A motorcycle is a two-wheeled vehicle, primarily driven by an Internal Combustion Engine. Motorcycles are also known as motorbikes or bikes and nowadays, consumers are also opting for electric motorcycles. Motorcycles are built with strong metallic and fiber frames integrated with many mechanical and electronic components along with an engine. Scooters are also two-wheeler vehicles driven by Internal Combustion Engines, but they’re built differently from conventional motorcycles. They have metallic or fiber bodies, consisting of a footboard on which riders rest their feet. Some examples of scooters include Piaggio Vespa, TVS Jupiter and Aprilla SRV 850.
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The global motorcycles market is estimated to be valued at US$ 115,720.5 Mn by the end of 2018 and reach US$ 156,903.0 Mn by the end of 2026, with a CAGR of 3.9% over the forecast period. The global motorcycles market is anticipated to represent an incremental opportunity of US$ 41,182.58 Mn between 2018 and 2026.
Factors Influencing Growth of Global Motorcycles Market
The demand for motorcycles is directly driven by the increasing middle class population across the globe, which in turn is surging the demand for affordable means of transport, such as motorcycles and scooters. Manufacturers are focusing on manufacturing conventional motorcycles with a sportier look featuring air cooled engines as these types of engines are popular among younger riders and consumers in general. People prefer these motorcycles as they are equipped with larger displacement engines and provide good fuel efficiency as compared to smaller displacement engines. Economy segment motorcycles have maintained their prominence in the motorcycle market. Improvements in mileage and other advantages such as larger fuel tanks, low cost of maintenance and longevity are responsible for the preference of these motorcycles over scooters. All such features are expected to further increase the demand of motorcycles and scooters, thereby creating opportunities for the augmentation of the market in the near future.
Global Motorcycles Market Segmentation and Forecast
The global motorcycles market can be segmented on the basis of product type, vehicle type, technology and region. On the basis of product type, the global motorcycles market can be segmented into motorcycles and scooters. On the other hand, the market can be segmented on the basis of motorcycle type into standard, cruiser, sports, mopeds, electric and others. While on the basis of scooter type, the market can be further segmented into standard, maxi, enclosed, three-wheeled and electric. Significant regions covered in the report include North America, Latin America, Europe, South East Asia & Pacific, India, China, ASEAN and the Middle East & Africa.
Global Motorcycles Market Analysis by Product Type
The motorcycle segment is projected to account for a 67.1% volume share in the global motorcycles market by the end of 2026 with a CAGR of 3.6% over the forecast period.
Global Motorcycles Market Analysis by Technology
By technology, the electric segment is expected to grow with a significant rate over the forecast period. The segment is expected to grow with a volume CAGR of 4.9% during the forecast period.
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From a regional perspective, India is estimated to represent 37.9% of the market volume share in 2018 with an anticipated volume CAGR of 4.2% over the forecast period. The sales revenue of motorcycles in India is expected to reach US$ 57,819.3 Mn by the end of 2026 with a CAGR of 4.3% over the forecast period. Market growth in ASEAN countries is expected to remain high as compared to the global average between 2018 and 2026.
Global Motorcycles Market: Key Players
Some of the key market participants reported in this study of the global motorcycles market include Bajaj Auto Ltd., Bayerische Motoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Eicher Motors Limited, Harley-Davidson, Inc., Hero MotoCorp Ltd., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles Ltd., TVS Motor Company Ltd., Vmoto Limited, Yamaha Motors Co., Ltd. and Zero Motorcycles, Inc.
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Global Market Study on Motorcycles: Standard Scooters to Remain Largest Product Type Through 2026
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