Most commonly known as bikes or motorbikes, products in the global motorcycle market are two wheeled motor enabled vehicles built with metallic and fiber frames with integration of numerous mechanical and electronic components. These bikes can be used comfortably for a lot of different activities including cruising, racing, long distance traveling, and daily commuting. Increasing consumer preference for bikes as a private transportation with off-road traveling capacities has led to an increased demand in the global motorcycle market. Rising number of attractive and low fuel consumption variants of motorcycles, intended for various purposes such as sports, daily transport, and adventure have spurred substantial growth in the global motorcycle market in the past few years.
Motorcycles offer better gas mileage than many cars and increasing manufacturer focus on providing latest and convenient technologies has resulted in the increase in uptake of the motorcycles in the global motorcycle market. Integration potential of newer technologies such as Bluetooth speaker systems, bucket seats, navigation assistants, and unique horns have triggered high consumer interest in the global motorcycle market over the past decade. Players in the global motorcycle market are investing in development and enhanced design activities to improve mileage and fuel consumption and designing next generation air-cooled engines with more torque and advanced braking systems.
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Global Motorcycle Market: Overview
In the market landscape of motorcycles, moderate yet steady growth will be noted over the forecast period of 2019 to 2027, creating incremental opportunities for players dabbling in the market. Some of the prominent factors driving the global motorcycle market on to a higher market valuation include high disposable income, launch of better and more efficient products on a regular basis, increase in trend of customization, and growing number of motorbike sports takers. It is also quite significant to note here that a large number of females are opting for motorcycle as they realize how efficient it is as a mode of transportation. Growing incomes and in female participation in workforce is supporting this growth further.
Global Motorcycle Market: Competitors Landscape
Competition in the fragmented landscape of global motorcycle market is intense and growing as prominent players introduce new models with the aim of diversifying portfolio and enlarging consumer base. Many diverse growth measures are being deployed by top players in the market. Companies in market that have created a big name for them include the following:
- Honda Motor Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Polaris Industries, Inc.
- Yamaha Motor Co., Ltd.
- Suzuki Motor Corporation
- KTM AG
- BMW AG
A number of players are focusing upon improvement in engines in order to gain popularity among bikers and increase market share. Additionally, it is pertinent to note here that just like engine performance, fuel efficiency hold a prominent place in the market. Therefore players are directing efforts towards its improvement. Others strategies include expansion measures such as collaborations and new product launches.
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Global Motorcycle Market: Key Trends and Drivers
A string of growth factors is being noted in the motorcycle market. Transparency Market Research ahs explained these in great detail in its upcoming report on global motorcycle market. A glimpse of positive trends and drivers, contributing massively to growth in the market can be had below:
- More and more women are opting for motorcycles as mode of transportation. The reason is efficiency in using these. Besides, as more women enter workforce and see growth in income, they are ready to shell out more money for good products. Additionally, a growing number of women are seeing participating in motorsports. This will help the market grow by a substantial value.
- New product launches and technological advancement are other important growth factors in the global motorcycle market over the forecast period. As these become better, demand for motorcycles increase gradually. Additionally, customization is witnessing massive uptake and this is leading to notable growth in the global motorcycle market over the forecast period.
Global Motorcycle Market: Regional Analysis
North American region would be a prominent market in the global motorcycle market owing to active players opting for aggressive growth strategies in the market. Besides, customers in this region have high disposable incomes to invest in premium products. Customization is also a significant factor, driving the market on to a high growth trajectory. It is quite pertinent to note here that the United States of America will be a prominent contributor to growth in regional motorcycle market over the stated forecast period. Also, as disposable incomes grow in the Asia Pacific region, new opportunities will emerge and present themselves in the market. Proactive players will direct efforts towards tapping into these to enlarge customer base.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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