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Motorcycle Market Size, Share & COVID-19 Impact Analysis, By Type (Standard, Sports and Cruiser), By Propulsion Type (ICE and Electric), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI105164

 

KEY MARKET INSIGHTS

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The global motorcycle market size was valued at USD 119.33 billion in 2021. The market is projected to grow from USD 127.44 billion in 2022 to USD 223.50 billion by 2029, exhibiting a CAGR of 8.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global bike market exhibited a growth of 8.11% in 2020 as compared to 2019.


A motorcycle, often known as a bike, is a two-wheeled motor vehicle built with metallic and fiber frames. Motorbikes are equipped with an engine and multiple electronic and mechanical components. The design of these bikes varies significantly to suit various purposes, including commuting, cruising, long-distance travel, sports activities, racing, and off-road riding. Bikes have been increasingly adopted as cost-effective private transportation in the past decade. Although advances in the automotive industry have greatly boosted sales, macroeconomic factors such as increased disposable income and increased urban population have further promoted cross-regional market sales.


Also, the manufacturers are focusing on improving the mileage and other features such as larger fuel tanks, air-cooled engines, bucket seats, unique horns, and Bluetooth speaker systems, which will create opportunities for the market in the forthcoming years. According to a report released by Motorcycles Data in December 2020, the ATV/RUV segmentation promoted the U.S. bike industry in 2020, which reported massive growth. As per the data, the increase in demand is likely to lead to a more than 4% increase in the U.S. production in 2020.


COVID-19 IMPACT


Market to Gain Greater Traction Post COVID-19 Pandemic


The rapid spread of the COVID-19 pandemic across the globe had a severe impact on people's health and lifestyle, thus prompting the world’s economy to tumble down. However, industries are progressively managing damages post lockdown, but the retrieval rate is steady. This industry is expected to witness growth post the pandemic since people will steer clear from public transportation to protect themselves from catching or spreading the virus.


Trains, local buses, and other public transport are prone to contamination as they are often crowded. Therefore, people are expected to settle for private mobility mode, with two-wheelers being their preferred choice due to affordability and convenience. During the pandemic in China and Western Europe, consumers reported a new necessity for mobility to maintain social distance and use separate devices that are clean and untouched.


According to industry professionals and bike manufacturers, such as Honda, Harley-Davidson, and Triumph Motors, as cities emerge from the quarantine phase in various regions, two-wheelers are increasingly perceived as ideal transportation. Moreover, attributed to government restrictions on public transportation due to social distancing guidelines, commuters are opting for these type of bikes as their daily transportation mode. For example, according to the New York Times, in March 2020, sales of motorbikes in the U.S. increased by 85%. Therefore, the electric motorbike industry is expected to achieve better growth after COVID-19.


LATEST TRENDS


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Increase in Sales of Electric and Connected Bikes to Drive Market Growth


As the world gradually depletes fossil fuels, larger companies launch their electric motorbikes and consider this. It can be said that the future of two-wheelers will be electric. Therefore, the focus will be more on electric bikes hereafter. The first wave of these electric bikes was costly, and their riding ability was very restricted. However, futuristic bike brands like Damon have made breakthroughs in motorbike technology. As a result, many predictions of this technology have become a reality in 2020. The adaptability of AI for every rider, Vehicle-to-vehicle (V2V) communication, and changes in the ergonomic designs drastically change the two wheeler world. Moreover, governments of various countries are taking additional efforts to encourage eco-friendly vehicles by supporting electric two wheelers and scooters in terms of incentives and tax credits.


For example, in June 2019, the Indian government announced a plan to reduce the Goods and Services Tax (GST) for electric vehicles from 12% to 5% to accelerate electric vehicles' adoption. Also, the plan proposes to sell only electric bikes from March 2025 onwards. Furthermore, infrastructure facilities such as installing charging stations across countries significantly boost the adoption of electric bikes, thereby propelling the market growth.


DRIVING FACTORS


Adoption of Advanced Technologies by Manufacturers to Boost Market Growth


With the increased adoption of cutting-edge technologies, motorbikes have become more complex and modish in safety, comfort, and luxury. For example, the invention of the anti-lock braking system (ABS) is gaining great acceptance among the makers, indirectly boosting sales. ABS uses ABS and throttle control and inertial measurement (IMU) data to maintain the bike's stability during sharp turns and emergencies. The manufacturers are now introducing hands-free and Bluetooth options in helmets to improve connectivity with other riders and save the trouble of answering calls or navigating with smartphones. Moreover, modern bikes are usually equipped with a slip clutch designed to be partially disengaged when the rear wheel tries to drive the engine at a faster speed than its power. The slip clutch was originally developed for high-performance super sports motorbikes and equipment used only for track and field sports and has now been more widely used.


