The term motorcyclecan be defined as a two-wheeled vehicle and it is primarily driven by an Internal Combustion Engine. They are also known as motorbikes or bikes and nowadays, consumers are also opting for electric motorcycles. The motorcycles are built with strong metallic and fiber frames integrated with many mechanical and electronic components along with an engine. Few examples of motorbikes are Piaggio Vespa and TVS Jupiter among others.Global Motorcycle Market is expected to grow in the forecasted period, in 2018 market size of the Motorcycle was XX million and in 2028 is expected to reach at XX million with growing CAGR of XX%.
Factor such as demand for high-speed vehicles, rising disposable income, growing urbanization and technological advancements which are expected to boost the growth of the Motorcycle Market. Furthermore, the generation is attracted more towards bikesthe market has grown drastically over the last few years majorly due to the presence of large of players. Also, the industry is growing due to the increasing demand for comfort, better transport means, and greater fuel efficiency. The manufacturers in the U.S. are involved extensive R&D in developing better motorcycles.However, costs & prices associated with components in manufacturing motor cycles are expected to hinder the growth of the Motorcycle Market over the forecast period.
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Bajaj Auto Ltd., BayerischeMotoren Werke (BMW) AG, Ducati Motor Holding S.p.A., Eicher Motors Limited, Harley-Davidson, Inc., Hero MotoCorp Ltd., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles Ltd., TVS Motor Company Ltd., Vmoto Limited, Yamaha Motors Co., Ltd. and Zero Motorcycles, Incare some of the prominent players in the Motorcycle Market.
Asia-Pacificexpected to grow with a fastest CAGR over forecast period majorly due to technological advancements, rising population and increasing disposable income. Countries such as China and Japan are expected to account for the largest market share over the forecast period. The world salesof motorcycles have increased due to rising standards of living in developing nations. China is the largest market followed by India and Indonesia majorly due to large population base and the increasing income level with better standard of living.
Furthermore, North America region accounted for the largest market share in 2017. The reason attributed to the growth of the market are technological proliferation and growing demand for electric bikes. The region is expected to grow at a stagnant rate over the forecast period.
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Market segmented on the basis of engine type:
Market segmented on the basis of product type:
• Rest of Europe
• Rest of Asia-Pacific
• Rest of Latin America
Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• Rest of MEA
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This post was originally published on Raleigh Recorder