Motorcycle Companies mentioned in report are Honda Motor Co, Piaggio & C.SpA, TVS Motor Company Ltd, Yamaha Motors Co, Suzuki Motor Corporation, Triumph, Zero Motorcycles, BMW AG, Harley-Davidson, Hero MotoCorp
Pune, India, July 27, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global motorcycle market size to grow at a CAGR of 8.4% and reach USD 223.50 billion during forecast period of 2021-2028. The market was valued USD 119.33 billion in 2020. The market growth is attributed to factors such as the adoption of advanced technologies, and rising demand for motorcycles to boost the global market growth.
A motorcycle, also known as a motorbike or bike, is a two-wheeled motor vehicle with a frame made of metal or fiber. Motorcycles are outfitted with an engine as well as numerous electronic and mechanical components. The design of motorcycles varies greatly to accommodate various purposes such as cruising, commuting, sports activities, racing, long-distance travel, and off-road riding.
Increase in Sales of Electric and Connected Bikes to Drive Market Growth
Increasing Demand for two wheeler to Promote Market Growth
Market Drivers & Restraints:
Advanced Technologies will Drive Market Growth for Manufacturers
Modern motorcycles are typically equipped with a slip clutch that is designed to be partially disengaged when the rear wheel attempts to drive the engine at a speed faster than its power. The slip clutch was originally designed for high-performance supersport motorcycles and track & field equipment, but it is now more widely used. However, despite the rapid development of motorized two-wheelers due to their numerous benefits and advancements, the increasing risk of road accidents for riders frequently limits the motorcycle market growth.
Asia Pacific Region is Expected to Dominate the Global Market
The Asia Pacific market is expected to be worth USD 78.94 billion in 2021. The region will dominate the motorcycle market share due to high demographic growth, larger middle and lower-middle-class income populations, and an increasing preference for private transportation over public transportation.
North America has a significant share of the global market due to the high demand for a wide range of bikes such as standard, sports, cruisers, and touring, among others, which is propelling growth in this region.
Europe has a well-established market that is expected to expand further during the forecast period. Attributed to the adoption of advanced technologies, highly advanced manufacturing hubs, and increasing demand for various motorbikes, the regional market is highly profitable for manufacturers.
Market Segments:
On the basis of type, the market is divided into standard, sports, and cruiser.
On the basis of propulsion type, the market is bifurcated into electric and ICE.
Geographically, the market is classified into Europe, Asia Pacific, North America, and the Rest of the World.
Honda Motor Company to be a Leading Global Market Playe
Honda Motor Co. Ltd. is the world's largest manufacturer of bikes. With over 14 million internal combustion engines produced each year, the company is one of the leading manufacturers of internal combustion engines. The total volume of production in 2019 had reached 400 million units. It wants to be the leader in advancing mobility by developing world-first technologies and providing riders with the highest level of safety. Furthermore, other players, such as Eicher Motors, Bajaj, Yamaha, and TVS Motors, are focusing on entering the electric vehicle market by establishing new manufacturing plants and converting existing motorbikes and scooters to electric vehicles.
Industry Developments-
July 2021 –Triumph, Breitling announced a partnership for limited-edition watch and motorcycle. For this partnership, Triumph Motorcycle and Breitling will collaborate on two special editions, a watch and a motorcycle set to be revealed in early 2022.
COVID-19 Impact-
Following the COVID-19 Outbreak, the Market Will See Increased Demand
The rapid spread of COVID-19 around the world had a significant influence on health and lifestyle, which caused the world economy to tank. However, industries are gradually repairing damage caused by the lockdown; however, the rate of retrieval remains constant. The motorcycle industry is expected to expand in the aftermath of the pandemic as people will avoid taking public transportation to avoid contracting or spreading the disease.
Report Coverage:
The report provides a comprehensive analysis of the market, focusing on key aspects such as product types, leading companies, and leading product applications. Apart from that, the report provides insights into market trends and highlights key industry developments.
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Autonomous Car Market
5. Global Autonomous Car Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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