For instance, Honda has promised to increase the installation of advanced braking systems due to its commitment to the European Road Safety Charter. This is eventually aiding the increase in the demand for bikes worldwide.


Increasing Demand for two wheeler to Promote Market Growth


In the past five years, with the rapid advancement of motorbike technology, it can be said that the future of motorbikes has arrived. The increasing disposable income of consumers, improvement in living standards, the increase in the number of young people, and the changing preference of the elderly to own a vehicle instead of taking public transportation are also changing, which has increased the demand for bikes.


Also, the launch of effective and better products, the increase in sports bike users, and the growing customization trend are factors aiding the market's growth. Moreover, the technological development in manufacturing processes, designing, and electronics and the growing demand for safety features and driver assistance to provide a safe and comfortable environment, especially for long-distance riding, further propels bikes. Several manufacturers invent techniques to build bikes that will run on eco-friendly solar energy, gas, or electricity resources. These efforts are gaining the attraction of environmentalists.


RESTRAINING FACTORS 


High Risk of Accidents May Hamper Market Growth


Despite the rapid development of motorized two-wheelers owing to their various advantages and advancements, the increasing risk of road accidents for riders often becomes a factor limiting the market. According to data from the European Commission, about 80% of bikers killed on the roads suffered head injuries. As the report states, two wheelers are the most dangerous way to travel on roads, and in the European Union, more than 6,500 two-wheeler riders die every year in Europe, and the risk of death for riders is 20 times that of the passengers.


However, several initiatives and campaigns are being proposed to endorse helmets and take preventive measures to help manufacturers overcome this limitation. Similarly, advanced safety features in bikes are expected to reduce these risks.


SEGMENTATION


By Type Analysis


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Standard Segment Dominates Market as it is Oldest Motorized Bike Style


The market is segmented into standard, sports, and cruiser based on type. The standard segment holds the largest share in the global market. The standard is the oldest motorized bike style. It uses advanced technology and a classic design to comfortably place the handles in the upright seat. At the same time, the feet are in a natural position, and the pedals and controls are within reach. Standard bikes are positioned on the lower end of the power spectrum as they are very upfront and comfortable, making them excellent beginner bikes. Kawasaki’s Z series and Honda’s CB series are best picks, with prices ranging from under USD 5,000 to over USD 10,000. Due to prominent two-wheeler companies, India and Japan's two wheeler industries are the major contributors to the global motorized two-wheeler industry. Besides, there is also a huge market for lower-capacity (less than 300 ccs) bikes, mainly concentrated in African and Asian countries, while produced in India and China.


Sportsbikes are high-performance-oriented bikes that feature a powerful engine and a lightweight body frame. The cruiser bikes are usually designed for comfortable and relaxed riding, having an upright riding position and powerful engines with loads of low-end torque. The rising income level, the growing trend for high performance and long-distance bikes, and increasing off-roading and sports activities have fueled the demand for sports and cruiser bikes, especially among the young population around the globe.


By Propulsion Type Analysis


Asia Pacific Motorcycle Market Size, 2021 (USD billion)

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ICE Segment holds the Largest Market Share


The market is segmented into ICE and electric based on propulsion type. The internal combustion engine (ICE) segment accounts for the largest share globally due to its wide usage across regions. ICE motorbikes have high penetration in the global market. They comprise a large portfolio of conventionally fueled vehicle offerings, which has helped prominent companies to gain a significant motorcycle market share in the global market. More than 2 million petrol-fueled bikes are involved in courier services every day, running on roads throughout the day. Besides, with the opening of many food and beverage stores in major tier 1 and tier 2 cities, the demand for fast and convenient transportation methods continues to grow, allowing the motor companies to offer low-maintenance transportation methods and cost-effectiveness.


The electric bike market is also gaining a lucrative demand and is expected to be the motorbike industry's future. This development is attributed to the rapidly growing vehicular emission concerns and increasing awareness among people related to air pollution. Also, government agencies' increased investments in electric vehicle charging infrastructure will create more opportunities for the electric bikes market. Moreover, prominent players are developing electric motorbikes with high power and maximum torque to adapt to the market trend of high-performance and long-distance riding.


For example, in October 2018, Tarform, Inc. introduced two new road electric motorbikes in the market. The Café and Scrambler models are equipped with a 43-horsepower engine and a 7 kWh lithium-ion battery for improved performance that can travel up to 200 miles on city roads.


