Global Motorcycle Market Forecast Projecting 6.65% CAGR Growth by 2028

According to TechSci Research report, “Global Motorcycle Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Motorcycle Market stood at USD 75.63 billion in 2022 and is anticipated to grow with a CAGR of 6.65% in the forecast period, 2024-2028. 

A motorcycle is a two-wheeled vehicle with no pedals that is propelled by a motor. They have superior acceleration and high-speed handling qualities because they are made for faster speeds. These can slow down traffic on the highway or during urban commutes, and even faster.

Instead of resting on the frame, their engine is affixed to the center of the back suspension with a fuel tank positioned above it. Most of them have engines that are 100CC or smaller, and the capacity goes above and beyond 1000. The gas tank is in front of the driver, who is seated astride the vehicle's engine. They have gained popularity over the last ten years as an affordable form of personal transportation.

The global motorcycle market is a dynamic and multifaceted industry that encompasses a wide array of motorcycles, catering to diverse consumer needs, preferences, and riding experiences.The motorcycle market is characterized by its resilience and adaptability to changing economic, cultural, and technological landscapes. It serves as a reflection of global mobility trends, offering solutions to the challenges posed by urbanization, economic development, and shifting consumer preferences. Understanding the intricacies of the global motorcycle market requires an exploration of its key components, including market segmentation, regional variations, and the influence of regulatory frameworks.

The global motorcycle market is segmented into various categories, each catering to distinct consumer needs and preferences. These categories include cruisers, sport bikes, touring motorcycles, standard bikes, and off-road motorcycles, among others. Cruisers, known for their laid-back riding positions and distinctive designs, appeal to riders seeking a relaxed and stylish experience. Sport bikes, on the other hand, prioritize speed, agility, and aerodynamics, attracting enthusiasts interested in high-performance riding.

Touring motorcycles cater to long-distance riders, equipped with features for comfort and storage. Standard bikes offer versatility and practicality, suitable for everyday commuting. Off-road motorcycles, including dirt bikes and adventure bikes, are designed for rugged terrains and adventurous riding experiences. Electric motorcycles represent an emerging segment, addressing the growing demand for eco-friendly transportation solutions.

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sThe market dynamics of each segment are influenced by factors such as technological advancements, consumer demographics, lifestyle trends, and regulatory landscapes. For instance, the surge in popularity of adventure touring bikes is indicative of a broader trend where riders seek versatile machines capable of handling both on-road and off-road conditions. Customization options, an integral part of the cruiser segment, reflect the desire of riders to personalize their motorcycles and express their individuality.

The global motorcycle market exhibits regional variations shaped by cultural, economic, and regulatory differences. Emerging markets, including those in Asia and Latin America, often experience robust growth due to factors such as rapid urbanization, economic development, and a rising middle class.

In these regions, motorcycles are not merely a mode of transportation but also symbols of status and aspirational living. In contrast, mature markets, such as North America and Europe, witness a diverse range of consumer preferences, with a focus on premium and high-performance motorcycles. These markets are characterized by a strong motorcycle culture, encompassing recreational riding, touring, and participation in motorcycle events and rallies. Regulatory frameworks also contribute to regional variations. Stringent emission standards, safety regulations, and licensing requirements impact the types of motorcycles available in different markets. For example, European markets place a strong emphasis on emissions control, driving the adoption of electric motorcycles and the development of cleaner-burning internal combustion engines.

Several key trends are shaping the current landscape of the global motorcycle market. The rise of electric motorcycles represents a paradigm shift towards sustainable and environmentally friendly transportation. Technological advancements in battery technology, coupled with a growing emphasis on reducing carbon emissions, have fueled the development of electric motorcycles that offer a clean and quiet riding experience. Connectivity features have become integral to modern motorcycles, catering to tech-savvy consumers.

Smart helmets, smartphone integration, and advanced infotainment systems enhance the overall riding experience by providing navigation, real-time data, and communication capabilities. This trend reflects the broader integration of technology into everyday life and the desire for seamless connectivity. The global motorcycle market also reflects changing consumer preferences, with an increasing demand for adventure and off-road motorcycles. Adventure touring, characterized by long-distance rides through diverse terrains, has gained popularity among riders seeking exploration and a sense of adventure. Manufacturers have responded by introducing adventure models equipped with advanced features for both on-road and off-road capabilities.

Customization has become a significant trend, driven by the desire for individuality and personal expression. Motorcycle manufacturers are offering customization options, allowing riders to tailor their bikes to suit their preferences. This trend aligns with the broader cultural shift towards unique and personalized consumer experiences.

Safety features and rider-assistance technologies are advancing, contributing to enhanced rider safety. Anti-lock braking systems (ABS), traction control, and stability control systems have become standard features in many motorcycles, reducing the risk of accidents and improving overall stability. Advanced rider-assistance systems, including adaptive cruise control and collision avoidance, further contribute to safer riding experiences.

