycles
- Electric Motorcycles
- Standard Scooters
- Maxi Scooters
- Enclosed Scooters
- Three-wheeled Scooters
- Electric Scooters
- IC Engine Motorcycles
- Up to 150cc Motorcycles
- 151-300cc Motorcycles
- 301-500cc Motorcycles
- Above 500cc Motorcycles
- All Electric Motorcycles
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Excess Competition over Technology Among Market Players
The players operating in the global motorcycle market are constantly focusing on presenting customers with technological savvy and fancy products and luring them to join their loyal consumer base. Catering to the speed and mileage needs of consumers has also become imperative for the companies. As a result, investment in research and development activities has become their priority. Some of the leading companies in the market are Yamaha Motors Co., Ltd., Piaggio & C.S.D.A, Honda Motor Co., Ltd., Hero MotoCorp., Bajaj Auto Ltd., Vmoto Limited, Zero Motorcycles Inc., Harley-Davidson, Inc., Ducati Motor Holding S.p.A, KTM AG, Triumph Motorcycles, and Bayerische Motoren Werke (BMW) AG, among many others.
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