The global motorcycle market is anticipated to be worth nearly US$ 150 billion in 2022 from a value of just under US$ 120 billion in 2017 with a CAGR of 4.5%.
Dublin, Ireland -- (SBWIRE) -- 09/19/2017 -- A rise in standards of living across developing economies, such as China, India and Indonesia, is expected to influence the growth in adoption of motorcycles in these regions. In addition, superior fuel efficiency offered by motorcycles as compared to automobiles, coupled with rapidly growing population will result into a higher demand for motorcycles in the near future. Developed countries are likely to witness higher sales, especially of medium and heavy motorcycles, with economic conditions becoming more favorable and consumers resuming the purchase of expensive recreational items. A recent report by Fact.MR offers a detailed analysis about the global motorcycle market for the forecast period 2017 to 2022.
The report projects the global motorcycle market to surpass revenues worth US$ 100,000 Mn in 2017. Increasing innovations and advancements in technology are expected to immensely benefit the global motorcycle industry, with rapid pace of changes taking place in the automotive industry. Leading motorcycle manufacturers are focusing on increasing their sales amidst growing demand for mobility, particularly in the major cities. Moreover, electric motorcycles have started gaining popularity owing to their eco-friendly nature. These factors are expected to sustain growth of the global motorcycle market during the forecast period. Fact.MR's report projects the global motorcycle market to register a steady 4.5% CAGR, to reach nearly US$ 150,000 Mn in revenues by 2022-end.
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7 Growth Prospects about the Global Motorcycle Market
Based on product type, light motorcycles are expected to remain dominant in the global market, followed by scooters, in terms of revenues. However, electric motorcycles are expected to register the highest CAGR in the global motorcycles market through 2022. Sales of mopeds in the market will remain sluggish during the forecast period.
On the basis of cylinder capacity, below 250 cc will remain preferred in the market, with sales estimated to reach nearly US$ 100,000 Mn by 2022-end. 200 cc to 500 cc is expected to be the second-most lucrative product type segment in the global motorcycle market by 2022-end.
Low-priced motorcycles are expected to remain most attractive in the market, followed by mid-priced motorcycles. Sales of high-priced motorcycles are estimated to register a comparatively low CAGR through 2022.
In emerging countries of Asia Pacific excluding Japan (APEJ), such as India and China, where motorcycles are becoming an attractive alternative to utilizing mass transit, or riding a bicycle. Post-reaching certain thresholds of per capita income, strong growth in sales of motorcycles is estimated in these countries. APEJ is expected to remain dominant in the global motorcycle market during the forecast period.
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Although Japan is projected to be the second largest market for motorcycles, sales in North America are projected to register a comparatively higher CAGR through 2022.
Sales of motorcycles in Europe and Middle East & Africa (MEA) are estimated to register low CAGRs in the global motorcycles market through 2022.
Key market players identified in Fact.MR's report include Bajaj Auto Ltd., Bayerische Motoren Werke AG, Benelli Q.J., Piaggio & C. SpA, Harley-Davidson Motor Company, Inc., Suzuki Motor Corporation, Honda Motor Co., Ltd., Hero MotoCorp Ltd., Eicher Motors Limited, Yamaha Motor Co., Ltd., KR Motors Co., Ltd., and Chongqing Jianshe Motorcycle Co., Ltd.
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