Motorcycles Market Projected to Reach USD 180.94 billion by 2030, at a 4.10% CAGR – Report by Market Research Future (MRFR)
Accelerating Growth in the Motorcycles Market through Advanced Technology and Surging Global Demands
New York, US, May 31, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Motorcycles Market Research Report Information by Region, End Users, and Application- Forecast Till 2030”, the industrial boiler market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 4.10%. The reports even share predictions regarding the market’s growing revenue share, which is likely to attain a market of USD 180.94 billion by the end of 2030. As per the study documents, the market was worth around USD 131.2 billion in 2021.
Motorcycles Market Scope:
The global Motorcycle industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the consumer inclination towards electric bikes. Furthermore, the rise in consumer inclination towards electric or e-bikes is also considered to be one of the crucial parameters enhancing the performance of the market around the world.
The catalog of the top leaders across the global Motorcycles Market includes players such as:
- Honda Motor Co., Ltd. (Japan)
- Triumph Motorcycles (U.K.)
- Suzuki Motor Corporation (Japan)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Polaris Industries, Inc. (U.S.)
- BMW AG (Germany)
- Yamaha Motor Co., Ltd. (Japan)
- PIERER Mobility AG (Austria)
- Harley-Davidson, Inc. (U.S.)
- Bajaj Auto Ltd. (India)
- Eicher Motors Limited (India)
- Hero MotoCorp Ltd. (India)
- Ducati Motor Holding S.p.A. (Italy)
- TVS Motor Company (India)
- Among others.
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Motorcycles Market Drivers
The global Motorcycle industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the consumer inclination towards electric bikes. Furthermore, the rise in consumer inclination towards electric or e-bikes is also considered to be one of the crucial parameters enhancing the performance of the market around the world. Moreover, the factors such as health benefits offered, the surge in the requirement for motorcycles for various purposes, the growing disposable income of consumers, and the rise in demand for sports bicycles are also likely to impact the market performance over the coming years positively.
Motorcycles Market Restraints
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
|Market Size 2030||2030: USD 180.94 billion|
|CAGR during 2022-2030||4.10% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, End-Users, and Region|
|Key Market Opportunities||The emergence of biomaterial Motorcycles implants|
|Key Market Dynamics||Rising demand for sports bicycles An increase in these cycling competitions accelerates the scope of aftermarket tire sales due to the constant need for maintenance services.|
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The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Motorcycles industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Motorcycles Market Segment Analysis
Among all the application areas, the posture segment secured the leading position across the global motorcycle market in 2021. The main parameter supporting the development of the segment is the increase in sport bike users. Furthermore, the growing customization trend is also considered one of the crucial parameters enhancing the segment’s performance. On the other hand, the handlers segment is anticipated to showcase the maximum growth rate over the coming years, given the rising popularity among riders seeking a comfortable ride with the advanced driving system.
Among all the end-use sectors, the cruiser segment secured the leading position across the global motorcycle market in 2021. The main parameter supporting the development of the segment is the increased comfort and luxury feel with improvements in technology. On the other hand, the adventure segment is anticipated to showcase the maximum growth rate over the coming years, given the growing popularity of adventure and long-distance touring on bikes.
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Motorcycles Market Regional Analysis
The global Motorcycles Market is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Motorcycles industry in 2021 with the largest contribution of nearly USD 57.59 billion. India, China, and Indonesia are the leading development contributors in the region. Further, the China Motorcycles Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rapid urbanization and deep Chinese and Indian customer acceptance.
The research documents by MRFR indicate that the European Region is anticipated to secure a significant position across the global Motorcycles industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors, contributing to nearly 80% of motorcycle registrations in 2020. Further, the German Motorcycles Market held the largest market share, and the U.K. was the fastest-growing market in Europe. The main aspect supporting regional market expansion is the advanced manufacturing hubs and improved demand for several types of motorcycles.
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The North American Region carried the maximum growth rate across the global Motorcycles industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Motorcycles Market held the largest market share, and Canada was the fastest-growing market in the North American Region. The main aspect supporting regional market expansion is that it is the center point for automotive production, given the low cost of production and the accessibility of minimal expense work.
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