Motorcycles, Scooters and Mopeds Global Market Report 2024

The motorcycles, scooters and mopeds market size has grown strongly in recent years. It will grow from $323.67 billion in 2023 to $351.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historic period can be attributed to factors such as economic affordability, urbanization trends, efforts to mitigate traffic congestion, the presence of youthful demographics, and government regulations and incentives.

The motorcycles, scooters and mopeds market size is expected to see strong growth in the next few years. It will grow to $464.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to the increased adoption of electric vehicles, the incorporation of smart and connected features, the rise of last-mile delivery solutions, integration with the sharing economy, and the expansion of the market into rural areas. Major trends expected in the forecast period include continuous innovations in safety, the influence of e-commerce and direct-to-consumer sales, the integration of connectivity and IoT (Internet of Things), the growth of shared mobility services, and the impact of cultural preferences on the industry.

Riding on the upward surge of the micromobility trend, the motorcycles, scooters, and mopeds market is poised for significant growth. Micromobility entails a transportation mode that utilizes small, lightweight vehicles designed for short-distance travel in urban or densely populated areas. This trend is fostering the adoption of electric motorbikes and scooters, especially in urban settings, by promoting awareness of two-wheeled transportation and aligning it with environmental concerns. A case in point is the National Association of City Transportation Officials reporting a nearly twofold increase in dockless e-scooter trips in December 2022, soaring from 33 million in 2020 to 62.5 million in 2021, constituting 56% of all shared micromobility journeys that year. As a result, the motorcycles, scooters, and mopeds market is being propelled by the escalating micromobility trend.

The expansion of the tourism sector is poised to drive the growth of the motorcycle, scooter, and moped market. Tourism involves individuals traveling to places outside their usual environment for leisure, recreation, or business purposes. The utilization of motorcycles, scooters, and mopeds in the tourism sector provides convenient and flexible transportation options, enhancing mobility and exploration for travelers. For instance, in June 2022, the U.S. Department of Commerce reported an increase in international visitors to the United States, reaching 22.1 million in 2021 compared to 19.2 million in 2020. Consequently, the growing tourism sector is a key factor propelling the growth of the motorcycle, scooter, and moped market.

Increasing safety concerns associated with riding two-wheelers pose a significant challenge to the motorcycles, scooters, and mopeds market. These concerns revolve around potential risks to the well-being of riders and passengers, stemming from accidents, a lack of protective features, and road hazards. The perceived higher risk, coupled with comparatively limited safety features in comparison to other modes of transportation, acts as a deterrent for potential buyers. This, in turn, results in reduced consumer demand and a slower expansion of the market. A case in point is the Ministry of Road Transport and Highways of India, which reported 4,12,432 road accidents in the country in 2021, claiming 1,53,972 lives and causing injuries to 3,84,448 individuals. Therefore, the growing safety concerns associated with riding two-wheelers are impeding the market's growth.

Major companies in the motorcycles, scooters, and mopeds market are strategically developing innovative products equipped with advanced technologies, such as auto-balancing technology, to gain a competitive edge. Auto-balancing technology refers to a self-stabilizing system that enables scooters to automatically maintain balance, ensuring a smooth and stable riding experience for users. For example, in January 2023, Liger Mobility, an India-based motor-vehicle manufacturing company, introduced the Liger X and Liger X+, the world's first self-balancing electric scooters. These scooters feature the patented 'AutoBalancing' technology, delivering automatic balance at low speeds and enhancing rider safety, comfort, and convenience. The e-scooters utilize liquid-cooled lithium-ion batteries designed for Indian conditions, with advanced algorithms ensuring thermal safety and predictive maintenance. Both models are equipped with 4G, GPS, and a mobile app for live tracking, ride history, and smart alerts, providing a distinctive riding experience with features such as FeetFreeStop, ReverseRide, and Learner mode.

In June 2022, Triumph Motorcycles Ltd., a UK-based motorcycle manufacturer, made an undisclosed acquisition of OSET Electric Bikes. This strategic move enables Triumph to venture into the electric off-road motorcycle sector and broaden its footprint in the realm of electric mobility. OSET Electric Bikes, a US-based company, specializes in producing entry-level off-road electric motorcycles.

Major companies operating in the motorcycles, scooters and mopeds market report are Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Suzuki Motor Corporation, Chang'an Automobile Co. Ltd., Yamaha Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Kawasaki Heavy Industries Ltd., Polaris Inc., Bajaj Auto Limited, Hero MotoCorp Limited, Pierer Mobility AG, TVS Motor Company, Piaggio & C. SpA., Eicher Motors Limited, Ducati Motor Holding S.p.A., Triumph Motorcycles Ltd., Jinyi Motor Co. Ltd., Sundiro Honda Motorcycle Co. Ltd., Kymco, Zero Motorcycles Inc., MV Agusta Motor S.p.A., Loncin Holdings Ltd., Norton Motorcycle Company Ltd., Zongshen Industry Group Co. Ltd., Hyosung Motors & Machinery Inc.

North America was the largest region in the motorcycles, scooters and mopeds market in 2023. The regions covered in the motorcycles, scooters and mopeds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the motorcycles, scooters, and mopeds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Motorcycles, scooters, and mopeds are two-wheeled motorized vehicles designed for personal transportation. Motorcycles typically feature more powerful engines and higher speeds, while scooters are characterized by step-through frames, platforms for the rider's feet, and automatic transmissions. Mopeds, on the other hand, are motorized bicycles with small engines, often under 50cc, and are equipped with pedals for manual propulsion in addition to the motorized engine.

The primary types of these vehicles are motorcycles, scooters, and mopeds. Motorcycles are two-wheeled motorized vehicles powered by an engine, typically featuring a saddle seat and handlebars for steering. They are available in various engine capacities, including up to 150cc, 151-300cc, 301-500cc, and above 500cc, catering to residential, commercial, and various other applications.

The motorcycles, scooters, and mopeds market research report is one of a series of new reports that provides motorcycles, scooters, and mopeds market statistics, including the motorcycles, scooters, and mopeds industry global market size, regional shares, competitors with motorcycles, scooters, and mopeds market share, detailed motorcycles, scooters, and mopeds market segments, market trends and opportunities, and any further data you may need to thrive in the motorcycles, scooters, and mopeds industry. This motorcycles, scooters, and mopeds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The motorcycles, scooters, and mopeds market consists of sales of sports bikes, cruisers, adventure bikes, and electric scooters. 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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