New York, June 17, 2024 (GLOBE NEWSWIRE) -- Market Overview
The Global Motorcycle Market size is expected to reach USD 118.7 billion by 2024 and is further anticipated to reach USD 231.1 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 7.7 % from 2024 to 2033.
A motorcycle is a type of two-wheeled vehicle with a saddle-style seat and handlebars for control, usually powered by an internal combustion engine. It is intended for one or two passengers and is operated by a rider. There are many designs aimed for different purposes like sports bikes excel in speed, while cruisers prioritize comfortable long-distance journeys through unpaved areas.
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Important Insights
- The global motorcycle market is predicted to grow by USD 104.2 billion by 2033 from 2025 with a CAGR of 7.7%.
- Based on product, On-road motorcycles are expected to lead the market due to due to the demand for cruisers, sport bikes, and the growing trend of personalized bikes
- The ICE segment is expected to dominate the motorcycle market in revenue share due to fuel-efficient systems and advanced engine technologies.
- The standard segment is anticipated to grow with the largest revenue share driven by its advanced technology and classic design to comfort riders.
- Asia Pacific is anticipated to lead the motorcycle market with a 61.9% share in 2024, due to rapid urbanization along with a large base of Chinese and Indian customers, availability of raw materials, and great processing capacities, making them ideal places to manufacture these motorcycles.
- Europe region emerges as the fastest-growing sector, driven by rising production units, manufacturing hubs, and demand for different types of motorcycles.
Trends
- Advancements in motorcycle technology like improved engine efficiency, safety features, connectivity options, and electric propulsion systems are increasing consumers number looking for more advanced and environmentally friendly options.
- There is a growing trend for personalized motorcycles due to their unique and individualized riding experiences which provide a convenient and cost-effective mode of commute for navigating through traffic as urban areas are becoming more congested.
Some of the prominent market players
- Harley-Davidson Incorporation
- Yamaha Motor Co., Ltd.
- Yadea Group Holdings Ltd.
- Honda Motor Co., Ltd.
- Piaggio & C. SpA
- BMW AG
- Suzuki Motor Corporation
- Hero MotoCorp Limited
- Bajaj Auto Ltd.
- TVS Motor Company
- Other Key Players
Competitive Landscape
- Motarcycle market consists of both new and established businesses, with many major companies expanding their manufacturing operations worldwide to meet the growing demand for motorcycles.
- Policies are implemented to boost the growth of the market, including initiatives like joint ventures and the introduction of new products. Key players in this industry include Harley-Davidson Corporation, Honda Motor, and others.
- Furthermore, some companies are concentrating on the electric market by establishing production facilities and converting traditional motorcycles and scooters into electric models.
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Motorcycle Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 118.7 Bn |
| Forecast Value (2033) | USD 231.1 Bn |
| CAGR (2024-2033) | 7.7% |
| Leading Region in terms of Revenue Share | Asia-pacific |
| Percentage of Revenue Share by Leading Region | 61.9% |
| Historical Data | 2017 - 2022 |
| Forecast Data | 2025 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Type, By Propulsion Type, By Capacity, By Prices |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Drivers
- The motorcycle market is fueled by the introduction of cost-effective products, rising sport motorcycle enthusiasts, and a growing interest in customized services. These are preferred over public transport due to improved living standards and convenient options.
- Due to its affordability and efficiency for commuting, it is preferred by the middle-class population, which boosted the demand of this market.
Restraints
- Growing safety issues associated with motorcycle riding, including accidents and injuries, pose a significant challenge to the growth of the market.
- Government strict regulation regarding emissions standards, safety requirements, and noise levels add complexity and cost to manufacturing motorcycles, which obstructs the growth of the market.
Opportunities
- Consumer disposable income is increasing particularly in developing countries which led to increased spending on leisure activities like motor purchasing a motorcycle.
- Increasing population, including a growing younger population and an increasing number of women riders, are expanding the customer base for motorcycles.
Market Analysis
The standard segment, with classic design and advanced technology, is expected to dominate with the largest revenue share in 2024 due to its advanced technology and timeless design that prioritize rider comfort, they are also among the oldest types. Cruisers are known for their comfort and relaxed riding options, gaining popularity for improved designs and low fuel consumption.
Leading industry players are introducing enhanced cruiser bike models with improved fuel efficiency, expected to drive growth in this category. Additionally, the increasing trend of long-distance touring on motorcycles is contributing to the expansion of the adventure segment.
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Motorcycle Market Segmentation
By Product
- On-road Motorcycles
- Off-road Motorcycles
- Scooters
By Type
- Standard
- Cruiser
- Sports
- Adventure
- Others
By Propulsion Type
- Internal combustion Engine (ICU)
- Electric
By Capacity
- Under 400 CC
- 400-800 CC
- 800-1200 CC
- Above 1200CC
By Price
- Low
- Mild
- High
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Regional Analysis
The Asia Pacific region is projected to dominate the market share with 61.9% of revenue in 2024, driven by rapid urbanization and a large consumer base in countries like China and India. This region is a favorable location for motorcycle production due to abundant raw materials and robust manufacturing capabilities.
Europe follows closely as the second-largest market, experiencing significant growth with its advanced production facilities, manufacturing centers, and diverse demand for many types of motorcycles.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Recent Developments in the Global Motorcycle Market
- February 2023: Japanese motorcycle manufacturer Yamaha announced to update its entire two-wheeler range in India to the OBD-II system in which the company is going to introduce a traction control system in its 150 CC providing, the FZS-Fi V4 Deluxe, FZ-X, and MT-15 V2 Deluxe models, as a standard safety equipment.
- March 2023: Hero MotoCorp collaborated with Zero Motorcycles, investing up to USD 60.0 million to develop power trains with the scale of manufacturing, sourcing, and marketing.
- January 2023: Hero MotoCorp announced to start of trial production of e20 fuel two-wheelers capable of taking a combination of e10 and e20.
- December 2022: Royal Enfield announced the launch of a new CKD plant in Brazil which offers a capacity of 15000 units per year and will focus on the local assembly of the entire line-up of Royal Enfield motorcycles.
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