Motorcycle Market to cross $225.8 Bn by 2032, Says Global Market Insights Inc.
Major motorcycle market participants include Bajaj Auto, Energica Motor Company, Harley Davidson, Hero, Honda Motorcycle, Kawasaki Heavy Industries, KTM, TVS, Yamaha, Zero Motorcycles
Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --The motorcycle market valuation is projected to reach USD 225.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing demand for fuel-efficient and environmentally friendly transportation options will favor the market growth. The surging rate of urbanization and traffic congestion is increasing the popularity of motorcycles for their maneuverability and efficiency in crowded areas. Additionally, the rising interest in recreational and adventure riding is driving the demand for off-road and sport motorcycles.
Technological advancements, including electric motorcycles and smart features are further attracting consumers to seek modern and innovative transportation solutions. For instance, in January 2023, Hero MotoCorp, India's largest two-wheeler maker, commenced commercial trials of production for its flex-fuel motorcycles, expected to be introduced in the 100 to 125 cc mass segment, a significant part of the Indian ICE scooter business. The affordability and cost-effectiveness of motorcycles compared to four-wheeled vehicles is also making them a favorable choice in emerging markets, adding to the industry growth.
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Motorcycle market from the cruiser segment is anticipated to rise at substantial CAGR from 2024 to 2032, owing to the increasing demand for leisure riding experiences. Cruisers, known for their laid-back designs and comfortable riding stance, are increasingly appealing to riders seeking a relaxed and stylish journey. The rising popularity of cruiser motorcycles among enthusiasts for long-distance touring and recreational riding will also contribute to their heightened adoption. The strong focus of manufacturers on innovative features and customization options will further enhance the appeal of cruiser motorcycles, favoring the industry demand.
Motorcycle market share from the electric propulsion segment is forecasted to exhibit robust growth rate through 2032, due to the increasing emphasis on sustainable transportation. Electric motorcycles help in meeting the growing environmental consciousness for offering emission-free and energy-efficient alternatives. The rising advancements in battery technologies, influx of government incentives, and the expanding charging infrastructure will also promote the adoption of electric motorcycles.
North America motorcycle market will expand at significant CAGR from 2024 to 2032. The growth can be attributed to the rising appeal for recreational riding, the surge in demand for adventure motorcycles, and the growing popularity of electric motorcycles. Moreover, the strong appeal of motorcycling culture, favorable weather conditions for riding, and the introduction of innovative motorcycle models will further contribute to the regional industry expansion.
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Some of the prominent companies operating in the motorcycle market include Bajaj Auto, Energica Motor Company, Harley Davidson, Hero, Honda Motorcycle, Kawasaki Heavy Industries, KTM, TVS, Yamaha, Zero Motorcycles. These industry players are working on partnerships with other companies to create new business possibilities for scaled revenues. For instance, in March 2023, Hero MotoCorp (India) invested up to $60 million in California-based Zero Motorcycles, forming a collaboration to develop powertrains and handle the manufacturing, sourcing, and marketing of electric motorcycles.
*Partial chapters of report table of contents (TOC):*
*Chapter 1 Methodology & Scope*
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
*Chapter 2 Executive Summary*
2.1 Motorcycle market 360^ synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Type trends
2.5 Propulsion type trends
2.6 Engine capacity trends
*Chapter 3 Motorcycle Industry Insights*
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.2.1 Raw material suppliers
3.2.2 Component suppliers
3.2.3 Manufacturers
3.2.4 Distribution channel
3.2.5 End Users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Price trend analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing urbanization and traffic congestion
3.9.1.2 More fuel-efficient compared to larger vehicles
3.9.1.3 Shifting consumer preferences
3.9.1.4 Increasing disposable income in developing economies
3.9.2 Industry pitfalls & challenges
3.9.2.1 Limited storage and passenger capacity
3.9.2.2 Safety concerns
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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*About Global Market Insights Inc.*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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