Motorcycles Market Comprehensive study explores Huge Growth by 2025
Market Overview
Global Motorcycles Market isexpected to reach 43.4 Million units by 2025, at a CAGR of 5.73% during theforecast period.
The report covers segmentationand drivers for a better glimpse of the market in the coming years. The growthof the motorcycles market is attributed to the rising disposable income levelsof the middle-class population across the globe, and the demand for affordableand convenient modes of transportation. OEMs are focused on manufacturingconventional motorcycles, especially sports designs, as the demand from theyoung population dominates the demographics of major markets such as China,India, the US, Brazil, and Mexico.
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Competitive Analysis
Some of the key industryparticipants of the global motorcycles market are Suzuki Motor Corporation(Japan), Polaris Industries, Inc. (US), Honda Motor Co., Ltd. (Japan), YamahaMotor Co., Ltd. (Japan), Harley-Davidson, Inc. (US), PIERER Mobility AG(Austria), BMW AG (Germany), Kawasaki Heavy Industries, Ltd. (Japan), TriumphMotorcycles (UK), Hero MotoCorp Ltd. (India), Bajaj Auto Ltd. (India), TVSMotor Company (India), Ducati Motor Holding S.p.A. (Italy), and Eicher MotorsLimited (India). The globalmotorcycles market is highly fragmented, with the presence of a high numberof market players. The market has a huge scope for improvement in the comingyears. Motorcycle manufacturers, dealers, distributors, and retailers have opportunitiesto increase their efficiency through the adoption and integration of advancedanalytics and business intelligence. The manufacturers/service providers areoperating at the regional level. The players are adopting business strategiessuch as mergers & acquisitions, product development, partnerships, jointventures, and expansions to improve their positions in the market, bothregionally and globally.
Suzuki Motor launched its firstBS-6 compliant GIXXER series motorcycles in India. The BS-6 compliant 155ccGIXXERs will be the first offering by SMIPL in the BS-6 motorcycles category.
Honda revealed its 2020 Europeanmotorcycle line-up CBR1000RR-R Fireblade and CBR1000RR-R Fireblade SP. Theirmost powerful inline four-cylinder engines power these bikes. The 2020CBR1000RR-R Fireblade delivers a maximum power output of 160kW at 14500rpm.
Honda unveiled a premium BSVI2-Wheeler, the Activa 125 Sparks. It is equipped with the Honda ACG starter,programmed fuel injection (PGM-FI), and other unique features.
Segmental Analysis
The global market for motorcyclesis segmented based on type and country. By type, the global market is dividedinto adventure, cruiser, sports, standard, and touring. The standard segment isexpected to register considerable growth over the projected timeframe. Standardmotorcycles are often termed as naked motorcycles and have been prevailing inthe market for decades. A standard bike is an evolution of universal Japanesemotorcycles and classic British bikes. These bikes combine an upright seatingposition with the handlebar and footpegs placed at a comfortable distance awayfrom the rider.
Regional Analysis
A geographic analysis of theglobal motorcycles market has been conducted for China, the US, India, Mexico,and Brazil.
China accounted for a significantmarket share in 2019. The country is recognized as one of the prominentmotorcycle-manufacturing hubs owing to affordable labor and the availability ofraw materials. Although the popularization of four-wheel vehicles continues inChina, the motorcycles market is witnessing a gradual decline yearly, droppingbelow the 14-million-unit level for both production and sales volumes in 2018.Looking at production volumes by engine displacement, the market for the 125ccand below segment is either flat or shrinking and is increasing for motorcycleswith displacements of 125cc and above. The Guangdong and Zhejiang provinces andChongqing city in the Chongqing municipality are among the prime manufacturinglocations in China. One of the factors boosting the growth of the motorcyclesmarket in China is the ban on electric bikes to maintain smooth traffic flowand ensure the safety of pedestrians. Also, government regulations favoring theadoption of lightweight motorcycles and discouraging the use of electricscooters and three-wheeled trikes have encouraged motorcycle manufacturers toenter the Chinese market.
In 2019, India held thesecond-largest share of the global motorcycles market. The Indian motorcyclesmarket is largely characterized by inexpensive, fuel-efficient, andlow-displacement bikes. The country has witnessed an unprecedented demand formotorcycles from rural areas, owing to new infrastructural developments and theconstruction of paved roads. India is one of the world’s largest market formotorcycles, with Honda, Bajaj, Hero MotoCorp, and TVS being the most preferredmotorcycle manufacturers.
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