Motorcycle And Bicycle Global Market Report 2024

The motorcycle and bicycle market size has grown strongly in recent years. It will grow from $76.87 billion in 2023 to $81.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to factors such as economic growth, urbanization, growing environmental concerns, and fluctuations in fuel prices.

The motorcycle and bicycle market size is expected to see strong growth in the next few years. It will grow to $100.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to factors like the increasing demand for urban mobility solutions, a focus on health and fitness, the rise of e-commerce and delivery services, and regulatory changes. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, and collaboration and partnerships.

Continued technological advancements are expected to be a driving force for market growth in the forecast period. The global motorcycle and bicycle manufacturing industries have witnessed numerous technological breakthroughs over the past decade, and this trend is anticipated to gain momentum. According to Forbes, in 2021, vehicles came equipped with ten new features, including blind-spot monitoring, heated seats, front and rear parking sensors, all-wheel or four-wheel drive, lane-departure warning, Apple CarPlay and/or Android Auto, power front passenger seats, LED accent lights, ventilated or cooled seats, and memory driver's seats. These innovations are poised to propel the motorcycle and bicycle markets in the forecast period.

The main categories in the motorcycle and bicycle market are motorcycles and their respective parts, bicycles and their parts, motor scooters, other types of motorcycles, and bicycles. Motor scooters are characterized by a step-through frame and a platform for the rider's feet, emphasizing comfort and fuel economy. These products are distributed through independent retailers and online sales and are used in both the OEM (Original Equipment Manufacturer) and aftermarket sectors.

The motorcycle and bicycle market research report is one of a series of new reports that provide motorcycle and bicycle market statistics such as global market size, regional shares, competitors with a motorcycle and bicycle market share, detailed motorcycle and bicycle market segments, market trends and opportunities, and any other data you may require to thrive in the motorcycle and bicycle market. This motorcycle and bicycle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The escalating issue of traffic congestion in urban areas is expected to drive the growth of the motorcycle and bicycle market in the coming years. Traffic congestion is characterized by reduced speeds, longer travel times, and increased vehicle queues. Motorcycles and bicycles occupy less road space compared to cars, contributing to reduced congestion. By substituting short car trips with bicycle and motorcycle journeys, traffic jams, especially on busy routes, can be mitigated. Additionally, motorcycles and bicycles can play a role in reducing pollution. For example, in December 2021, INRIX, Inc., a US-based transportation analytics company, reported that the average American spent 36 hours in traffic due to congestion, representing a 10-hour increase compared to 2020. Therefore, the growing traffic congestion in cities is a key driver of the motorcycle and bicycle market.

The outbreak of COVID-19 in 2020 had a significant restraining impact on the motorcycle and bicycle markets. Supply chains were disrupted due to trade restrictions, and consumption decreased as governments worldwide imposed lockdowns. COVID-19, an infectious disease with flu-like symptoms, first emerged in 2019 in Wuhan, China, and rapidly spread globally. Transportation manufacturers rely heavily on the global supply of parts and components, but government restrictions on cross-border trade disrupted production. New automobile sales also declined significantly due to reduced consumer demand amid lockdowns. Although this outbreak continued to affect businesses throughout 2020 and 2021, it is anticipated that the motorcycle and bicycle markets will recover in the forecast period, as this event was an unforeseen occurrence and not linked to any inherent weaknesses in the market or the global economy.

In response to changing consumer demands, bicycle manufacturers are increasingly investing in the production of electric bicycles powered by rechargeable batteries. These electric bicycles offer an eco-friendly and cost-effective mode of transportation and are suitable for both everyday errands and recreational rides. Major players are also introducing new electric bicycles equipped with GPS and internet connectivity. For example, in 2022, Ducati, renowned for its motorcycles, launched the MG20, its first folding electric bicycle. Similarly, an Indian-based electric mobility company introduced the Heileo H100, the lightest electric hybrid bike, in 2021.

Leading companies operating in the motorcycle and bicycle market are strategically collaborating to better serve their existing consumer base. Strategic partnerships involve commercial arrangements between two or more firms aiming to enhance their businesses. For instance, in November 2022, MV AGUSTA Motor S.p.A., an Italian motorcycle manufacturer, entered into a strategic cooperation with PIERER Mobility AG. Under this collaboration, KTM AG, a subsidiary of PIERER Mobility AG, will provide MV Agusta with supply chain support and take over procurement activities. MV Agusta, in turn, will market certain product lines through PIERER Mobility's global distribution network. PIERER Mobility AG is an Austrian-based motorcycle manufacturing company.

Major companies operating in the motorcycle and bicycle market include EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd., Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.

Asia-Pacific was the largest region in the motorcycle and bicycle market in 2023. Western Europe was the second-largest region in the motorcycle and bicycle market. The regions covered in the motorcycle and bicycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the motorcycle and bicycle market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The motor cycle and bicycle market consist of sales of scooters, tricycles and sports bikes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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