Motorcycle Market

Motorcycle Market Outlook (2023 to 2033)

The global motorcycle market, as reported by Fact.MR, is valued at US$ 110 billion in 2023. Worldwide sales of motorcycles are forecasted to increase at 4% CAGR and reach US$ 163 billion by the end of 2033.

Motorcycle designs are influenced by several goals, including long-distance travel, racing, cruising, and sports-related activities. The use of motorcycles is significant in human life. There are many different requirements that motorcycles must meet, and each type suggests a specific technology.

Demand for motorcycles around the world is likely to increase during the anticipated period due to increasing private company investments in the development of more efficient motorcycles and the introduction of new motorcycles. Due to traffic congestion, there is a rise in the adoption of electric motorcycles, which contributes to the growth of the motorcycle market.

The main drivers of market expansion are the introduction of efficient products, the rise in sports bike consumers, and the escalating trend of customization. The demand for motorcycles is predicted to increase significantly in semi-urban and rural areas owing to the low cost of ownership. This, in turn, is foreseen to propel the growth of the motorcycle market during the forecast period.

Sports motor bicycles are city bicycles that emphasize speed, slowing down, maintenance, and grip. Sport bikes have engines with nearly greater performance that are supported inside a lightweight casing. The styling of cruisers is modeled after American vehicles, such as Harley-Davidson models.

• Motorcycles with up to 150 CC engine capacity account for 60% of the global market. They are mostly preferred by customers because they are cost-effective and capable of providing the required mileage.

Young people today are quite picky when it comes to the comfort and performance of bikes, which encourages manufacturers to use appealing marketing techniques when they introduce new motorcycle models. Manufacturers of motorcycles are also concentrating on cutting-edge developments in frame metals, riding techniques, and shapes.

• In 2022, BMW AG improved its S 1000 R with improvements in the aerodynamics field. The newly created exterior fairing is composed of exposed visible carbon fiber and has a wider windscreen that considerably enhances maximum speed while lowering aerodynamic drag and improving airflow around the rider.

Increased motorcycle use is primarily due to a rise in the demand for reasonably priced private transportation among people all over the world. Furthermore, governments across the world are promoting the use of electric bikes by offering tax breaks and other financial incentives due to the growing demand for energy-efficient transportation.

Report Attributes	Details
Motorcycle Market Size (2023)	US$ 110 Billion
Forecasted Market Value (2033)	US$ 163 Billion
Global Market Growth Rate (2023 to 2033)	4% CAGR
Market Share of Up to 150 CC Motorcycles (2023)	60%
France Market Value (2033)	US$ 3.4 Billion
India Market Value (2033)	US$ 52 Billion
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.

Why are Motorcycle Sales Continuing to Rise Worldwide?

“Increasing Consumer Inclination towards Electric Bikes”

Adoption of electric motorcycles, owing to rising concern towards environmental safety among the population and government initiatives towards electro-mobility are the key factors driving market growth. Prominent two-wheeler manufacturers are focusing on launching electric bikes, which can create new opportunities for the companies. The initial generation of electric vehicles was expensive and had very limited riding capabilities.

The world of two-wheelers is undergoing a significant transformation due to the adaptation of AI for every rider, vehicle-to-vehicle (V2V) communication, and modifications in ergonomic designs. Additionally, governments from various countries are stepping up their efforts to promote the use of environmentally friendly vehicles by providing tax breaks and incentives for the purchase of electric bikes and scooters.

“Ever-increasing Demand for Standard Bikes”

Standard bike sales are largely driven by the growing economic strength of the middle-class population especially in developing countries owing to the low cost of the standard bike. A standard bike offers high fuel efficiency, low-cost maintenance, notable speed and acceleration coupled with high performance and agility have contributed significantly in terms of revenue to the market. Moreover, these characteristics have resulted in a more preferable choice for new riders, which is attributed to market growth.

“Rapid Innovations in Motorcycles by Several Manufacturers”

Motorcycles now have cutting-edge innovations that are more advanced in terms of comfort, luxury, and safety. Sales are being indirectly boosted, for example, by the development of anti-lock braking systems (ABS), which are becoming more and more popular among end users. To maintain bike stability during emergencies and tight turns, ABS utilizes inertial measurement unit (IMU) data in addition to ABS and throttle control.

Slipper clutches, this equipment are widely used on contemporary bikes and it created to partially disengage the bike when the back wheel tries to propel the engine quicker than it would move on its power. Slipper clutches were initially created for high-performance super-sport bikes and track-only vehicles, but they are now used more extensively in motorcycles.

