Rockville, July 12, 2023 (GLOBE NEWSWIRE) -- According to a recent study by Fact.MR, a market research and competitive intelligence provider, the Motorcycle Market stands at US$ 110 billion in 2023 and is projected to expand at a robust CAGR of 4% by 2033.
The most practical form of transportation is a motorcycle. The motorcycle business presents fresh chances for expansion and innovation because it is a creative sector. In many parts of the world, there is a culture of motorcycle enthusiasts who are forming clubs to celebrate and unite people who share a passion for the same brand of motorcycle on one platform.
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Many diverse activities, such as cruising, racing, long-distance travel, and daily commuting, can be done on these bikes with ease. The demand for motorcycles has increased due to the rising consumer desire for bikes as private mobility options with off-road capabilities.
Motorcycles have better gas mileage than many vehicles, and manufacturers are putting more emphasis on offering cutting-edge, practical technology, which has led to a rise in motorcycle sales worldwide. Over the last few years, increased consumer interest in motorcycles has been sparked by the integration of modern technology such as Bluetooth speaker systems, bucket seats, navigation assistance, and distinctive horns.
Key Takeaways from Market Study
- The global motorcycle market is valued at US$ 110 billion in 2023.
- Worldwide sales of motorcycles are forecasted to increase at a CAGR of 4% from 2023 to 2033.
- Global motorcycle demand is expected to reach a market value of US$ 163 billion by 2033.
- Demand for cruise motorcycles is set to rise at a CAGR of 4.2% over the next ten years.
- The market in France is estimated to reach US$ 3.4 billion by the end of 2033.
Issues such as carbon emissions are seriously considered in worldwide environmental awareness efforts, and new electric-powered motorcycles are gaining prominence as a result. Battery-powered electric scooters have a good range when fully recharged and are rising in popularity,” says a Fact.MR analyst
Competitive Landscape
Top manufacturers are increasing their R&D investments to provide better performance and comfort. They are focusing on new developments, product standards, and supply chain management to increase their revenue. Leading companies in the motorcycle industry also benefit from the adoption of advanced technology and the growth in popularity and evolution of motorcycle events in developed economies.
For instance:
- In 2023, the Pan America, a brand-new adventure touring motorcycle, was introduced by Harley-Davidson. The bike is made with off-road and on-road riding in mind and is targeted at the expanding adventure touring market.
Key Companies Profiled
- Eicher Motors Limited
- Ducati Motor Holding S.p.A
- Yamaha Motor Co., Ltd.
- Bajaj Auto Limited
- Suzuki Motor Corporation
- Harley Davidson Motor Company Inc.
- Honda Motor Company, Ltd.
- Hero MotoCorp Limited
- TVS Motor Company Limited
- Kawasaki Heavy Industries, Ltd
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Winning Strategy
Leading companies are integrating smart technologies for a safer riding experience and to prevent accidents. Technologies such as vehicle-to-vehicle communication are being developed that will enable riders to understand the speed and position of the vehicle and provide warnings to riders. Key players in the worldwide motorcycle market are spending on research and development, improving design processes, and developing next-generation air-cooled engines with higher torque and advanced braking systems to increase mileage and fuel consumption.
Top motorcycle manufacturers are installing adaptive headlights which causes light to pivot when the motorcyclist steers thereby improving the visibility. They are optimizing the potential of integrating smart accessories into the bikes to remain competitive and reinforce the demand for motorcycles during the forecast period.
For instance,
- In 2023, the new YZF-R1M superbike was launched by Yamaha. A top competitor in the market for high-performance motorcycles, the bike has innovative electronic systems and a lightweight carbon fiber body.
Key Segments of Motorcycle Industry Research
- By Engine Capacity:
- Up to 150 CC
- 150 to 300 CC
- 300 to 500 CC
- 500 to 800 CC
- 800 to 1,000 CC
- 1,000 to 1,600 CC
- Above 1,600 CC
- By Motorcycle Type:
- Adventure
- Cruisers
- Mopeds
- Sports
- Standard
- Touring
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global motorcycle market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the motorcycle market based on engine capacity (up to 150 CC, 150 to 300 CC, 300 to 500 CC, 500 to 800 CC, 800 to 1,000 CC, 1,000 to 1,600 CC, above 1,600 CC) and motorcycle type (adventure, cruisers, mopeds, sports, standard, touring), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Check Out More Related Studies Published by Fact.MR Research:
Motorcycle Accessories Market: The global Motorcycle Accessories market is likely to be valued at US$ 8.84 Billion in FY 2022, up from US$ 8.39 Billion in 2021. From 2022 to 2032, motorcycle accessories sales are poised to flourish at a CAGR of 6% to reach a value of US$ 15 Billion by the end of 2032.
Motorcycle Filter Market: The global motorcycle filter market is poised to exhibit a CAGR of 6.2% during the forecast period of 2017-2022. As per the Fact.MR analysis, the oil filter sub-segment is the largest one in the filter type segment and is poised to demonstrate a strong CAGR during the forecast period.
Motorcycle Handlebar Control Switch Market: The global motorcycle handlebar control switch market is valued at US$ 5.58 billion in 2023 and is forecasted to climb to US$ 8 billion by 2033, rising at a CAGR of 3.6% from 2023 to 2033.
Motorcycle Riding Gloves Market: In 2023, the global motorcycle riding gloves market stands at US$ 115 million and is forecasted to reach US$ 154.9 million by the end of 2033. Global demand for motorcycle riding gloves is forecasted to increase at a CAGR of 3% over the next ten years.
Motorcycle Suspension System Market: According to the recent study, the motorcycle suspension system market is expected to register moderate growth during the forecast period owing to the increasing frequency of suspension replacement, growing population, and increased demand for comfort is expected to drive the growth of the market.
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