Increasing fad for personal commute subsequent to rapid upturn in urbanization are slated to be one of the predominant factors fostering growth of motorcycle market. With sprouting populations across emerging economies such as India and China, motorcycle market is gathering significant momentum with regard to demand for motorcycles. In order to offer the desired performances and features, manufacturers in the motorcycle market are vying to introduce product innovations, which are in line with the dynamic customer specifications. As per a report published by Fact.MR on motorcycle market for the forecast period of 2018 to 2026 in which, the market is estimated to value around US$ 152,754.9 by 2026 end.
Comparatively higher fuel efficiency offered by motorcycles as compared to other automobiles is a preeminent factor influencing sales of motorcycles market. A driving experience without occurrence of mishaps is one of the top-priorities of prominent manufacturers in the motorcycle market such as Bosch. The company projects a drastic decrease in count of accidents on the back drop of integrating anti-lock braking system in motorcycles. Though various motorcycle assistance systems such as side view assist, motorcycle stability control (MSC), and ABS have been introduced to ensure a seamless and safe driving experience, the trail of bringing new safety features to the table in motorcycle market has still not exhausted.
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According to key companies in the motorcycle market like Bosch, connectivity plays a pivotal role in preventing occurrence of accidents. Several features fueling connectivity are being designed and introduced to allow riders interact with vehicles. "Connected horizon" is considered to be one of the pivotal aspects in connectivity aspect of motorcycle market, wherein riders can prevent fatal mishaps to occur.
The enhancement of battery life is another aspect diversifying growth of motorcycle market. The highly-efficient electric motorcycles make use of Li-ion batteries which offer high-energy density. These motorcycles also encourage excellent sportiness, and grab the attention of seasoned motorcyclists. Having said that, they are also designed in a manner that bike enthusiasts who have minimal experience can also drive them safely. With burgeoning improvements in the battery technology emerging as one of the prevalent trends in motorcycle market, this is further poised to influence the purchase decision of customers seeking for high battery performance. Manufacturers in the motorcycle market are making deliberate efforts to the optimal potential of electric motorcycles’, to make them feasible for travelling longer distances and offer high-scale durability.
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Manufacturers in the motorcycle market are also forging ahead with focus toward development of highly compact and affordable motorcycles with enhanced appeal to cater to a wider range of demographics, which also include women and millenials. For instance- Harley-Davidson had introduced one of its highly cost-effective model - Street 500. This model was manufactured to cater to the newest specifications such as small engines. The aesthetic appeal of this product is one of its biggest plus points fostering its sales in the motorcycle market. Although the profit rationalities of compact motorcycles have been less remunerative, the sales have illustrated a promising spike in the motorcycle market.
The 250 cc segment is projected to be a lucrative with regard to demand in the customer marketplace. Even the 200 – 500 cc segment is quite attractive as it is poised to gain new heights down the lane. Bulging demand for motorcycles to facilitate intercity commute will continue to dynamize the growth of this segment in the motorcycle market. Moreover, manufacturers are indulging in mergers and collaborations in a bid to enhance their market stronghold and intensify their reach.
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Higher Fuel Efficiency as Compared to Other Automobiles to Underpin the Growth of Motorcycles Market
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