Motorcycle Market size was over USD 80.14 billion in 2023 and is anticipated to reach USD 181.72 billion by 2036, growing at around 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of motorcycle is estimated at USD 84.31 billion.
The growth of the market can primarily be attributed to the growing need for cost-effective private transportation amongst individuals worldwide, followed by the growing trends of two-wheeler adventure sports and racing, and for the increasing availability of a wide range of motorcycles with different engine sizes. Moreover, growing demand for energy-efficient transportation systems, increasing initiatives by the government of nations worldwide to support electric motorcycles by providing subsidies and tax rebates, and the escalating prices of petroleum products worldwide, are some of the additional factors expected to drive the market growth. Moreover, backed by the rising incidences of motorcycle fatalities, there is a growing focus amongst the motorcycle manufacturers to develop enhanced safety vehicles, which is anticipated to drive the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
6.5% |
|
Base Year Market Size (2023) |
USD 80.14 billion |
|
Forecast Year Market Size (2036) |
USD 181.72 billion |
|
Regional Scope |
|
The global motorcycle market is segmented by type into motorbike, light motorcycle, electric bikes, sports motorbike, moped, ice motorcycle, scooter, and others. Amongst these, the sports motorbike segment is expected to hold the largest market share throughout the forecast period and further attain a market revenue share of 39.16% by the end of 2036. The market is also segmented on the basis of engine type into less than 200CC, 200-400CC, 400-600CC, 600-800CC, 800-1000CC, and above 1000CC. Amongst these segments, the above 1000CC segment is expected to hold the largest market share in the coming years and further reach a market revenue share of 34.79% by the end of 2036. The motorcycle market is also segmented on the basis of application into daily commute, racing, off road, and others. Amongst these segments, the racing segment is expected to garner the largest market revenue share of 31.81% by the end of 2036.
Regionally, the global motorcycle market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World. Amongst the market in these regions, Asia Pacific is estimated to account for largest revenue share by 2036, attributed to increasing production of both electric and non-electric two-wheelers in the region. The sales of non-electric motorcycles in the region in the year 2020 recorded to around 33000 Thousand units, whereas that of electric motorcycles was close to 1300 Thousand units. Moreover, it has also been found that the production of electric motorcycles below 200CC has witnessed a massive growth, which is also anticipated to drive the motorcycle market growth in the region in the coming years.
Author Credits: Saima Khursheed
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