Growth of adventure tourism industry around the globe and rise in disposable income drive the growth of the global adventure motorcycle market.
WILMINGTON, Del., Nov. 15, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Adventure Motorcycle Market by Engine Capacity (less than 500cc, 500-1000cc, and more than 1000cc), Application (Off-road, and On-road): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the adventure motorcycle industry size generated $31.8 billion in 2022, and is anticipated to generate $64.4 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
Growth of adventure tourism industry, and rise in disposable income drive the growth of the global adventure motorcycle market. However, low cost and advancement in commuter motorcycles and High cost of adventure motorcycle restricts the market growth. Moreover, integration of digital technologies, and demand for light weight & agile designs in the adventure motorcycle market presents new opportunities in the coming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$31.8 billion |
|
Market Size in 2032 |
$64.4 billion |
|
CAGR |
7.5 % |
|
No. of Pages in Report |
325 |
|
Segments covered |
Engine Capacity, Technology, and Region. |
|
Drivers |
Growth of adventure tourism industry. Rise in disposable income. |
|
Opportunities |
Integration of digital technologies. Demand for light weight and agile designs. |
|
Restraints |
Low cost and advancement in commuter motorcycles. High cost of adventure motorcycle. |
The 500-1000cc segment to maintain its leadership status throughout the forecast period
Based on engine capacity, the 500-1000cc segment held the highest market share in 2022, accounting more than two-fifth of the global adventure motorcycle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032, owing to the power and maneuverability offered by the engine between 500-1000cc with a reasonable price.
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The On-road segment to maintain its leadership status throughout the forecast period
Based on application, the on-road segment held the highest market share in 2022, accounting nearly two third of the global adventure motorcycle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032, owing to ability of adventure motorcycle to travel long distances with luggage and pillion.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting nearly two-fifths of the global adventure motorcycle market revenue, however North America is expected to dominate the market during the forecast period. The Asia-Pacific region is dominating due to the presence of the major manufacturer and the growing adventure tourism in the region. However, the North America region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032, owing to rise in disposable income and growth of the adventure tourism in the region.
Leading Market Players: –
KTM AG
Ducati Motor Holding S.p.A.
TRIUMPH MOTORCYCLES
BMW AG
Yamaha Motor Co., Ltd.
Honda Motor Co., Ltd.
Harley-Davidson
Kawasaki Heavy Industries, Ltd.
Suzuki Motor Corporation
Eicher Motors Ltd.
The report provides a detailed analysis of these key players in the global adventure motorcycle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Highlights of the Report:
This report provides a comprehensive analysis of the technology employed in Automotive systems and accessories.
The market analysis spans from 2022 to 2032, offering insights into a decade of industry trends.
Recent advancements are highlighted throughout the research, showcasing the latest developments.
Leading companies in the industry are profiled in detail within the research study.
The market analysis encompasses various segments and regions, offering a thorough examination of its scope and impact.
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