Improved safety features that protect riders and better motorcycle suspension systems that increase comfort will continue to have an impact on customers purchasing decisions. A major factor in the rise in demand for motorcycles over scooters and other two/three-wheelers is their superior fuel efficiency when compared to other personal forms of transportation.

What are the Obstacles Faced by Manufacturers of Motorcycles?

“Increased Risk of Accidents and High Costs Associated with Sports Bikes”

Factors that are anticipated to impede the growth of the motorcycle industry, are the increased risk of accidents and the high costs associated with sports bikes. Two-wheelers lack the comfort, safety, and convenience that four-wheelers such as sedans, SUVs, and other cars offer. As a result, the general public favors four-wheelers for extended journeys.

Four-wheelers have a variety of safety features such as airbags, anti-lock brakes, lock brakes, seat belts, and other safety equipment to protect the driver and passengers. In contrast, two-wheelers have the fewest built-in safety-related components and systems and the least protective features for the occupants. Therefore, growing concerns about riding two-wheelers are impeding market expansion.

How Can Start-ups Gain Higher Profits in This Competitive Market?

“New Entrants Offering Electric Motorcycles that Produce Zero Emissions and Require Less Maintenance”

Start-ups have emerged as crucial participants in fostering innovation and expanding the bounds of what is possible as e-mobility becomes a more significant component of the transportation sector. New companies will play a key role in determining the direction of transport as the ecosystem continues to change. These businesses are bringing about change and influencing a market that is poised for tremendous growth, whether it is through innovative business models, disruptive new technology, or creative partnerships.

• Electric motorcycles are produced by a start-up in Canada called Damon Motors. The business designs and develops electric motorcycles with features, including monocoque construction, all-electric, multi-variant powertrains, numerous warning systems for hazards, and more.

Country-wise Insights

Why is Motorcycle Demand Increasing Steadily in France?

“Presence of Advanced Motorcycle Manufacturing Companies”

• The market in France is slated to reach US$ 3.4 billion by 2033.

The major bike-producing country in Europe is France. The eye-catching development of France’s manufacturing and industrial sector presents significant opportunities. Future opportunities for two-wheeler producers are anticipated to be plentiful due to expanding government and end-use industry activities.

Rise in motorbike clubs with an emphasis on luxury vehicles is driving market growth. France is quite profitable for two-wheeler manufacturers due to its highly developed production centers and the growing demand for different types of bikes.

What Makes India a Key Market for Motorcycle Manufacturers?

“Rise in Infrastructural Facilities Provided by Government Organizations”

• Demand for motorcycles in India is predicted to reach a valuation of US$ 52 billion in 2033.

India has increased its focus on highly advanced manufacturing infrastructure and developing the capacity of sectors such as motor vehicles and raw materials. The market is being driven by the high demand for a variety of motorbikes, including standard, touring, cruiser, and other models. India is rapidly expanding in terms of capacity and infrastructure.

A key factor driving the expansion of the worldwide motorcycle industry is the growing tourism sector. To encourage the usage of these environmentally friendly vehicles, the government is encouraging the purchase of electric mobility through tax credits and incentives.

Growth of the industry in India is fueled by infrastructural facilities provided by government organizations, such as public charging stations, which considerably enhance the adoption of electric motorbikes by users. A rise in green transport initiatives is also boosting market value.

Original equipment manufacturers (OEMs) are gradually establishing new production facilities in India, which offers promising prospects. Further, it enables them to avoid paying heavy import duties and enables them in maximizing their profits from the growing markets.

Category-wise Insights

Why is the Popularity of Cruiser Motorcycles Increasing Rapidly?

“Cruiser Motorcycles Preferred for Longer Rides in a More Comfortable Position”

Based on motorcycle type, the market is classified into adventure, cruisers, mopeds, sports, standard, and touring.

• Demand for cruiser motorcycles is projected to rise at a CAGR of 4.2% through 2033.

Cruiser bikes are stylish, beginner-friendly, and equipped with motorcycle accessories and advanced audio, making those highly preferred by consumers. Consumers can easily customized cruiser bikes. These bikes are big and bulky then also it becomes easy to adjust ride.

Cruiser bikes are in the premium segment, which has resulted in brand loyalty among customers globally. The best bike for long rides is cruisers. These bikes enable riding for long periods in a more comfortable position. By allowing both feet to touch the ground, the low seat height promotes comfort and confidence, while the saddlebags add more storage.

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 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