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Motorcycle Market to Increase Gradually by Reaching a Valuation of USD 124.09 Billion with a CAGR of 6.6% By 2030; Trend For Electric Motorcycles For Sustainable Future to Drive Market Growth

April 21, 2023 | Automotive & Transportation

The global motorcycle market size is estimated to display strong growth by reaching USD 124.09 billion by 2030. Fortune Business Insights™ in its report titled “Motorcycle Market Size, Share & COVID-19 Impact Analysis, By Motorcycle Type (Standard, Sports, Cruiser, Touring and Others), By Propulsion Type (ICE and Electric), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 75.63 billion and is expected to reach USD 79.57 billion in 2023 with a CAGR of 6.6%. Motorcycles are a low-cost means of personal transportation. Macroeconomic factors such as rising disposable incomes and urban populations continue to drive sales of two-wheelers across regions.

Yamaha Updated Its Entire Two-Wheeler Range In India to the On Board Diagnostic (OBD-II) System

In February 2023, Yamaha updated its entire two-wheeler range in India to the On Board Diagnostic (OBD-II) system to introduce a traction control system (TCS) in its 150cc offerings, namely the FZS-Fi V4 Deluxe, FZ-X, and MT-15 V2 Deluxe models. According to the company, TCS will help in controlling the ignition timing and fuel injection volume to avoid too much slippage, efficient power delivery to the rear wheel, and minimizing wheelspin, better rider control, especially while cornering.

Restrictions On The Public Transportation During Pandemic Supported Market Growth

The COVID-19 pandemic had a major impact on the automotive industry due to lockdown restrictions. The disruptions in the supply chain of automotive components impacted the product demand for the motorcycle industry. Manufacturers such as Honda, Harley-Davidson, and Triumph Motors have stated that motorcycles are seen as an ideal mode of transportation. Moreover, because the government restricts public transportation due to social distancing guidelines, commuters opt for motorcycles instead of public transportation.

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Trend For Electric Motorcycles For Sustainable Future To Propel Market Development

The trend for electric motorcycles for sustainable future to drive the motorcycle market growth. The future will be electric as the world is gradually focused on reducing the use of fossil fuels. Therefore, the focus will be more on electric hereafter. The adaptability of AI for every rider, Vehicle-to-vehicle (V2V) communication, and changes in ergonomic designs are drastically changing the two-wheeler world. Furthermore, charging stations across countries has significantly boosted the adoption of electric motorcycles.

New Model Lineup By the Key Market Players to Gain Consumer Attention

Honda Motor Co. Ltd. leads the global market owing to its internal combustion engine manufacturers. Other market players include Yamaha, Bajaj, and TVS Motors which are focusing on entering the electric vehicle market through the introduction of new production plants and converting existing motorcycles and scooters into electric vehicles. In January 2023, Harley-Davidson presented its 2023 model line-up, which has a special edition bike line-up includes the Heritage Classic 114 Anniversary, CVO Road Glide Limited Anniversary, Street Glide Special Anniversary, Tri Glide Ultra Anniversary, Road Glide Special Anniversary, and Fat Boy 114 Anniversary.

Key Industry Development

  • January 2023: Bajaj Auto will begin its product offering in the premium motorcycle segment by manufacturing higher displacement (above 390cc) KTM bikes for the national and international markets.

List of Key Companies Profiled in the Market Report:

  • Honda Motor Co., Ltd. (Japan)

  • TVS Motor Company Ltd. (India)

  • Bajaj Auto Ltd. (India)

  • Yamaha Motors Co. (Japan)

  • Suzuki Motor Corporation (Japan)

  • Triumph Motorcycles (U.K.)

  • Bayerische Motoren Werke (BMW) AG (Germany)

  • Harley-Davidson, Inc. (U.S.)

  • Hero MotoCorp Ltd. (India)

  • Kawasaki Motors Corp (Japan)

Further Report Findings

  • The market in Asia Pacific stood at USD 46.47 billion in 2022 with inclination towards private mode of transportation. Indian motorcycle market is one of the largest markets due to high number of sales which is expected to drive motorcycle market share.

  • North America is estimated to have notable growth due to demand for an extensive range of motorcycles such as sports, cruisers, and touring. The regional market is highly lucrative for motorcycle manufacturers due to the adoption of advanced technologies, highly advanced manufacturing hubs, and demand for various types of motorcycles.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.6% from 2023 to 2030


Value (USD billion) & Volume (Thousand units)


By Motorcycle Type

  • Standard

  • Sports

  • Cruiser

  • Touring

  • Others

By Propulsion Type

  • ICE

  • Electric

By Geography

  • North America (By Motorcycle Type & By Propulsion Type)

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

    • Canada (By Motorcycle Type, By Propulsion Type)

    • Mexico (By Motorcycle Type, By Propulsion Type)

  • Europe (By Motorcycle Type, & By Propulsion Type)

    • UK (By Motorcycle Type, By Propulsion Type)

    • Germany (By Motorcycle Type, By Propulsion Type)

    • France (By Motorcycle Type, By Propulsion Type)

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

  • Asia Pacific (By Motorcycle Type & By Propulsion Type)

    • India (By Motorcycle Type & By Propulsion Type)

    • China (By Motorcycle Type & By Propulsion Type)

    • Japan (By Motorcycle Type & By Propulsion Type)

    • Rest of Asia Pacific (By Motorcycle Type & By Propulsion Type)

  • Rest of the World (By Motorcycle Type & By Propulsion Type)

Global Motorcycle Market
  • PDF
  • 2023
  • 2019-2022
  • 204


  • 4850

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