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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Motorcycle Market Size
The global motorcycle market would likely grow at a CAGR of 8.5% during 2024-2032. Asia, North America and Europe are likely to be key markets.
| Global Motorcycle Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | XX |
| Market Size 2032 | USD Billion | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 8.5% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 9.8% |
| CAGR 2024-2032 - Market by Country | India | 11.2% |
| CAGR 2024-2032 - Market by Country | China | 9.4% |
| CAGR 2024-2032 - Market by Type | Standard | 9.5% |
| CAGR 2024-2032 - Market by Propulsion Type | Electric | 13.6% |
| Market Share by Country 2023 | France | 3.1% |
Global Market Likely to be Driven by Advantages and Features Offered by Motorbikes, Such as Convenience, Cost-effective Means of Transport, and Attractive Offerings by Leading Companies
Motorcycles Offer a Lifestyle
Motorcycles are a convenient transport alternative; these require less parking space and are easy to ride on smaller paths. For many people, motorcycles represent a lifestyle and freedom on the road. Motorcycles are especially convenient when travelling short distances; these attributes are expected to boost the global motorcycle market.
Motorcycles Offer Many Options to Personalize
Motorcycles allow customisation, a feature that many individuals value. Examples may include custom paint jobs, vinyl decals or distinct wheels. Customization of gear can offer even more personalization options. Such customization options are likely to stimulate global motorcycle market growth.
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There are Several Categories of Motorcycles
Main categories of motorcycles include adventure bikes (for example, BMW R1250GS), cruisers (for example, Harley Fat Boy), naked bikes (for example, Yamaha MT-07), sports bikes (for example, Honda CBR1000RR-R Fireblade), tourers (for example, BMW R1250RT), sports tourers (for example, Kawasaki Ninja 1000SX), dual sport bikes (for example, Honda CRF450L), classic (for example, 1969 Triumph Bonneville T120), off-road bikes (for example, KTM 450 SX-F), scooter (for example, Honda PCX125), moped (for example, Mash Roadstar 50), and custom (for example, Harley chopper).
Popular bikes include Honda PCX 125, Yamaha NMAX 125, BMW R1250GS, BMW R1250GS Adventure, Honda CB125F, Honda Vision 110, Royal Enfield Interceptor 650, Honda CRF1000L Africa Twin, Honda CB125R, and Yamaha MT-07, and others.
Motorcycles Sales Show Growing Trends; Leading Companies are Expanding Operations and Looking to Offer New and Improved Bikes
In 2022, it was reported that Hero MotoCorp sold over 28 lakh units in the first six months of FY 2022- 23. This was a double-digit growth of over 14% during the corresponding period of the previous fiscal year. In September 2023, Hero MotoCorp dispatched nearly 519,980 units of motorcycles and scooters. In 2021, Hero MotoCorp expanded operations and inaugurated a flagship dealership in Argentina to make new investments and create 500 new jobs.
In 2021, Royal Enfield launched the all-new Classic 350, offering its quintessential, timeless and retro-styled features with all the foundations of a contemporary motorcycle. The motorcycle offered a smoother and refreshing ride experience; it featured a modern J-series engine with an all-new chassis, and came in 5 variants with eleven colourways. Such developments are likely to stimulate global motorcycle market growth.
Motorcycles are Generally a Cheaper Alternative to Cars and Offers a Means of Transport, Hobby, Way to Pursue and Adventure, and More
Motorbikes are cheaper to buy and maintain as compared to cars; these are also more fuel-efficient. For many people, motorbikes offer a hobby and a form of transportation. Several people seeking adventure like to go on very long motorbike rides.
Motorbikes Encourage Community Formation
Several passionate bikers form online and offline communities, write blogs, and participate in events and adventures. The adventure bike segment, in particular, is growing in popularity with an increasing number of individuals looking to take up adventurous trips, spend time with nature, and explore different places.
Motorcycle Industry Segmentation
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By type, the market is classified into:
- Standard
- Sports
- Cruiser
- Others
By propulsion type, the market is segmented into:
- ICE
- Electric
By region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
| CAGR 2024-2032 - Market by | Country |
| India | 11.2% |
| China | 9.4% |
| USA | 7.6% |
| France | 6.7% |
| Italy | 6.0% |
| Canada | XX% |
| UK | XX% |
| Germany | XX% |
| Japan | 5.9% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
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Key Industry Players in the Market
The report offers an extensive assessment of major players in the global motorcycle market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:
- Yamaha Motor Co., Ltd.
- Honda Motor Co., Ltd
- Volkswagen Group (Ducati Motor)
- Kawasaki Heavy Industries Ltd
- Triumph Motorcycles Ltd
- BMW AG
- Harley-Davidson, Inc.
- Suzuki Motor Corporation
- Piaggio & C. SpA (Aprilia)
- KTM AG
- Bajaj Auto Ltd.
- TVS Motor Company Limited
- Others
Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Propulsion Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
Motorcycle Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 8.5% in the forecast period of 2024-2032.
The major drivers of the market include the thriving automotive industry, growing expansion of key market players, increasing awareness pertaining to the benefits offered by the vehicle, and increasing traffic congestion.
The growing research and development activities by the manufacturers aimed towards enhancing the design of motorcycles, rising prices of fuel, and thriving transportation and packaging industry, are the key trends in the market.
Standard, sports, and cruiser, among others are the different segments based on type.
ICE and electric are the different categories in the motorcycle market based on propulsion type.
The motorcycles manufactured by companies like Yamaha Motor Co., Ltd., Honda Motor Co., Ltd, Volkswagen Group (Ducati Motor), and Kawasaki Heavy Industries Ltd, among others, are considered as popular motorcycle options.
A motorcycle, on an average, can last between 10 to 15 years in case the vehicle has not suffered any major breakdown or external damage.
A motorcycle can typically travel 120 to 200 miles on a completely filled tank. However, sport bikes can go for 120 to 250 miles. The actual mileage varies depending upon the motorcycle model and manufacturer.
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