Motorcycles - Worldwide

Worldwide

Highlights

The projected revenue in the Motorcycles market for Worldwide is expected to reach US$147.90bn in 2024.
It is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 3.57%, resulting in a projected market volume of US$176.30bn by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$102.80bn in 2024.
The unit sales of Motorcycles market are expected to reach 62.80m motorcyles by 2029.
In 2024, the volume weighted average price of Motorcycles market in the Worldwide market is expected to be US$2.60k.
Honda Motorcycles is projected to have the highest market share in the selected region, with a motorcycle unit sales share of 26.6% in 2024.
The value market share of Honda Motorcycles in the selected region is expected to stand at 29.3% in 2024.
From an international perspective, it is shown that the most revenue in the Motorcycles market will be generated India, with US$32.11bn in 2024.
In the United States, the trend in the motorcycle market is shifting towards electric bikes, as consumers become more environmentally conscious.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Worldwide is experiencing significant growth and development in recent years.

Customer preferences: One of the key factors driving the growth of the Motorcycles market in Worldwide is the increasing demand for affordable and efficient transportation options. Motorcycles offer a cost-effective alternative to cars, especially in densely populated areas where traffic congestion is a major issue. Additionally, motorcycles are often preferred by younger consumers who are looking for a more adventurous and exciting mode of transportation.

Trends in the market: One of the major trends in the Motorcycles market in Worldwide is the increasing popularity of electric motorcycles. With the growing concern for the environment and the need to reduce carbon emissions, many consumers are opting for electric motorcycles as a greener alternative to traditional gasoline-powered bikes. Electric motorcycles offer the advantages of lower maintenance costs, reduced noise pollution, and zero emissions. Another trend in the market is the rise of premium and luxury motorcycles. As the disposable income of consumers increases, there is a growing demand for high-end motorcycles that offer superior performance, advanced technology, and luxurious features. This trend is particularly prevalent in developed countries where consumers are willing to spend more on premium products.

Local special circumstances: In Asia, particularly in countries like India and China, motorcycles are not only a mode of transportation but also a status symbol. Owning a motorcycle is seen as a symbol of freedom and independence. This cultural preference for motorcycles has contributed to the significant growth of the market in these regions. In Europe, motorcycles are often favored for their maneuverability and ability to navigate through narrow streets and congested traffic. The compact size of motorcycles makes them a practical choice for urban dwellers who need to navigate crowded cities.

Underlying macroeconomic factors: The growth of the Motorcycles market in Worldwide can also be attributed to several macroeconomic factors. Rising urbanization and increasing disposable incomes in emerging economies have resulted in a larger middle class population that can afford motorcycles. Additionally, improvements in infrastructure and road networks have made motorcycles a more viable mode of transportation in many regions. Furthermore, the COVID-19 pandemic has also had an impact on the market. With the need for social distancing and avoiding public transportation, many consumers have turned to motorcycles as a safer and more personal mode of transportation. Overall, the Motorcycles market in Worldwide is experiencing growth due to customer preferences for affordable and efficient transportation options, the rise of electric and premium motorcycles, cultural preferences in different regions, and underlying macroeconomic factors such as rising urbanization and increasing disposable incomes.

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.