Over the last decade, motorbikes have become increasingly popular as a cost-effective mode of individual transportation. Through 2021-2031, the motorcycle industry is expected to develop at a steady 3.5 percent CAGR.
The growth of motorbike usage in developing economies such as China, India, and Indonesia is projected to be influenced by rising living standards. In addition, motorcyclists’ improved fuel efficiency compared to automobiles, combined with the world’s fast rising population, will result in increased demand for Motorcycle in the near future. With economic conditions improving and customers resuming the purchase of pricey recreational items, developed countries are likely to see increasing sales, particularly of medium and heavy motorcycles. Fact.MR recently published a research that provides a detailed overview of the worldwide motorbike market from 2017 to 2022.
Motorcycle Market Segmentation by Category
- Up to 150 CC
- 151-300 CC
- 301-500 CC
- 501-800 CC
- 801-1000 CC
- 1001-1600 CC
- Above 1600 CC
Motorcycle Market: Growth Prospects
- In terms of revenue, light motorcycles are predicted to maintain their dominance in the global market, followed by scooters. Electric motorcycles, on the other hand, are predicted to grow at the fastest rate in the worldwide motorcycle industry through 2022. During the projection period, the market for mopeds will remain sluggish.
- Cylinder capacity below 250 cc will continue to be preferred in the market, with sales expected to reach approximately US$ 100,000 Mn by the end of 2022. By the end of 2022, the 200 cc to 500 cc category is predicted to be the second-most valuable product type segment in the worldwide motorcycle market.
- Low-cost motorcycles are projected to continue to be the most popular, followed by mid-cost motorcycles. Through 2022, sales of high-priced bikes are expected to grow at a relatively slow rate.
- Motorcycles are becoming an attractive option to taking public transportation or riding a bicycle in Asia Pacific except Japan (APEJ) growing countries such as India and China. These countries are expected to see a significant increase in motorbike sales once they achieve certain levels of per capita income. During the forecast period, APEJ is expected to maintain its dominance in the global motorcycle market.
- Although Japan is expected to be the second largest market for motorbikes by 2022
- Sales in North America are expected to grow at a faster rate.
Motorbike sales in Europe and the Middle East and Africa (MEA) are expected to grow slowly in the global motorcycle industry until 2022.
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