Global Motorcycle Market to Grow at a CAGR of 8.5% During 2024-2032, Aided by the Introduction of Technologically Advanced Motorcycle Models with Improved Performance, Fuel Efficiency, and Safety Features.

Young consumers exhibit high selectivity regarding motorcycle performance and comfort. This selectivity has compelled manufacturers to implement strategic marketing initiatives through novel motorcycle designs. Concurrently, manufacturers focus on developing advanced frame metals, riding styles, and silhouettes to differentiate their products. An emphasis on invention aims to satisfy the discerning preferences of youthful clientele.

Several factors have contributed to the motorcycle market growth. Rising demand for two-wheelers due to increased traffic congestion in many urban areas has boosted the market. Manufacturers have also invested heavily in research and development to improve the performance and comfort features of new motorcycle models. This has increased consumer adoption of motorcycles for daily commutes. Additionally, the growing popularity of electric motorcycles is supplementing the demand for conventional motorcycles.

While high-risk accidents and associated costs may hinder market growth, opportunities remain. Risky driving can endanger the rider’s safety and lead to expensive damages. However, integrating emerging technologies and evolving motorsports culture in developed nations could benefit the market. Incorporating innovations and rising enthusiasm for competitive events may also open new prospects for companies in the market.

Furthermore, motorcycles provide a cost-effective transportation option when compared to four-wheelers. Not only are motorcycles less expensive to purchase initially, but they also incur lower maintenance and fuel costs over time. For many individuals, motorcycling serves as both a functional mode of transit as well as a recreational pastime.

The increasing launches of innovative and high-performance motorcycles by leading companies fuel the market development. In July 2023, Harley-Davidson Inc. (NYSE: HOG), an American motorcycle manufacturer, and India's largest two-wheeler company, Hero MotoCorp, announced the launch of their new X440 motorcycle for the Indian market. The jointly developed X440 represents the companies' collaboration to introduce an affordable product aimed at competing with market leaders such as Royal Enfield, Honda, and Triumph from Bajaj Auto. The unveiling of the X440 demonstrates Harley-Davidson and Hero MotoCorp's strategic initiative to broaden their customer base and penetrate new segments of the market in India.

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Market Breakup by Type, Propulsion Type, and Region:

• On the basis of the type, the market is classified into standard, sports, and cruiser, among others.

• he market can be segmented based on propulsion type into ICE and electric.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
   

Key Findings of the Report:

• Launch of new products that promise greater fuel efficiency, alongside stylish and attractive designs, drive the motorcycle market expansion. Improvements in key performance metrics like mileage, coupled with benefits such as larger fuel tanks, lower cost of maintenance, and extended service life, are expected to boost demand for motorcycles. Further, easy access to vehicle financing also serves as an important growth driver for the market.

• The market for cruiser motorcycle variants has been increasing steadily, with buyers demonstrating heightened interest in this segment, particularly within the North American and European regions. This upward trend can be attributed to innovations such as the introduction of lightweight cruiser designs and more powerful performing machines. Manufacturers have effectively catered to consumer preferences through technological enhancements that broaden the cruiser category's appeal, while still maintaining the classic style associated with these models.

• The growing demand for premium motorcycles, coupled with low manufacturing costs, is expected to boost sales of high-end motorcycles during the forecast period. Markets in the United States and Europe are also anticipated to experience lucrative growth over the same timeframe due to higher disposable incomes and favourable economic conditions within these nations.
   

Key Offerings of the Report:

• The EMR report gives an overview of the global motorcycle market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, propulsion types, and major regions of motorcycle.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global motorcycle market are Yamaha Motor Co., Ltd., Honda Motor Co., Ltd, Volkswagen Group (Ducati Motor), Kawasaki Heavy Industries Ltd, Triumph Motorcycles Ltd, BMW AG, Harley-Davidson, Inc., Suzuki Motor Corporation, Piaggio & C. SpA (Aprilia), KTM AG, Bajaj Auto Ltd., and TVS Motor Company Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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