NEW YORK, Feb. 9, 2021 /PRNewswire/ — Fact.MR’s recently published report on the global motorcycle market forecasts an optimistic outlook for 2021 compared to 2020. Despite a pandemic-induced recession, the market has rebounded well since the fourth quarter, and is likely to remain stable throughout the current year. Projections for the forthcoming decade are pegged at a CAGR exceeding 3%.
While global sales experienced a downsizing by nearly 28% (9 million units) in the previous year, growth has been sustained by rising apprehensions amid netizens to utilize public transport services owing to the fear of contracting infections. Hence, private vehicle ownership has spiked. By August end of 2020, nearly 22 million new scooters, mopeds and motorcycles were sold across the world.
As the global automotive industry flourishes, manufacturers are incorporating a wide spectrum of innovations to widen their footprint. They are especially discovering fresh revenue ecosystems across the cruiser bikes segment. Technologies such as fuel injection, slipper clutch, ride-by-wire, IoT and traction control are just amongst a few of the multitude of technological breakthroughs.
Honda Motors, for instance, unveiled one of the first electric bike a decade ago, capable of traveling for 30 km on a single charge, and is equipped with a specially built lithium-ion battery with instant charging. Recently, in 2019, the motorcycle giant also announced the integration of connected, autonomous, shared and electric (CASE) technologies into new mobility products and services.
“Mounting sustainability concerns are prompting two-wheeler enthusiasts to opt for green technology driven motorbikes, prompting manufacturers to introduce environmentally friendly and non-polluting two-wheelers such as electric bikes, which is likely to augment market share in forthcoming years,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR Motorcycle Market Study
- By motorcycle type, cruisers are expected to remain dominant, adventure and sport bikes to provide tailwinds
- Motorcycles equipped with an engine capacity of 501-800 cc are poised to yield credible gains, owing to provision of stupendous mileage
- U.S to account for over 90% of the revenue share across North America
- U.K experiencing gradual resurgence in sales since Q4 2020
- Germany to acquire over 20% share in the European motorcycles market, attributed to enhanced manufacturing capacities
- India and China to emerge as motorcycle heavyweights, Japan and South Korea to maintain positive outlook
Competitive Landscape
Prominent motorcycle manufacturers in Fact.MR’s extensive coverage include Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Honda Motor Company Ltd., Hero MotoCorp Limited, Eicher Motors Limited, TVS Motor Company Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, Ducati Motor Holdings S.p.A., Kawasaki Heavy Industries Ltd., Triumph Motorcycles Limited, BMW AG, KTM AG, Polaris Industries Inc. and Lifan Industry (Group) Co. Ltd.
The presence of such multitude of manufacturers renders the market highly competitive, prompting players to diversify their product offerings to remain afloat. In addition, capacity expansion by virtue of collaborations, mergers, acquisitions and establishment of distribution links are also relied upon by the aforementioned manufacturers.
In February 2021, Suzuki Motor Corporation unveiled a new version of its Hayabusa motorcycle with improved aerodynamic and superior riding performance. The 1.34 cubic centimeter in-line four engine features a ride-by-wire electronic throttle system and revised intake and exhaust mechanism for high output and torque across the low to mid-speed range.
Also, Hero MotoCorp Limited has established a dedicated vertical for distributing Harley Davidson products and merchandise across India. A consortium of eleven Harley Davidson dealers have joined Hero MotoCorp’s network for the same. The objective is to improve competencies in sales, marketing, customer experiences, services and logistics.
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More Insights on the Motorcycle Market
In its latest report, Fact.MR offers unbiased analysis of the global motorcycle market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (adventure, cruiser, mopeds, sports, standard, and touring) and engine capacity (up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, and above 1600 CC), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Key Questions Covered in Report
- What Is The Motorcycle Market Size And Trends in 2021?
- What are the key Factors Driving Motorcycle Market expansion?
- What will be the Value of the Motorcycle Market from 2021- 2031?
- How is Demand Rising for Various Types of Motorcycles?
- What are the Key Challenges Faced by Motorcycle Manufacturers?
- Why is the United States Motorcycle Market in the Spotlight?
- Which Motorcycle Type is leading the Market?
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