Motorcycle Market

Motorcycle Market Growth Outlook 2022-2032

The motorcycle market is set to enjoy a valuation of US$ 98.8 billion in 2022 and further expand at a CAGR of 3.8% to reach US$ 144 billion by the end of 2032.

Electric Motorcycle will grow 5X higher than convention IC engine motorcycle and cater a vast majority of customer. Further, development in adventure and touring segment is likely to create a high revenue stream for manufacturers.

Report Attributes	Details
Market Size in 2021	US$ 95.6 Billion
Market Size in 2022	US$ 98.8 Billion
Forecasted Market Value (2032F)	US$ 144 Billion
Global Market Growth Rate (2022-2032)	3.8% CAGR
Asia Pacific Market Share (2022)	~68.8%
Asia Pacific Market Value(US$ Mn), 2022	US$ 68 Billion
Europe Market Share(%), 2022	~11%
Europe Market Value(US$ Mn), 2022	US$ 10.9 Billion
China Market Share(%), 2022	~10.9%
China Market Value(US$ Mn), 2022	US$ 10.8 Billion
Market Share of Top 3 Countries (%)	~49%
Key Companies Profiled	Yamaha Motor Co., Ltd Suzuki Motor Corporation Honda Motor Company Ltd. Hero MotorCorp Limited Eicher Motors Limited TVS Motor Company Limited Harley Davidson Motor Company Inc. Bajaj Auto Limited Ducati Motor Holding S.p.A Kawaski Heavy Industries Ltd.

Sales Analysis of Motorcycle Market (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Driven by a focus on research and development and rising investments in the motorcycle sector, the market will rise at a 3.8% CAGR between 2022 and 2032 in comparison to the (1.5)% CAGR registered during 2017-2021.

Increasing disposable income of middle class population in the developing region propel the demand for two wheelers in the market which increase the sales and production of new two wheelers. This factor directly impacts the motorcycles market

Asian countries like India, China, and ASEAN countries are considered as the largest market for motorcycles.

Therefore, with demand for motorcycles in the developing countries on a rise, original equipment manufacturers (OEMs) are gradually establishing new production facilities in these countries 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.

In addition, the demand for motorcycles is expected to increase significantly from semi-urban and rural areas owing to the low cost of ownership. This, in turn, is foreseen to propel the growth of motorcycle market during the forecast period. Therefore, the presence of large scale manufacturers in Asian countries is expected to create plethora of opportunities for the players operating in motorcycle market.

• Short Term (2022-2025): Standard and upto 150CC engine capacity of motorcycle are making positive impact on market growth.
• Medium Term (2025-2028): Europe and Latin America anticipated to witness high two-wheeler demand in these regions, with the global leading players.
• Long Term (2028-2032): Increase in the use of automatic motorcycle will drive the market demand.

Over the 2017-2021 historical period, the global motorcycle market registered a CAGR of (1.5)%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 3.8% CAGR between 2022 and 2032.

Market share analysis of motorcycle based on application and region is provided in a nutshell in the above image. Under the region segment, Asia-Pacific region dominates with 68.8% market share in 2022.

What’s Driving Demand for Motorcycle?

“The Standard Bikes Increasing the Demand for Motorcycle Market.”

The standard bike sales are largely driven by the growing economic strength of middle-class population especially in the developing countries owing to the low cost of the standard bike.

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 attributing to the growth of market.

After the COVID-19 pandemic, the commuters are avoiding public transport and giving preference for the motorcycle as their suitable alternative, owing to which demand for standard bikes is increasing day by day.

“Increasing Technical Advancement in Motorcycles to Bolster Market Growth.”

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 is becoming more and more popular among end users. In order to maintain bike stability during emergency situations and tight turns, ABS utilizes inertial measurement unit (IMU) data in addition to ABS and throttle control.

Slipper clutches, this equipment are frequently 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 own power. Slipper clutches were initially created for high-performance super-sport bikes and track-only vehicles, but they are now used more frequently in motorcycles.

Improved safety features that protect riders and better 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 Do Motorcycle Manufacturers Need to Watch Out for?

“Integration of Smart Biking Accessories Conducive for Motorcycles”

The manufacturers in the market are integrating smart technologies for safer riding experience and in order to prevent accidents. Technologies such as vehicle-to-vehicle communication are being developed which will enable in understanding the speed and position of the vehicle and provide warning to the rider.

