Global motorcycle market size [2022-2028]
Pune, India, 02 Feb. 2022 (GLOBE NEWSWIRE) — The world Motorcycle market size to reach USD 485.67 billion in 2028 with a CAGR of 7.2% over the period 2021-2028. The increase in CAGR is attributable to the demand and growth of this market, returning to pre-pandemic levels once the pandemic is over. According to industry professionals and motorcycle manufacturers such as Honda, Harley-Davidson and Triumph Motors, as cities emerge from the quarantine phase in various regions, two-wheelers are increasingly seen as a means ideal transportation.
Bosch collaboration with Ducati to drive growth
On December 17, 2019, the largest Ducati event in the world, Bosch presented a series of theoretical and practical activities that brought the topic of safety, combined with driving pleasure, to the fore. Bosch renewed its presence with Ducati in the Ducati Riding Experience (DRE) on-road driving course, after the 2017 inauguration. The event took place at the Misano World Circuit Marco Simoncelli. Bosch and Ducati have validated their cutting-edge safety domain in synergy with safety protocols to build net-gen motorcycles. These companies have designed new systems to reduce accidents without changing the driving experience through their innovative technologies.
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The internal combustion engine (ICE) segment will take the lion’s share
Based on type, the market is segmented into standard, sport and cruiser. The standard motorcycle segment holds the largest share of the global market.
On the basis of propulsion type, the market is segmented into internal combustion engines (ICE) and electric propulsion vehicles. The internal combustion engine (ICE) segment is expected to account for a significant share of the global market. The electric segment is expected to hold a major share of the motorcycle market due to increasing vehicle emissions. Geographically, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The motorcycle industry has suffered a mixed impact from the COVID pandemic. The disruption and shutdown of production and manufacturing activities have inhibited the demand and supply of these vehicles during the pandemic. However, the drastic change in consumer demand has resulted in a strong demand for private transport, which in turn will create opportunities for the market. Moreover, the risks related to the spread of the coronavirus in public transport will fuel the demand for motorcycles, thus helping the market.
Moreover, the growing government initiatives for the promotion of e-bikes will bode well for the market. For example, in June 2019, the Indian government announced a plan to reduce the Goods and Services Tax (GST) on electric vehicles from 12% to 5% to accelerate the country’s acceptance of electric vehicles. .
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Introduction of futuristic bikes to support businesses
Companies are introducing motorcycles with advanced technologies and advanced features, providing safety, comfort and luxury to their users. Growing awareness of anti-lock braking systems (ABS) among motorcyclists will drive motorcycle sales in the years to come. For example, Honda announced that it would increase the installation of advanced braking systems due to its commitment to the European Road Safety Charter. This factor will support the demand for motorcycles across the world. ABS uses throttle control and Inertial Measurement (IMU) data to keep the bike stable during hard turns and emergency stops. Additionally, manufacturers are also introducing hands-free Bluetooth options in helmets to improve connectivity and provide easy navigation for riders, which, in turn, can help the motorcycle market.
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Increase consumer inclination towards bicycles to drive Asia-Pacific market
Asia-Pacific stood at $110.41 billion in 2020. The growth is attributed to a large middle-class population. North America is expected to account for the largest share during the forecast period owing to strong demand for a wide range of motorcycles such as standard, sport, cruiser and touring motorcycles. The presence of unconventional manufacturing centers will increase growth in Europe.
Honda will dominate the motorcycle market
Honda Motor Co., Ltd., a leading manufacturer in the world. The company is a leading producer of internal combustion engines, producing more than 14 million internal combustion engines per year. By 2019, the total production volume had reached up to 400 million units. The company expects to deliver advancements in mobility through its world-class technologies and provide unparalleled safety for its drivers. Eicher Motors, Yamaha, Bajaj and TVS Motors are also improving their technologies to strengthen their position in the motorcycle industry.
The report lists the major companies in the global market
- Suzuki Motor Corporation (Shizuoka, Japan)
- TVS Motor Company Ltd. (Chennai, India)
- Yamaha Motors Co. (Shizuoka, Japan)
- Triumph Motorcycles (Hinckley, UK)
- Zero Motorcycles, Inc. (California, USA)
- Bayerische Motoren Werke (BMW) AG (Munich, Germany)
- Harley-Davidson, Inc. (Wisconsin, USA)
- Hero MotoCorp Ltd. (New Delhi, India)
- Honda Motor Co., Ltd. (Shizuoka, Japan)
- Piaggio & C.SpA (Pontedera, Italy)
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Global Motorcycle Market Segmentation:
By engine type:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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