On-road Motorcycles - North America

North America

Highlights

The On-road Motorcycles market segment in North America is projected to achieve a revenue of US$8.74bn by 2024.
Furthermore, it is expected to experience an annual growth rate (CAGR 2024-2029) of 2.74%, resulting in a projected market volume of US$10.00bn by 2029.
In terms of unit sales, the On-road Motorcycles market segment is anticipated to reach 1.45m motorcyles in 2029.
Taking a closer look at the market, the volume weighted average price of On-road Motorcycles market in 2024 is expected to be US$6.97k.
It is worth noting that, from an international perspective, India is projected to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21.50bn in 2024.
The United States is experiencing a surge in demand for electric motorcycles, as consumers are increasingly conscious of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in North America is experiencing significant growth due to several key factors.

Customer preferences: Customers in North America have a strong preference for on-road motorcycles due to their versatility and convenience. On-road motorcycles provide a practical mode of transportation for daily commuting, as well as a thrilling recreational activity for enthusiasts. The popularity of on-road motorcycles is also driven by their fuel efficiency and affordability compared to other vehicles.

Trends in the market: One major trend in the North American On-road Motorcycles market is the increasing demand for electric motorcycles. As consumers become more environmentally conscious, there is a growing interest in electric vehicles, including motorcycles. Electric motorcycles offer the benefits of zero emissions, lower maintenance costs, and a quieter ride. This trend is expected to continue as technological advancements improve the range and performance of electric motorcycles. Another trend in the market is the rise of adventure touring motorcycles. Adventure touring motorcycles are designed for long-distance travel on various terrains, making them popular among adventure-seeking riders. These motorcycles offer a comfortable riding position, ample storage space, and advanced features such as GPS navigation systems. The demand for adventure touring motorcycles is driven by the desire for exploration and the increasing popularity of motorcycle touring.

Local special circumstances: The North American market for on-road motorcycles is unique due to the vast geography and diverse landscapes of the region. The availability of open roads, scenic routes, and well-maintained highways make North America an ideal destination for motorcycle enthusiasts. The popularity of motorcycle rallies and events, such as Sturgis Motorcycle Rally in South Dakota and Daytona Bike Week in Florida, further contribute to the growth of the market.

Underlying macroeconomic factors: The growth of the On-road Motorcycles market in North America is also influenced by underlying macroeconomic factors. A strong economy and low unemployment rates contribute to increased consumer spending power, allowing more individuals to afford motorcycles. Additionally, favorable interest rates and financing options make purchasing motorcycles more accessible to a wider range of consumers. The presence of a well-established network of dealerships and service centers also supports the growth of the market by providing convenient access to motorcycles and after-sales services. In conclusion, the On-road Motorcycles market in North America is experiencing growth due to customer preferences for versatile and affordable transportation options. The increasing demand for electric motorcycles and adventure touring motorcycles reflects evolving consumer preferences. The unique geography and diverse landscapes of North America, along with favorable macroeconomic factors, further contribute to the growth of the market.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.