REGIONAL INSIGHTS


The market size in Asia Pacific stood at USD 78.94 billion in 2021. The region dominates the global market due to high demographic growth, larger middle, lower-middle-class income populations, and an increasing inclination toward private transportation over public transport. The India bike industry is the world's largest market, accounting for about 40% of global sales. Although Honda has a 14% market share as an independent entity, the Indian Original Equipment Manufacturers (OEMs) occupy 77% of the total market. Whereas, Hero MotoCorp is a significant participant with TVS Motor and Bajaj Auto. The Indian government is also taking initiatives such as FAME-II to provide subsidies and tax exemptions to consumers to encourage electric two-wheelers. Moreover, the highest sales and production in China, the increasing demand for affordable electric motorbikes for short commutes in developing economies, and the government promoting electric two-wheelers are expected to boost the Asia Pacific market during the forecast period.


North America holds a significant share in the global market, owing to the high demand for an extensive range of motorbikes, such as standard, sports, cruisers, and touring, is propelling growth in this region. According to a report "U.S. two wheeler Trends" issued by the U.S. Bureau of Transportation Statistics in May 2017, the number of two wheeler registrations in the U.S. increased from 3,826,373 in 1997 to 6,678,958 in 2006. The overall growth rate is 75%, and it has been increasing at a higher rate since then. The demand for motorized bikes is also growing steadily in Latin America, owing to growing per capita income and the number of riders in the region.


Europe comprises a well-established motorbike market and is expected to increase further over the forecast period. With the adoption of advanced technologies, highly advanced manufacturing hubs, and the increasing demand for various motorbikes, the regional market is highly lucrative for the manufacturers. According to a report released by Motorcycles Data in January 2021, the German motorbike industry is considered one of the fastest-growing industries.


KEY INDUSTRY PLAYERS


Honda Motor Company, Ltd. to be a Leading Market Player


Honda Motor Co., Ltd. is the world's largest bike manufacturer. The company is one of the leading internal combustion engine manufacturers, with more than 14 million internal combustion engines per year. The total production volume of 2019 had reached up to 400 million units. It aims to be the leader in advancing mobility by developing the world’s first technologies and providing top-notch safety to the riders.


Moreover, other players, including Eicher Motors, Yamaha, Bajaj, and TVS Motors are focusing on entering the electric vehicle market by introducing production plants and converting the existing bikes and scooters into electric vehicles.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2022 - Piaggio and Zongshen partnered with a new 150 cc scooter engine. The new engine features electronic fuel injection and liquid cooling.

  • January 2022 - Yamaha announced a new electric scooter Yamaha EMF, using the company’s swappable batteries. Gogoro’s batteries power the Yamaha EMF designed to operate within Gogoro’s battery-swapping network.

  • January 2021 – Piaggio plans to launch ‘Make in India’ motorbikes by 2023. Piaggio plans to develop a motorbike in India for the Indian and global markets. The company is focusing on manufacturing 300cc to 400cc by the end of 2023.

  • May 2021- Yamaha Motor Co., Ltd. launched the new YZF-R7 supersport model in Europe and the U.S., with a 700 cc engine based on Yamaha's Crossplane Concept and placed a lightweight chassis, with Japan domestic launch in the winter of 2021.


REPORT COVERAGE


An Infographic Representation of Motorcycle Market

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The market report provides a detailed motorcycle industry analysis and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the motorcycle market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market growth in recent years.


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion) & Volume (Million units)



Segmentation



By Type



  • Standard

  • Sports

  • Cruiser



By Propulsion Type



  • ICE

  • Electric



By Geography



  • North America (By Type, By Propulsion Type)



  • U.S. (By Type, By Propulsion Type)

  • Canada (By Type, By Propulsion Type)

  • Mexico (By Type, By Propulsion Type)



  • Europe (By Type, By Propulsion Type)



  • U.K. (By Type, By Propulsion Type)

  • Germany (By Type, By Propulsion Type)

  • France (By Type, By Propulsion Type)

  • Rest of Europe (By Type, By Propulsion Type)



  • Asia Pacific (By Type, By Propulsion Type)



  • China (By Type, By Propulsion Type)

  • India (By Type, By Propulsion Type)

  • Japan (By Type, By Propulsion Type)

  • Rest of Asia Pacific (By Type, By Propulsion Type)



  • Rest of the World (By Type, By Propulsion Type)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 119.33 billion in 2021 and is projected to reach USD 223.50 billion by 2029.

In 2021, the Asia Pacific market size stood at USD 78.94 billion.

The market is projected to grow at a CAGR of 8.4% and will exhibit steady growth during the forecast period (2022-2029).

The standard segment by type is expected to be the leading segment in this market during the forecast period.

Advanced technologies adopted by the manufacturers will drive the market growth.

Honda Motor Co. Ltd. is the leading player in the global market.

Increasing demand for motorcycles is expected to drive market growth.

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