Motorcycles Market Size, Share & Trends Analysis Report By Type (On-road Motorcycles, Off-road Motorcycles, Scooters), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global motorcycles market size was exhibited at USD 104.30 billion in 2023 and is projected to hit around USD 216.97 billion by 2033, growing at a CAGR of 7.6% during the forecast period of 2024 to 2033.

Key Takeaways:

• The on-road motorcycles segment dominated the market and contributed a revenue share of around 57% in 2023
• Regional analysis revealed that the Asia Pacific region accounted for a significant market revenue share of more than 62% in 2023.

Motorcycles Market: Overview 

The global motorcycles market has undergone significant transformations in recent years, driven by a combination of technological advancements, changing consumer preferences, and evolving regulatory landscapes. As we delve into the dynamics shaping this industry, several key facets come to the forefront.

Motorcycles Market Growth

The motorcycles market is experiencing robust growth driven by a confluence of factors. Increasing urbanization and rising disposable incomes globally have fueled a growing passion for recreational riding. Moreover, the advent of technological innovations, including smart connectivity and electric propulsion, has revolutionized the industry. The rising demand for customization options, comfort-centric designs, and diverse motorcycle types, such as adventure touring and cruisers, further propels market expansion. Stringent emission regulations and a heightened emphasis on safety standards are influencing manufacturers to adopt sustainable practices, contributing to the market's growth. As regional variations in consumer preferences and regulatory landscapes shape the industry, stakeholders are presented with opportunities for strategic collaborations and market diversification. In essence, the motorcycles market's growth is a dynamic interplay of evolving consumer trends, technological advancements, and a shifting regulatory environment.

Motorcycles Market Report Scope

Motorcycles Market Dynamics

• Technological Advancements Driving Innovation:

The motorcycles market dynamics are significantly influenced by rapid technological advancements. The integration of smart connectivity features, advanced safety systems, and the emergence of electric propulsion are reshaping the industry landscape. Manufacturers are investing heavily in research and development to meet consumer demands for cutting-edge technologies, providing motorcycles with enhanced safety, performance, and sustainability. This dynamic shift towards innovation not only fosters competition among key players but also opens avenues for new entrants, propelling the industry into an era of unprecedented technological sophistication.

• Sustainable Practices and Regulatory Impact:

The motorcycles market is undergoing a transformative phase with a heightened focus on sustainability and adherence to stringent regulatory standards. Governments worldwide are implementing measures to curb emissions, pushing manufacturers to explore eco-friendly alternatives, such as electric motorcycles. This shift towards sustainability not only aligns with global environmental initiatives but also shapes consumer preferences. The regulatory landscape, marked by stringent emission norms and safety standards, plays a pivotal role in determining the direction of product development and market strategies. As manufacturers navigate these regulatory challenges, opportunities arise for those embracing sustainable practices, positioning the industry on a trajectory towards a greener and more compliant future.

Motorcycles Market Restraint

• Economic Uncertainties and Supply Chain Disruptions:

The motorcycles market faces challenges stemming from economic uncertainties and supply chain disruptions. Global economic fluctuations, geopolitical tensions, and unforeseen events, such as the recent pandemic, impact consumer purchasing power and overall market stability. These uncertainties create challenges for manufacturers in terms of production planning, pricing strategies, and market forecasting. Additionally, supply chain disruptions, including shortages of key components and raw materials, can lead to production delays and increased costs. Navigating these economic uncertainties and establishing resilient supply chains are critical for sustained growth in the motorcycles market.

• Transitioning Consumer Preferences and Market Saturation:

Shifting consumer preferences pose a restraint on the motorcycles market as manufacturers grapple with the evolving demands of riders. The industry must adapt to changes in preferences for specific types of motorcycles, features, and customization options. Moreover, in mature markets, there is a risk of saturation, where the existing consumer base may be less inclined to upgrade or purchase new motorcycles. To overcome this restraint, manufacturers need to continually innovate, anticipate changing trends, and introduce products that resonate with the dynamic preferences of a diverse consumer base. Balancing tradition with innovation becomes crucial in navigating the challenge posed by transitioning consumer preferences and potential market saturation.

Motorcycles Market Opportunity

• Expanding Market Reach in Emerging Economies:

One significant opportunity within the motorcycles market lies in expanding market reach in emerging economies. As these regions experience rapid urbanization and rising disposable incomes, there is a growing appetite for recreational and commuter motorcycles. Manufacturers can strategically position themselves to tap into this emerging consumer base by offering diverse product portfolios that cater to the specific needs and preferences of consumers in these regions. Establishing a strong presence in emerging markets not only fuels revenue growth but also enables companies to build long-term brand loyalty.

