Persistence Market Research digs deep into the global motorcycles market and fetches key information through structured market research. The report, “Motorcycles Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026” gauges the market and predicts the future demographic and changes. The report reveals that the motorcycles segment will dominate the market and is estimated to hold more than 80% market value share. It is expected to grow at a CAGR (Value) of 3.7% until the end of the forecast period (2018 – 2026). The present estimated value of the global Motorcycles market is more than US$ 115,720.5 Mn in 2018 and the market will expand at a CAGR of 3.9% to reach US$ 156,903.0 Mn by the end of 2026.
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Global Motorcycles Market Dynamics
The global motorcycles market is expected to be driven by the growing economic strength of middle class population in developing countries. Moreover, as the middle class population increases across the globe, the demand for efficient and affordable means of transportation is expected to increase considerably in the coming years. Motorcycles are becoming a suitable alternative, owing to which the demand for motorcycles and scooters is expected to ramp up in the coming years. Furthermore, high disposable personal income in North America has led to consumers venturing more into leisure activities revolving around motorcycles and scooters, such as racing, bike stunts and off-road activities, which in turn, has increased the demand for high engine capacity two wheelers. This is the main factor driving the growth of the motorcycle market in matured economies, such as North America and European countries. Furthermore, growth in motorcycling clubs revolving around cruiser motorcycles in the region, popularized by Harley-Davidson and Indian motorcycles, has also augmented the growth of the market in the region.
E-mobility has also emerged as a trending topic in the past few years. Various properties of electric vehicles, such as fuel conservation, silent operation and low sound emission will give them an upper hand over conventional motorcycles. Furthermore, as the emission norms get stricter, the demand for alternative means of transportation is expected to increase. Owing to this, the demand for electric scooters and motorcycles is expected to increase significantly in the coming years.
However, a majority of the working class population in North America and Europe opts for four wheelers over two wheelers as two-wheelers are affordable for consumers. This is one of the prime reasons which can hamper the growth of the motorcycles market in North America and Europe. Furthermore, electric motorcycles offer reduced speed and performance as compared to their conventional counterparts. This can further derail the growth of the market in the coming years.
Global Motorcycles Market Forecast
Market insights suggests that the overall width of the global Motorcycles market will expand during the forecast period. Several positive changes are expected to fuel the growth of the market. By product type, the motorcycles segment will play a pivotal role in building market revenue and is expected to occupy a significant share of the market. The report hints that the scooters segment, by type, will account for a value share of 19.6% in the global Motorcycles market by 2018. Amongst the major markets, India is expected to show promising results during the forecast period. The region is estimated to represent 35.7% market value share in 2018 and the market is estimated to expand at a CAGR of 4.3% within the stipulated time period. The sales revenue of India is estimated to surge up to US$ 57,819.3 Mn by the end of 2026. The markets globally will remain fertile and vibrant during the forecast period.
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Global Motorcycles Market: Competitive Landscape
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., Zero Motorcycles, Inc.