Motorcycle Market - By Type (Standard, Sports, Cruiser, Adventure), By Propulsion Type (Internal Combustion Engine (ICE), Electric), By Engine Capacity (Under 500cc, 500cc - 1000cc, Over 1000cc), Forecast 2024 - 2032

Motorcycle Market Size

Motorcycle Market size was valued at USD 106.8 Billion in 2023 and is anticipated to register a CAGR of 8.5% between 2024 and 2032. Technological breakthroughs, including electric and smart motorcycles, meet the demand for modern, sustainable transportation. In urban settings, where congestion is a challenge, motorcycles serve as nimble and efficient solution. This synergy between technological innovation and urban lifestyles with modern mobility needs will shape the industry outlook.
 

 For instance, in 2023, the latest version of the KTM 390 Duke was released, featuring enhanced attributes, a fresh chassis, and an array of advanced electronics. This model continues to solidifies KTM’s position as the standard-bearer in its category, now offering increased speed, greater capabilities, and improved rider-friendly features, making it even more accessible for novice riders. This launch signifies the rapid acceptance of innovations, thereby contributing to the market expansion.
 

Technological strides in engine development and enhanced purchasing power are pivotal in propelling the growth of the motorcycle market. Innovations in engine efficiency, emission controls, and connectivity features cater to evolving consumer preferences. Higher purchasing power, particularly among the expanding middle class, fuels demand for a diverse range of motorcycles, driving manufacturers to introduce advanced models. This convergence of technology and consumer affordability contributes to the continued expansion of the market. Companies are actively manufacturing bikes with the latest advancements in engine and brake systems. For instance, in 2023, Harley-Davidson unveiled its eagerly awaited made-in-India X440 motorcycle, a budget-friendly model designed for the Indian market in collaboration with Hero MotorCorp. The X440 boasts a powerful air/oil-cooled 440cc single-cylinder engine with an 8,000 rpm redline, along with single-disc brakes on both wheels and standard dual-channel ABS for enhanced safety.

Safety remains a major challenge for the motorcycle industry. Accidents and fatalities involving motorcycles are relatively higher compared to other vehicles. Addressing safety concerns through technological advancements and rider education is crucial. Furthermore, stringent emissions regulations and environmental concerns pose challenges for traditional combustion-engine motorcycles. Manufacturers need to invest in cleaner technologies, such as electric motorcycles, to comply with environmental standards.
 

Motorcycle Market Trends

The increasing adoption of adventure touring bikes is a notable trend propelling the market forward. It reflects changing consumer preferences, with riders seeking versatile machines capable of both on-road and off-road adventures. Additionally, the emphasis on design and functionality plays a pivotal role, shaping innovative features and aesthetics. The manufacturers are responding to these trends by offering a diverse range of bikes that cater to the evolving needs and aspirations of riders worldwide.
 

Furthermore, the manufacturers are engaged in developing bikes, incorporating cutting-edge features, and integrating the latest technological advancements to maintain their market presence. For instance, in 2023, Honda Motorcycle & Scooter India (HMSI) released the highly acclaimed adventure tourer, 'XL750 Transalp.' This internationally renowned model features a design emphasizing unity, blending a compact headlight, an integrated windscreen, and sizable tank shrouds for a bold yet aerodynamic profile. The rugged rear design complements the adventure style, incorporating an aluminum rear carrier and an LED lighting system for enhanced functionality.
 

Motorcycle Market Analysis

Based on the type, the market is divided into standard, sports, cruiser and adventure. The standard segment accounted for around 17% of the business share in 2023 and is anticipated to grow significantly in the coming years. Renowned for their versatility and harmonious blend of performance and comfort, standard motorcycles attract a diverse clientele. Their practical design, reasonable pricing, and adaptability to different riding styles contribute to their broad acceptance. As riders increasingly seek versatile and accessible options, the standard motorcycle will continue to be the preferred two-wheeled transportation.
 

Based on propulsion type, the motorcycle market is categorized into Internal Combustion Engine (ICE) and electric. The Internal Combustion Engine (ICE) segment accounted for a market share of around 89% in 2023. This dominance is rooted in the widespread use of traditional combustion engines, valued for their reliability, simplicity, and affordability. While electric alternatives gain traction, the established infrastructure, cost-effectiveness, and familiarity of ICE-powered motorcycles keep them at the forefront. Manufacturers continue to refine and optimize internal combustion technology, ensuring its continued stronghold in the market.
 

Asia Pacific is experiencing growth in the motorcycle market. The region accounted for a market share of around 46% in 2022 and is poised for substantial growth over the forecast period. With a rising population and increasing disposable income, motorcycle ownership has surged. Supportive governmental policies and a thriving manufacturing sector further contribute to this growth. As motorcycles play an integral role in transportation, the APAC region emerged as a key contributor to shaping the industry's trajectory through continual expansion and innovation.

For instance, in 2023, Harley-Davidson unveiled its highly awaited X440 motorcycle, manufactured in India. This affordable bike is tailored for the Indian market and is the result of a collaborative effort between Harley-Davidson and Hero MotorCorp. This milestone signifies a noteworthy advancement in the market.
 

Motorcycle Market Share

Companies employ a multifaceted approach to enhance their market share in a highly competitive landscape. Firstly, innovation stands at the forefront, with companies investing significantly in research and development to introduce cutting-edge technologies and design features. This includes advancements in electric motorcycles, smart connectivity, and improved safety systems, catering to evolving consumer preferences and regulatory trends.

Collaborations and partnerships also play a pivotal role, as motorcycle manufacturers often join forces with technology companies, suppliers, or other automotive entities. These collaborations enable the integration of new technologies, shared expertise, and access to a broader market. Furthermore, strategic alliances with financial institutions facilitate the introduction of attractive financing options, promoting motorcycle ownership.
 

Motorcycle Market Companies

Major players operating in the motorcycle industry are:

• Bajaj Auto
• Energica Motor Company
• Harley Davidson
• Hero
• Honda Motorcycle
• Kawasaki Heavy Industries
• KTM
• TVS
• Yamaha
• Zero Motorcycles
   

 Motorcycle Industry News:

• In 2023, Royal Enfield launched a novel initiative called Reown, which is a company-operated pre-owned motorcycle business. This facilitates both existing and potential customers to seamlessly buy or sell their Royal Enfield motorcycles. Additionally, it offers an effortless process for customers to exchange their motorcycles and upgrade to a new bike.
   
• In 2023, in collaboration with Bajaj Auto, Triumph Motorcycles introduced the Speed 400 and Scrambler 400 X. These motorcycles, manufactured in India, distinguish themselves with impeccable fit and finish, a lively 399 cc engine, and user-friendly riding dynamics.
   

The motorcycle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and Shipments (Units) from 2018 to 2032, for the following segments:

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By Type, 2018 – 2032

• Standard
• Sports
• Cruiser
• Adventure

By Propulsion Type, 2018 – 2032

• Internal Combustion Engine (ICE)
• Electric

By Engine Capacity, 2018 – 2032

• Under 500cc
• 500cc - 1000cc
• Over 1000cc

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Netherlands
• Asia Pacific
  • China
  • India
  • Australia
  • Japan
  • South Korea
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia