Motorcycle Market Size, Share, Growth Analysis, By Type(Standard, Sports, and Cruiser), By Propulsion type(ICE and electric), By Engine Capacity(Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC), By Region - Industry Forecast 2024-2031

Motorcycle Market size was valued at USD 124.5 billion in 2022 and is poised to grow from USD 129.8 billion in 2023 to USD 189.3 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

As major competitors roll out new models to diversify their product lines and broaden their customer bases, competition in the fragmented global motorcycle market is fierce and intensifying. Leading market players are utilizing a wide range of growth strategies. The majority of businesses have concentrated on introducing new products and growing their production facilities in developing nations. Innovation, partnerships, strategic alliances, working with key actors, and boosting local and international distribution networks are all examples of strategies. For instance, In January 2022 - Piaggio and Zongshen partnered with a new 150 cc scooter engine. The new engine features electronic fuel injection and liquid cooling. 'Honda Motor Co. Ltd.', 'Yamaha Motor Co.Ltd.', 'Hero MotoCorp Ltd.', 'Bajaj Auto Ltd.', 'Suzuki Motor Corporation', 'TVS Motor Company Ltd.', 'Harley-Davidson, Inc.', 'Piaggio & C. SpA', 'BMW Motorrad AG', 'Kawasaki Heavy Industries, Ltd.', 'Triumph Motorcycles Ltd.', 'KTM AG', 'Ducati Motor Holding S.p.A.', 'Royal Enfield (Eicher Motors Ltd.)', 'MV Agusta Motor S.p.A.', 'Aprilia (Piaggio Group)', 'Husqvarna Motorcycles GmbH', 'Indian Motorcycle International, LLC', 'Benelli (Q.J. S.r.l.)', 'Moto Guzzi (Piaggio Group)'

With the rising use of cutting-edge technologies, motorbikes have evolved into more sophisticated vehicles with a focus on safety, comfort, and luxury. For instance, the development of the antilock braking system (ABS) is being widely embraced by manufacturers, which indirectly increases sales. To keep the motorcycle stable during emergencies and sharp turns, ABS employs data from the inertial measuring unit (IMU), throttle control, and ABS. Manufacturers are now including hands-free and Bluetooth features in helmets to enhance communication with other riders and eliminate the hassle of taking calls or using smartphones for navigation. Additionally, most current bikes come with a slip clutch that is intended to partially disengage when the rear wheel tries to accelerate the engine faster than it is capable of doing.

As fossil fuels are gradually depleted, major companies introduce their electric motorcycles and consider this. One may argue that electric two-wheelers are the way of the future. Therefore, electric bikes will be the main focus moving forward. The initial round of these electrical had relatively limited riding skills, and motorcycles were expensive. But futuristic bicycle manufacturers have made advancements in motorcycle technology similar to Damon. Consequently, in 2020, the technology that was predicted is now a reality. The capacity for AI to modifications to the ergonomic designs, and communication between vehicles, and each rider radically alter the two-wheeler industry. Additionally, different nations' governments are stepping up efforts to promote environmentally friendly automobiles and electric in terms of incentives and tax benefits, wheelers, and scooters.

In 2021, the Asia Pacific motorcycle market had a value of US$78.94 billion. Due to rapid demographic change, a greater middle class, and higher income within the middle class, the area leads the worldwide market populations, as well as a growing preference for private over public transportation. The world's largest market for bikes is in India, where it accounts for around 40% of global sales. Honda's independent market share is only 14%, although the company. Original Equipment Manufacturers (OEMs) from India account for 77 % of the market. Hero MotoCorp, on the other hand, competes actively alongside TVS Motor and Bajaj Auto. The Indian government is also pursuing measures such as FAME-II to provide subsidies and tax consumer exemptions to promote electric two-wheelers. Additionally, the highest sales and manufacturing in China, the rising need for reasonably priced electric motorcycles, and the government's promotion of electric two-wheelers and short commutes in developing nations are anticipated to enhance the Asia Pacific market throughout the forecast period.