The global motorcycle market is propelled by several key drivers that contribute to its growth and resilience. Urbanization and the demand for efficient mobility solutions play a pivotal role, especially in densely populated urban areas where motorcycles provide a practical and agile means of navigating through traffic. The increasing focus on urban mobility and last-mile connectivity positions motorcycles as essential components of integrated transportation ecosystems.

Economic development and rising middle-class aspirations are fundamental drivers influencing the global motorcycle market. As countries experience economic growth, a burgeoning middle class seeks affordable and practical transportation solutions. Motorcycles, known for their cost-effectiveness and accessibility, become viable options for individuals aspiring to own personal vehicles. Technological advancements and innovation are driving the evolution of the global motorcycle market.

The advent of electric motorcycles, connectivity features, and advanced safety technologies are reshaping the industry. Manufacturers investing in research and development to stay at the forefront of technological innovation are likely to influence the market's trajectory.

Changing consumer preferences and lifestyle trends contribute to the diversity of the global motorcycle market. The shift towards adventure touring, customization, and environmentally conscious riding reflects evolving consumer values. Manufacturers that understand and adapt to these changing preferences can position themselves effectively in the market. Globalization and market expansion are driving forces that contribute to the reach and influence of the motorcycle market. Manufacturers operating on a global scale can leverage diverse market opportunities, catering to different consumer segments and regions. The globalization of the motorcycle market fosters innovation, healthy competition, and the exchange of best practices across the industry.

Major companies operating in the Global Motorcycle Market are:

• Honda Motor Co., Ltd.
• IVS Motor Company Ltd.
• Bajaj Auto Ltd.
• Yamaha Motors Co.
• Suzuki Motor Corporation
• Triumph Motorcycles
• Bayerische Motoren Werke (BMW) AG
• Harley-Davidson, Inc.
• Hero MotoCorp Ltd.
• Kawasaki Motors Corp.

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“The global motorcycle market is a dynamic industry shaped by diverse consumer preferences, technological innovations, and regional variations. Fueled by urbanization, economic development, and a rising middle class, motorcycles serve as efficient and accessible modes of transportation. Key trends such as the rise of electric motorcycles, connectivity features, and a focus on safety contribute to the market's evolution. Challenges, including economic uncertainties and stringent regulations, require strategic navigation. As globalization expands the market's reach, manufacturers must adapt to changing consumer lifestyles and preferences. Overall, the global motorcycle market reflects a dynamic landscape, balancing tradition with innovation to meet the diverse needs of riders worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Motorcycle Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented Analysis, By Motorcycle Type (Standard, Sports, Cruiser, Touring, Others), By Propulsion Type (ICE, Electric), By Region, Competition, 2018-2028”, has evaluated the future growth potential of Global Motorcycle Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Motorcycle Market.

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Table of Content-Global Motorcycle Market

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of theStudy

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Motorcycle Market
5. Global Motorcycle Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Motorcycle Type Market Share Analysis (Standard, Sports, Cruiser, Touring, and Others)

5.2.2. By Propulsion Type Market Share Analysis (ICE, Electric)

5.2.3. By Regional Market Share Analysis

5.2.3.1. Asia-Pacific Market Share Analysis

5.2.3.2. Europe & CIS Market Share Analysis

5.2.3.3. North America Market Share Analysis

5.2.3.4. South America Market Share Analysis

5.2.3.5. Middle East & Africa Market Share Analysis

5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3. Global Motorcycle Market Mapping & Opportunity Assessment

5.3.1. By Motorcycle Type Market Mapping & Opportunity Assessment

5.3.2. By Propulsion Type Market Mapping & Opportunity Assessment

5.3.3. By Regional Market Mapping & Opportunity Assessment

6. Asia-Pacific Motorcycle Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Motorcycle Type Market Share Analysis

6.2.2. By Propulsion Type Market Share Analysis

6.2.3. By Country Market Share Analysis

6.2.3.1. China Market Share Analysis

6.2.3.2. India Market Share Analysis

6.2.3.3. Japan Market Share Analysis

6.2.3.4. Indonesia Market Share Analysis

6.2.3.5. Thailand Market Share Analysis

6.2.3.6. South Korea Market Share Analysis

6.2.3.7. Australia Market Share Analysis

6.2.3.8. Rest of Asia-Pacific Market Share Analysis

6.3. Asia-Pacific: Country Analysis

6.3.1. China Motorcycle Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Motorcycle Type Market Share Analysis

6.3.1.2.2. By Propulsion Type Market Share Analysis

6.3.2. India Motorcycle Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Motorcycle Type Market Share Analysis

6.3.2.2.2. By Propulsion Type Market Share Analysis