• Rising Demand for Electric Motorcycles:

The increasing global emphasis on environmental sustainability presents a promising opportunity within the motorcycles market—specifically, the rising demand for electric motorcycles. With governments incentivizing electric vehicles and consumers becoming more environmentally conscious, there is a growing market for electric-powered two-wheelers. Manufacturers investing in research and development of electric motorcycles stand to gain a competitive advantage. This opportunity extends beyond meeting regulatory requirements; it aligns with consumer preferences for eco-friendly alternatives, offering a pathway for market leaders to position themselves as pioneers in the era of sustainable mobility.

Motorcycles Market Challenges

• Economic Downturns and Consumer Spending Constraints:

The motorcycles market faces persistent challenges, particularly during economic downturns when consumer spending is constrained. Economic uncertainties, recessions, and global financial crises can lead to reduced purchasing power and discretionary spending among potential buyers. This poses a significant challenge for manufacturers, as the demand for motorcycles, often considered discretionary purchases, tends to decline during periods of economic instability. Navigating these challenges requires strategic pricing, targeted marketing efforts, and potentially diversifying product offerings to cater to varying consumer budgets.

• Rapid Technological Obsolescence and Innovation Costs:

The motorcycles market is characterized by the rapid pace of technological advancements, leading to challenges associated with the obsolescence of existing technologies. Manufacturers face the constant pressure to invest in research and development to stay competitive, introducing new features and innovations. However, this pursuit of innovation comes with substantial costs, both in terms of research and development expenses and potential write-offs of obsolete technologies. Balancing the need for innovation with cost management is a delicate challenge, requiring companies to anticipate market trends and technological shifts while ensuring financial sustainability.

Segments Insights:

Type Insights

The on-road motorcycles segment dominated the market and contributed a revenue share of around 57% in 2023 and is forecast to grow at a CAGR of 7.7% from 2023 to 2033. The demand for cruiser variation is steadily growing, with users taking more interest in this segment, particularly in North America and Europe. Moreover, the increase in sportbike users and the growing trend of customization are some of the factors swelling demand for on-road motorcycles and driving the market. Thus, the high demand for on-road motorcycles contributed more to the market revenue.

The scooters segment is expected to witness the 2nd highest CAGR of 7.2% from 2023 to 2033. The rising popularity among users seeking a comfortable ride with the gearless driving system and at low operating costs as compared to the motorcycles. Also, the easy accessibility of petrol, remarkable mileage, and safe long-distance travel developed scooters as an everyday traveler vehicle. Thus, the scooters demand is increasing steadily and is expected to grow at a considerable CAGR during the forecast period.

Regional Insights

Europe is forecast to register the 2nd highest CAGR of 7.3% from 2023 to 2033. According to the European Association of Motorcycle Manufacturers (ACEM), major countries in Europe such as Germany, Italy, France, the U.K., and Spain account for about 80% of motorcycle registrations in 2020. Germany is a beneficial market for motorcycle manufacturers, due to the advanced manufacturing hubs and better demand for different types of motorcycles. The growing inclination toward high-end motorcycles has boosted demand for cruisers as well as sports motorcycles in Europe, with the trend estimated to last over the forecast period. Thus, the market in Europe is expected to grow at a considerable CAGR during the forecast period.

Regional analysis revealed that the Asia Pacific accounted for a significant market revenue share of more than 62% in 2023. Due to rapid urbanization as well as heavy Chinese and Indian customer acceptance, Asia Pacific accounted for the maximum share of the global demand in 2020. According to Infineum International Limited, India, China, Indonesia, and Vietnam are the major countries, that generated maximum revenue for the market in the Asia Pacific. China and Taiwan are prime locations for the manufacture of these motorcycles due to their high processing capacities and sufficient raw materials. Thus, the demand for motorcycles is high in the Asia Pacific and it contributes to more revenue generation in this region. 

Some of the prominent players in the Motorcycles market include:

• Harley-Davidson Incorporation
• Yamaha Motor Co., Ltd.
• Yadea Group Holdings Ltd.
• Honda Motor Co., Ltd.
• Piaggio & C. SpA
• BMW AG
• Suzuki Motor Corporation
• Hero MotoCorp Limited
• Bajaj Auto Ltd.
• TVS Motor Company 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global motorcycles market.

Type

• On-road Motorcycles
• Off-road Motorcycles
• Scooters

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)