Motorcycles Industry Growth Overview:
Motorcycles market is expected to grow at a CARG of 4% during the forecast period.
The global motorcycles industry is highly fragmented, with the presence of a high number of market players. The market has a huge scope for improvement in the coming years. The report covers segmentation and drivers for a better glimpse of the market in the coming years. The growth of the motorcycles market is attributed to the rising disposable income levels of the middle-class population across the globe, and the demand for affordable and convenient modes of transportation. OEMs are focused on manufacturing conventional motorcycles, especially sports designs, as the demand from the young population dominates the demographics of major markets such as China, India, the US, Brazil, and Mexico.
Some of the key industry participants of the global motorcycles market are Suzuki Motor Corporation (Japan), Polaris Industries, Inc. (US), Honda Motor Co., Ltd. (Japan), Yamaha Motor Co., Ltd. (Japan), Harley-Davidson, Inc. (US), PIERER Mobility AG (Austria), BMW AG (Germany), Kawasaki Heavy Industries, Ltd. (Japan), Triumph Motorcycles (UK), Hero MotoCorp Ltd. (India), Bajaj Auto Ltd. (India), TVS Motor Company (India), Ducati Motor Holding S.p.A. (Italy), and Eicher Motors Limited (India).
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The global motorcycles industry is highly fragmented, with the presence of a high number of market players. The market has a huge scope for improvement in the coming years. Motorcycle manufacturers, dealers, distributors, and retailers have opportunities to increase their efficiency through the adoption and integration of advanced analytics and business intelligence. The manufacturers/service providers are operating at the regional level. The players are adopting business strategies such as mergers & acquisitions, product development, partnerships, joint ventures, and expansions to improve their positions in the market, both regionally and globally.
Suzuki Motor launched its first BS-6 compliant GIXXER series motorcycles in India. The BS-6 compliant 155cc GIXXERs will be the first offering by SMIPL in the BS-6 motorcycles category.
Honda revealed its 2020 European motorcycle line-up CBR1000RR-R Fireblade and CBR1000RR-R Fireblade SP. Their most powerful inline four-cylinder engines power these bikes. The 2020 CBR1000RR-R Fireblade delivers a maximum power output of 160kW at 14500rpm.
Honda unveiled a premium BSVI 2-Wheeler, the Activa 125 Sparks. It is equipped with the Honda ACG starter, programmed fuel injection (PGM-FI), and other unique features.
The global market for motorcycles is segmented based on type and country. By type, the global market is divided into adventure, cruiser, sports, standard, and touring. The standard segment is expected to register considerable growth over the projected timeframe. Standard motorcycles are often termed as naked motorcycles and have been prevailing in the market for decades. A standard bike is an evolution of universal Japanese motorcycles and classic British bikes. These bikes combine an upright seating position with the handlebar and footpegs placed at a comfortable distance away from the rider.
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China accounted for a significant market share in 2019. The country is recognized as one of the prominent motorcycle-manufacturing hubs owing to affordable labor and the availability of raw materials. Although the popularization of four-wheel vehicles continues in China, the motorcycles market is witnessing a gradual decline yearly, dropping below the 14-million-unit level for both production and sales volumes in 2018. Looking at production volumes by engine displacement, the market for the 125cc and below segment is either flat or shrinking and is increasing for motorcycles with displacements of 125cc and above. The Guangdong and Zhejiang provinces and Chongqing city in the Chongqing municipality are among the prime manufacturing locations in China. One of the factors boosting the growth of the motorcycles market in China is the ban on electric bikes to maintain smooth traffic flow and ensure the safety of pedestrians. Also, government regulations favoring the adoption of lightweight motorcycles and discouraging the use of electric scooters and three-wheeled trikes have encouraged motorcycle manufacturers to enter the Chinese market.
In 2019, India held the second-largest share of the global motorcycles market. The Indian motorcycles market is largely characterized by inexpensive, fuel-efficient, and low-displacement bikes. The country has witnessed an unprecedented demand for motorcycles from rural areas, owing to new infrastructural developments and the construction of paved roads. India is one of the world’s largest market for motorcycles, with Honda, Bajaj, Hero MotoCorp, and TVS being the most preferred motorcycle manufacturers.
Table of Content:
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
1.1.1 GLOBAL MOTORCYCLES MARKET, BY TYPE
1.1.2 GLOBAL MOTORCYCLES MARKET, BY COUNTRY
2 MARKET INTRODUCTION
2.2 SCOPE OF THE STUDY
2.3 LIST OF ASSUMPTIONS
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 TOP-DOWN AND BOTTOM-UP APPROACH
3.6 FORECAST MODEL
4 MARKET DYNAMICS
4.1.1 RISE IN THE MIDDLE-INCOME POPULATION
4.1.2 NEW MOTORCYCLE MODELS AND SPORTS ACTIVITIES ARE ATTRACTING NEW CONSUMERS
4.2.1 HIGH PRICES OF LUXURY MOTORCYCLES
4.3.1 INCREASED USE OF MOTORCYCLES IN ADVENTURE TOURISM
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