Motorcycle Market to Exhibit a Remarkable CAGR of 8.6% by 2031 | current & future trends

The global motorcycle market is expanding rapidly due to surge in adoption of electric motorcycles

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 14, 2024 /EINPresswire.com/ -- The global 𝐌𝐨𝐭𝐨𝐫𝐜𝐲𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 is expanding rapidly due to surge in adoption of electric motorcycles, increase in investment by frontrunners in the motorcycle sector, and surge in demand for two-wheeler owing to traffic congestion. On the other hand, high cost and risk related to sports bikes restrain the market growth to some extent. Nevertheless, the surge in evolution and popularity of motorcycle events in developed nations and integration of advanced technologies in motorcycles will offer remunerative growth opportunities to the market in the upcoming years. The global motorcycle market size was valued at $105.52 billion in 2021, and is projected to reach $233.51 billion by 2031, registering a CAGR of 8.6% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 310 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A31857

On the basis of propulsion type, the internal combustion engine (ICE) segment garnered the major share in 2021, contributing to nearly 90% of the overall market revenue and is expected to continue its supremacy from 2022 to 2031. The growth is attributed to the technological advancements in IC engines with simpler components and surging incorporation of ICEs along with fuel-efficient systems. On the other hand, the electric segment would cite the fastest growth with 13.1% CAGR during the forecast period, due to strict government norms for vehicle emissions and robust demand for low emission, high performance, and fuel-efficient vehicles.

The concept of the motorcycle is typically attributed to the two-wheeled vehicle which is usually propelled by an internal-combustion engine (ICE). This engine converts the reciprocating motion of pistons into rotary motion, just like the engine in a car. Meanwhile, these vehicles are accessible in a wide scope of motor sizes and for various applications. The design of motorcycles depends on different objectives such as long-distance travel, racing, cruising, and sports-related activities. Currently, motorcycles have become more advanced in terms of convenience, luxury, and safety, owing to the adoption of cutting-edge technologies by manufacturers. Anti-lock brake systems (ABS), for example, is indirectly fueling sales owing to their high performance and instant braking ability. For instance, in March 2021, Bajaj Auto launched all-new Platina110 with anti-lock brake systems (ABS) at $806.86 (INR 65,920). In addition to ABS the bike offers 240mm front disc brake, which helps to prevent skidding or loosing control. The engine delivers 6.33 KW (8.6 PS) of power at 7000 rpm and 9.81 Nm torque at 5000 rpm. It has a four-speed transmission unit.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/motorcycle-market/purchase-options

Rising demand for two-wheeler due to traffic congestion and adoption of electric motorcycle by users owing to the increase in global carbon emission by fuel combustion is one of the major factors driving the global motorcycle market. Furthermore, highly competitive market landscape and government incentives further aid the growth and development of the market globally. In addition, increasing number of motorcycle clubs focusing on cruiser motorcycles, pioneered by Harley-Davidson and Indian motorcycles, is expected to spur the sales of motorcycles. For instance, motocross has garnered more fans in China after the Motocross World Championship, the most influential of the sport's events globally, hosted its annual showcase at the China International Import Expo in Shanghai for two consecutive years from 2020 to 2021. Furthermore, motorcycle manufacturers are also focusing on new inventions related to frame metals, riding styles, and shapes to make them more advanced. For instance, in November 2022, SUZUKI MOTOR CORPORATION launched the all-new V-STROM 800DE sport adventure tourer and GSX-8S street fighter at the EICMA 2022 (Milan Show), which is held in Milan, Italy. The V-STROM 800DE and the GSX-8S were developed as brand-new 800cc class models with lightweight and maneuverable features for a wide range of riders.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐏𝐢𝐚𝐠𝐠𝐢𝐨 & 𝐂. 𝐒𝐩𝐀, 𝐓𝐑𝐈𝐔𝐌𝐏𝐇 𝐌𝐎𝐓𝐎𝐑𝐂𝐘𝐂𝐋𝐄𝐒, 𝐇𝐚𝐫𝐥𝐞𝐲-𝐃𝐚𝐯𝐢𝐝𝐬𝐨𝐧 𝐈𝐧𝐜., 𝐁𝐌𝐖 𝐀𝐆, 𝐒𝐔𝐙𝐔𝐊𝐈 𝐌𝐎𝐓𝐎𝐑 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍, 𝐊𝐓𝐌 𝐀𝐆, 𝐓𝐕𝐒 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐋𝐭𝐝., 𝐘𝐚𝐦𝐚𝐡𝐚 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐇𝐎𝐍𝐃𝐀 𝐌𝐎𝐓𝐎𝐑 𝐂𝐎.,𝐋𝐭𝐝, 𝐙𝐄𝐑𝐎 𝐌𝐎𝐓𝐎𝐑𝐂𝐘𝐂𝐋𝐄𝐒, 𝐈𝐍𝐂.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A31857

In addition, the motorcycle market size has witnessed significant growth in recent years, owing to the increasing investments in automation, launches of new & technologically advanced products, increase in the consumer demand for high-speed, attractive design & digital dashboards, and government initiatives for vehicle production for mountain areas. Furthermore, the companies operating in the motorcycle market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in August 2020, HONDA MOTOR CO.Ltd launched the all-new CBR600RR super sports bike which is equipped with a high-performance, 599cc, liquid-cooled, four-stroke DOHC inline four-cylinder engine. This newly developed CBR600RR features the latest electronic control and aerodynamic technologies to realize enhanced overall performance.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A31857

On the basis of price range, the mid segment held the largest share in 2021, accounting for more than one-third of the total market revenue and is estimated to lead the trail from 2022 to 2031. The growth is attributed to the availability of a broad range of mid-priced motorcycles furnished with the latest safety technologies and the surge in consumer income. On the other hand, the low segment would display the fastest CAGR of 9.5% throughout the forecast timeframe, because the bikes are less expensive, offer advanced safety features like ABS and great efficiency.

The regional analysis in the report states that the market across the Asia-Pacific generated the highest market share in 2021, contributing to more than one-third of the total market revenue and is estimated to grab the lion’s share throughout the forecast timeframe. The same region is estimated to showcase the highest growth with 9.7% CAGR by 2031, due to surge in the consumer shift toward premium-off road motorcycles, growing focus on superior performance and comfort by manufacturers, and the increase in technological advancements in the automobile sector.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the sports segment dominated the global motorcycle market in terms of growth rate.

By propulsion type, the electric segment dominated the global market in terms of growth rate.

By price range, the low segment dominated the global market in terms of growth rate.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Motorcycle Airbag Market - https://www.alliedmarketresearch.com/motorcycle-airbag-market-A08507

Electric Bike Kit Market - https://www.alliedmarketresearch.com/electric-bike-kit-market-A10057

Bike Sharing Market - https://www.alliedmarketresearch.com/bike-sharing-market-A11309

David Correa
Allied Market Research
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