With modernization and urbanization reaching unprecedented levels, road congestion has become a 21st century peril. Heavy traffic is linked with safety risks, air pollution and losses with respect to sustainable growth, economic competitiveness and social cohesion. Clampdown on traditional car use has not been more up-and-coming and viable at present than the shared use of mobility resource—bike sharing.
Bike sharing has hogged limelight riding high on flexibility, reduction to vehicle emissions, health benefits, reduced fuel consumption and congestion and financial savings. Accordingly, bike sharing which has acted as a door opener increased motorbike use is slated to undergird the motorcycle market.
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Motorcycles have amassed popularity as a form of transportation and recreation for decades. Increasing number of people are doing away with their four-wheeled vehicles and welcoming life on two wheels. In addition, motorcycles have fewer emissions vis-à-vis other vehicles and with escalating parking concern, motorcycles have had edge over four wheelers. Moreover, insurance costs for motorcycle is relatively less than for cars, thereby saving the drivers from high insurance costs.
Acknowledging these facets of motorcycle, Yamaha Motor Corp recently invested USD 150 million in Grab—a bike rental service operational in Thailand, Vietnam and Indonesia. Going by the deal inked, Yamaha and Grab are set to work on manufacturing affordable motorcycle models for people who are keenly interested in bike rental service. Being on the same page, BMW rolled out its own bike rental service in Germany, Austria and France. With dipping motorcycle sales, bike rentals is proving to be a blessing in disguise for the motorcycle manufacturers.
Several studies and pundits have sworn by motorcycles to curb stress levels and bolster concentration levels. Manufacturers, as such, are profoundly promoting motorcycle rides as a form of resuscitation and relaxation. In addition, the use of motorcycles to promote tourism is gaining grounds in the recent past.
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Motorcycle Market: Overview
The intelligence report on the motorcycle market is undergirded by quantitative and qualitative analysis. In addition, the report throws light on the dynamics in the market which have bearing on the growth of the motorcycle market, incorporating drivers, trends, restraints, and opportunities. In addition, the report also delineates segmentation to showcases a comprehensive analysis of the motorcycle market.
The report does the benchmarking to compare the performance of the business products and processes with the best performances of other companies both inside and outside the industry in quest for superior performance.
The comprehensive assessment of the competitive landscape of the motorcycle market relies on Porters’ Five Force Analysis. In addition, the Porters’ Five Force Analysis delineates the strategies of the leading players in the motorcycle market. The in-depth analysis of the pertinent players and their business strategies are propelled by SWOT analysis, company profile, product portfolio and recent development.
Motorcycle Market: Key Insights
After the recession of 2008, the motorcycle market successfully recovered to register growth at a CAGR of 3.5% during the 2012-2016 period.
Global motorcycle sales were to the tune of US$ 112 billion in 2018 and revenues are estimated to grow at a CAGR of 3.8% during the 2017-2026 period.
APAC is estimated to continue to remain the largest motorcycle market in the foreseeable future. An exponential rise in the global urban population with the UN Department of Economics and Social Affairs estimating 90% of the transition taking place in Asia is one of the key factors contributing to the surge in demand for motorcycles in the region.
Motorcycle Market – Competitive Landscape
With the demand for electric bikes on the rise, leading players operating in the motorcycle market are increasingly investing in research and development of electric vehicles. Along similar lines, Yamaha announced it would be running field trials for its concept electric bike TY-E in 2018. Yamaha claimed that the 150 lbs lightweight bike is suitable for any terrain.
To avoid the burden of increased tariffs and gain an edge in the motorcycle market, Harley Davidson announced it would be setting up new production facilities out of the US to meet the demand of its consumers in the European Union countries. The company plans to set up new facilities in Thailand with operations of the plant estimated to commence in nine to eighteen months.
Other leading players operating in the motorcycle market include Kawasaki Heavy Industries, Ltd., Triumph Motorcycles Limited, Lifan Industry (Group) Co., Ltd, TVS Motor Company Limited, Eicher Motors Limited, Suzuki Motor Corporation, Honda Motor Company, Limited, Hero MotorCorp Limited, Polaris Industries Inc., and Bayerische Motoren Werke AG.
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