Apr 24, 2020
Motorcycle Market to Witness Muted Sales in Near Term amid COVID-19: Long-term Outlook to Remain Positive, Opines Fact.MR
by Team Fact.MR
The global motorcycle market was valued at ~US$ 116.8 Bn at the end of 2019 and is anticipated to surpass US$ 135.8 Bn by the end of the forecast period (2020-2030). However, the COVID-19 pandemic has interrupted the growth of the motorcycle industry owing to nationwide lockdowns, leading to a steep decline in sales of motorcycle globally. Owing to the anticipated economic slowdown till the beginning of 2021 and shutdown of production facilities in leading motorcycle markets, major challenges to the players operating in the motorcycle market are anticipated.
Fortunately, manufacturers are determining ways to tackle this situation by focusing on the development of enhanced safety mechanisms to safeguard riders, coupled with improved suspension systems and higher fuel efficiency to influence buying behavior. This, in turn, is anticipated to increase the demand for motorcycles during the forecast period. The global motorcycle market is projected to create significant opportunities by the end of 2030.
Key Takeaways of Global Motorcycle Market Study:
- The global motorcycle market is projected to create an absolute $ opportunity of more than ~US$ 40 Bn and anticipated to grow at a value CAGR of 3.6% during the forecast period
- By product type, standard motorcycles are set to hold a share-wide market dominance with over 27% of the total market value by the end of forecast period 2020-2030
- By engine capacity, up to 150 cc engines are projected to grow at a value CAGR of 1.7%, expected to be valued 2.7X more than 150-300 cc engine by the end of 2020
- By region, APAC is expected to emerge as the fastest growing motorcycle market and is projected to surpass market valuation of ~US$ 80.3 Bn by the end of 2030
“The disruptions due to COVID-19 are causing unprecedented uncertainty for players in the motorcycle market. However, with no near term resolution to the COVID-19 related slowdown in sight, the demand for motorcycle is expected to remain indistinct till the end of 2020” says the Fact.MR analyst.
Key Players Focusing on Product Launches to Regain Hegemony
Key players in the motorcycle market are Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Honda Motor Company, Ltd., Hero MotoCorp Limited, Eicher Motors Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, TVS Motor Company Limited, Ducati Motor Holding S.p.A, among others. Prominent manufacturers are focusing on introducing new products in order to broaden their customer base and gain competitive edge over other players. For instance,
- In 2020, Yamaha introduced its new FZ 25 which is in compliance with BS VI norms. The newly launched bike is powered with 249-cc single-cylinder engine on a lightweight frame of 153 kg and dual channel ABS
- In 2020, Hero Motor Corp introduced its first BSVI Scooter Pleasure+ 110 FI. The newly launched scooter is programmed with XSENS technology which enables in delivering 10% higher fuel efficiency and faster acceleration.
- In 2019, Suzuki introduced its sport adventure tourer V-Storm 1050 and V-Storm 1050XT. The company will manufacture both the bikes in its Japan plant and will be distributed worldwide including Europe and North America.
Find More Valuable Insights on Motorcycle Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global motorcycle market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the motorcycle market based on motorcycle type (adventure, cruiser, mopeds, sports, standard, touring) and engine capacity (up to 150cc, 151-300cc, 301-500cc, 501-800cc, 801-1000cc, 1000-1600cc, above 1600cc) across five major regions.
>>> To Get more insights on motorcycle market, visit- https://www.factmr.com/report/7/motorcycle-market
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.