The Global Motorcycle Market size was estimated at USD billion in 2021 and is expected to hit around USD billion by 2031, poised to grow at a compound annual growth rate (CAGR) of % from 2022 to 2031.
Global Motorcycle Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The industry that deals with the manufacturing, marketing, and distribution of motorbikes is referred to as the global motorcycle market. Motorcycles are two-wheeled vehicles with an internal combustion engine or an electric motor. They are often referred to as motorbikes or bikes. The market for motorcycles worldwide includes a wide range of models, including commuter, sport, cruiser, scooter, and off-road motorcycles.
Consumer preferences, economic situations, technology breakthroughs, governmental laws, and cultural influences are just a few of the variables that have an impact on the motorcycle market. It is a vibrant and cutthroat sector with many producers, including both local and foreign companies, striving for market dominance.
In the current market environment, there are a number of important developments affecting the global motorbike market. The rising demand for electric motorcycles is one significant trend. Customers are becoming more interested in electric-powered bikes as public awareness of environmental issues and the demand for sustainable transportation solutions rises. In response to this trend, manufacturers are creating and releasing electric vehicles with enhanced battery performance.
The use of cutting-edge technologies in motorcycles is another noteworthy trend. Motorcycles are increasingly equipped with connectivity technologies like Bluetooth connectivity, GPS navigation, and smartphone integration. To improve rider safety and convenience, additional cutting-edge safety technologies are being added, such as anti-lock braking systems (ABS), traction control, and adaptive cruise control.
Additionally, opportunities for customisation and customization are becoming more and more well-liked among motorcycle fans. Customers may customise their bikes to their preferences thanks to the increased possibilities provided by manufacturers in terms of colours, accessories, and appearance.
RECENT DEVELOPMENTS:
Numerous recent advancements that are reshaping the motorcycle business and adapting to shifting consumer tastes have been seen in the global motorbike market. The growing use of electric motorcycles is one noteworthy development. Electric vehicles are becoming available with improved battery technology, greater range, and quicker charging times. As demand for eco-friendly transportation options rises, businesses like Harley-Davidson, Zero Motorcycles, and Energica are extending their selection of electric motorcycles.
The integration of cutting-edge safety and connection technologies is another noteworthy achievement. To improve rider safety, motorcycle manufacturers are implementing technologies like ABS, traction control, and rider-assist systems. Additionally, connectivity technologies like smartphone integration, GPS navigation, and real-time data presentation are spreading in popularity and giving drivers and passengers additional information and convenience while driving.
Urban commuter-friendly motorcycles that are lightweight and agile have received a lot of attention in terms of design and innovation. Manufacturers are creating versions that are small, nimble, and have powerful engines, making them ideal for crowded city roadways. Retro and vintage-inspired motorcycles are also popular right now, which appeals to riders looking for a traditional look with contemporary performance.
Direct-to-consumer business strategies and online sales have also increased significantly. E-commerce platforms are being used by manufacturers and dealerships to expand their consumer base and offer convenient purchasing options. Customers can now customise their motorcycles online thanks to this change in distribution channels, which is revolutionising the shopping experience.
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Global Motorcycle Industry Research Report, 2020-2031.
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