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Motorcycle Market Size Is Reached a Valuation of US$ 110 Billion in 2023

motorcycle-market-forecast-2023-2033

According to Fact.MR, the worldwide motorbike industry will be worth US$110 billion in 2023. By the end of 2033, it is anticipated that motorcycle sales will have increased globally at a 4% CAGR and will total US$ 163 billion. Numerous objectives, such as long-distance travel, racing, cruising, and sports-related activities, have an impact on motorcycle designs. Motorbike use is important to human life. Motorcycles must adhere to a wide range of regulations, and each category indicates a certain technology.

Demand for motorcycles around the world is likely to increase during the anticipated period due to increasing private company investments in the development of more efficient motorcycles and the introduction of new motorcycles. Due to traffic congestion, there is a rise in the adoption of electric motorcycles, which contributes to the growth of the motorcycle market.

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The Motorcycle Market continues to be a significant segment within the broader automotive industry, with a wide array of motorcycles ranging from commuter bikes to high-performance motorcycles and electric scooters. As urbanization increases, motorcycles are often preferred for their maneuverability, fuel efficiency, and cost-effectiveness. The market encompasses motorcycles from various manufacturers, each vying for market share through innovations, design improvements, and adherence to evolving emission standards.

Recent Innovations:

  • Advanced Rider Assistance Systems: Recent innovations include the integration of advanced rider assistance systems in motorcycles. These systems, including traction control, anti-lock braking systems (ABS), and adaptive cruise control, enhance rider safety and control. Innovations in safety technologies contribute to reducing accidents and improving overall rider confidence.
  • Hybrid Motorcycles: The development of hybrid motorcycles, combining traditional internal combustion engines with electric propulsion, is an emerging innovation. Hybrid motorcycles aim to provide the benefits of both worlds – the range and convenience of traditional fuel and the environmental advantages of electric power. This innovation reflects the industry’s commitment to addressing environmental concerns.
  • Augmented Reality Helmets: Innovations in helmet technology include the integration of augmented reality (AR) features. AR helmets provide riders with a heads-up display that projects essential information, such as navigation directions and speed, directly onto the helmet visor. This technology enhances rider awareness and safety while riding.
  • Lightweight and Efficient Materials: Advancements in materials technology focus on creating lightweight and efficient motorcycles. The use of materials such as carbon fiber and advanced alloys contributes to reducing the overall weight of motorcycles, improving fuel efficiency, and enhancing performance. Lightweight motorcycles are particularly popular in the commuter and sports segments.

Market Players: –

  • Yamaha Motor Co., Ltd
  • Suzuki Motor Corporation
  • Honda Motor Company Ltd.
  • Hero MotorCorp Limited
  • Eicher Motors Limited
  • TVS Motor Company Limited
  • Harley Davidson Motor Company Inc.
  • Bajaj Auto Limited
  • Ducati Motor Holding SpA
  • Kawasaki Heavy Industries Ltd.

Key Trends:

  • Rise of Electric Motorcycles: A prominent trend in the Motorcycle Market is the rise of electric motorcycles. With a growing emphasis on sustainability and environmental consciousness, electric motorcycles are gaining popularity. Major manufacturers are investing in electric bike technologies, offering consumers emission-free alternatives that align with the global shift towards cleaner transportation.
  • Adoption of Connectivity Features: Motorcycles are becoming more technologically advanced with the adoption of connectivity features. Integrated GPS navigation, smartphone connectivity, and advanced safety systems are becoming standard features in many motorcycles. Connectivity enhances the overall riding experience, providing riders with real-time information and increasing the safety quotient of motorcycles.
  • Urban Mobility Solutions: As cities become more congested, there is a notable trend towards motorcycles serving as urban mobility solutions. Compact and nimble motorcycles, including scooters and lightweight bikes, are gaining popularity for navigating through traffic and offering an efficient means of commuting in crowded urban environments.
  • Customization and Personalization: Consumer demand for unique and personalized vehicles is driving the trend of customization in the Motorcycle Market. Manufacturers are offering customization options, and there is a growing aftermarket for motorcycle accessories and modifications. Customization allows riders to express their individuality and create motorcycles that suit their specific preferences.

Segmentation of Motorcycle Industry Research

  • By Type :
    • Adventure
    • Cruiser
    • Mopeds
    • Sports
    • Standard
    • Touring
  • By Capacity :
    • Up to 150 CC
    •  151-300 CC
    •  301-500 CC
    •  501-800 CC
    •  801-1000 CC
    •  1001-1600 CC
    •  Above 1600 CC

Regional analysis includes

  • North America (USA, Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
  • CIS and Russia
  • Japan
  • Asia Pacific Ex-Japan (Greater China, India, South Korea, ASEAN Countries, Rest of EPAJ)

Competitive Landscape

Motorcycle manufacturers are Yamaha Motor Co., Ltd, Suzuki Motor Corporation, Honda Motor Company Ltd., Hero MotorCorp Limited, Eicher Motors Limited, TVS Motor Company Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, Ducati Motor Holding S.p.A, Expleco Limited,Kawaski Heavy Industries Ltd., Triumph Motorcycles Limited, BMW AG, KTM AG, Polaris Industries Inc, Lifan Industry (Group) Co., Ltd. The world’s leading manufacturers of motorcycle products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh riding environments. Moreover, expertise and professionalism in planning, designing, and providing minimum pollution level are at the backbone of their marketing strategies.

  • In Jan. 2020, Red Bull KTM Factory Racing’s Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.
  • In May. 2019, Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others.

Industry News:

Recent industry developments highlight the dynamic nature of the Motorcycle Market, including strategic collaborations, regulatory compliance initiatives, and responses to emerging market demands:

  • Collaborations for Electric Mobility: Leading motorcycle manufacturers are entering collaborations to accelerate the development of electric mobility solutions. Collaborations involve partnerships with technology firms, battery manufacturers, and charging infrastructure providers to create a robust ecosystem for electric motorcycles. These collaborations aim to address challenges related to range, charging infrastructure, and affordability.
  • Adoption of Euro 5 Emission Standards: The industry is responding to stricter emission regulations by adopting Euro 5 standards. Motorcycle manufacturers are investing in research and development to ensure compliance with these standards, which focus on reducing emissions of pollutants such as nitrogen oxides and particulate matter. Compliance initiatives contribute to a cleaner and more environmentally friendly Motorcycle Market.
  • Focus on Rider Training and Safety: Recognizing the importance of rider safety, industry players are investing in rider training programs and safety awareness campaigns. These initiatives aim to educate riders about safe riding practices, the importance of protective gear, and adherence to traffic rules. Promoting rider safety enhances the industry’s reputation and contributes to a positive riding culture.
  • Expansion into Emerging Markets: Motorcycle manufacturers are expanding their presence in emerging markets, recognizing the growth potential in regions with increasing urbanization and a rising middle class. Strategic expansions involve establishing manufacturing facilities, distribution networks, and service centers to cater to the specific needs and preferences of consumers in these markets.

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