Moreover, manufacturers are also installing adaptive headlights which causes light to pivot when the motorcyclist steers thereby improving the visibility. Thus, the manufacturers are optimizing the potential of integrating smart accessories into the bikes to remain competitive and reinforce the demand for motorcycle during the forecast period.

“Rising Adoption of E-Bikes and E-Scooters to Hamper the Growth of Conventional Engine Motorcycles Sales”

The adoption of electric vehicle, owing to rising concern towards environment safety among the population as well as government initiative towards electro-mobility might affect the growth of the market. However, prominent two wheeler manufacturers are focusing on launching electric bikes which might create new opportunities for the companies

This is a great opportunity for two wheeler industry to grow with robust solutions to overcome restraints and capture the available opportunity.

Country-wise Insights

Will the Advanced Manufacturing Hubs in the France will Drive High Demand for Motorcycle?

The Germany market of two wheelers is currently estimated at around 22.7% market share of Europe region in 2022.

The largest bike producing nation 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.

France is quite profitable for two wheeler manufacturers due to its highly developed production centers and the growing demand for different types of bikes. According to Fact.MR analysis, the French motorcycle industry is expected to reach around US$ 3.1 billion by 2032. This illustrates France’s high potential, which motorbike makers should consider.

Why is the India Motorcycle Market Expected to Be Boost?

India’s has gained 82 BPS point at the end of 2021 in Asia-Pacific region as compared to 2017. India has increased its focus on highly advanced manufacturing infrastructure and developing the capacity of sectors such as motor vehicles and raw materials.

The Asia-Pacific market of motorcycle is currently centered in India, and manufacturers are concentrating there. For the time being, India’s growth 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. In the forecast period this present significant competitive challenges for other nations.

Asian countries like China, and ASEAN countries are considered as the largest market for vehicles. Therefore, with demand for motorcycles in the developing countries on a rise, original equipment manufacturers (OEMs) are gradually establishing new production facilities in these countries 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.

The India market for motorcycle is expected to reach a valuation of US$ 51.8 billion in 2032.

Category-wise Insights

Will Market Growth Be Led by Cruiser Motorcycle Type?

Cruisers bikes are stylish, beginner-friendly, and equipped with motorcycle accessories and advanced audio, making those highly preferred by consumers.

Consumers can easily customized cruiser bike. These bikes are big and bulky then also it becomes easy to adjust ride. Cruiser bikes in the premium segment which has resulted in brand loyalty among the customers globally. The best bike for long rides are cruisers. These bikes enables ride for long periods of time 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.

The cruiser motorbike type is expected to be grow in the forecast with CAGR of 2.9%. Other key segments fueling the sales of manufacturers are standard, mopeds, sports, touring and adventure bikes.

Why The Engine Capacity Upto 150 Cc Are Dominating Motorcycle Market?

As the population increases across the globe, the demand of faster and affordable means of transport has increased considerably in the past years.

Due to that the automotive manufacturers are focusing on light weight vehicle components and accessories in order to reduce the weight of the vehicle as well to control the automobile emission and increase the life of a vehicle. This segment is mostly preferred by customers because its is cost-effective while capable of providing required mileage,

Upto 150 CC engine capacity segment has worldwide market share increased from 56.8% in 2017 to 57.7% at the end of 2021.

Competitive Landscape

Motorcycle manufacturers are Yamaha Motor Co., Ltd, Suzuki Motor Corporation, Honda Motor Company Ltd., Hero MotorCorp Limited, Eicher Motors Limited, TVS Motor Company Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, Ducati Motor Holding S.p.A, Expleco Limited,Kawaski Heavy Industries Ltd., Triumph Motorcycles Limited, BMW AG, KTM AG, Polaris Industries Inc, Lifan Industry (Group) Co., Ltd. The world’s leading manufacturers of motorcycle products are employing sustainable technologies and optimization systems for diverse end users. Key manufacturers are focusing on developing new product designs to address problems in terms of product placement in harsh riding environments. Moreover, expertise and professionalism in planning, designing, and providing minimum pollution level are at the backbone of their marketing strategies.

• In Jan. 2020, Red Bull KTM Factory Racing’s Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.
• In May. 2019, Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others.

Fact.MR has provided detailed information about the price points of key manufacturers of motorcycle positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Motorcycle Industry Research

• By Type :

  • Adventure
  • Cruiser
  • Mopeds
  • Sports
  • Standard
  • Touring

• By Capacity :

  • Up to 150 CC
  •  151-300 CC
  •  301-500 CC
  •  501-800 CC
  •  801-1000 CC
  •  1001-1600 CC
  •  Above 1600 CC

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA