Motorcycle Industry Sales to Surpass a Value of US$ 180 Bn in 2031

Demand for motorcycles has increased steadily over the past years due to their affordability factor, fuel efficiency, and wide variety on offer. While the outbreak of COVID-19 put a standstill to manufacturing motorcycles initially, recovery has taken place at quite a rapid pace. High demand for cruiser motorcycles is further fueling the sales for motorcycles manufacturers across geographies.

While growth of the automotive industry has become prominent over the last decade, manufacturers have come up with a flurry of inventions in order to increase their sales footprint. According to a report published by the Select USA, the United States has one of the largest automotive markets in the world. As per its report, since Honda opened its first U.S. plant in 1982, almost every major European, Japanese, and Korean automaker has produced vehicles and invested more than US$ 75 billion in the United States.

The latest report by Fact.MR projects a steady growth rate of 3.5% CAGR for the global motorcycle market through 2031.

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Key Takeaways from Motorcycle Market Study

• Asia Pacific remains the largest market for motorcycles, with its epicenter in India, holding over half of the regional market share.
• Europe to emerge as the second-largest market for motorcycles, with Germany holding more than 21% market share.
• The United States to hold more than 90% of market value for the world’s third-largest market for motorcycles – North America.
• Japan and South Korea to maintain a positive outlook throughout the forecast period, while Australia, France, and the United Kingdom, to remain lucrative pockets.
• High demand for cruiser motorcycles to propel the growth of manufacturers across regions.
• Motorcycles with engine capacity of 801-1000 CC to exhibit hegemony.

“Demand for various types of motorcycles such as mopeds, sports, standard, and others, especially cruisers, is forecast to grow over the coming years,”

says a Fact.MR analyst.

Rise in Demand for Cruiser Motorcycles Boosting Growth

Being popular for their style, comfort, slower acceleration, maneuverability, and handling, cruiser motorcycles are highly demanded across the globe. As more people are inclined to purchase this type of motorcycle, manufacturers are experiencing increase in sales. According to the United States Motorcycle Industry Council, approximately 40% of bikes in the U.S. are cruiser motorcycles.

Owing to their recognizable upright riding position, usually big engine displacement with a lot of torque in low RPM, and unique look, cruise motorcycles are gaining rapid traction among the young generation. As stated by the Motorcycle Industry Council, 24% of college graduates own a motorcycle in the United States, which is higher than 20% in the year 2014.

Why is the United States Motorcycle Market in the Spotlight?

The United States, being the epicenter of the world’s third-largest motorcycle market, North America, is in the focus of manufacturers. High demand for a wide variety of motorcycles such as cruisers, standard, touring motorcycles, and others is propelling growth in the United States.

According to a report titled “Motorcycle Trends in the United States”, published by the Bureau of Transportation Statistics on 21st May 2017, motorcycle registrations in the United States have grown each of the past 10 years, from 3,826,373 in 1997 to 6,678,958 in 2006 – a 75% overall increase, and have been growing at even higher rates since then, except a slight decline in 2007 and 2020. This data indicate ample of opportunities awaiting motorcycle manufacturers in the country.

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Competitive Landscape

The global motorcycle market is fragmented and thriving on key players. In order to excel in this landscape, key market players are focusing on launching a wider variety of vehicles. For instance,

• Bajaj Auto Limited launched its new extensive range of motorcycle equipment such as DTS-i, full LED headlamp with vertical auto headlamp on, twin projector headlamps, and others, in 2019.
• Red Bull KTM Factory Racing’s Tom Vialle has been crowned 2020 FIM MX2 Motorcross World Champion. The company has started investing more to launch more products over the coming years.t

Motorcycle Market Segmentation by Category

By Motorcycle Type :

• Adventure
• Cruiser
• Mopeds
• Sports
• Standard
• Touring

By Engine Capacity :

• Up to 150 CC
• 151-300 CC
• 301-500 CC
• 501-800 CC
• 801-1000 CC
• 1001-1600 CC
• Above 1600 CC

By Region :

• North America
• Latin America
• Europe
• Middle East and Africa (MEA)
• East Asia
• South Asia
• Oceania

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