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Pit Bike Market Trends

Report ID: GMI6151
Published Date: Jul 2024
Report Format: PDF

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Pit Bike Market Trends

Electric pit bikes are gaining popularity, owing to their environmental benefits and ease of usage. These bikes offer quiet operation, zero emissions, and low maintenance costs, making them attractive to new riders and seasoned enthusiasts. In addition, manufacturers are focused on continuous investments in advanced battery technology to improve range and performance, positioning electric pit bikes as a viable alternative to traditional gas-powered models.

For instance, in March 2022, Yamaha Motor Co. Ltd. released a TY-E 2.0 electric trial bike prototype. Under its FUN x EV development concept, the TY-E 2.0 aims to surpass internal combustion engines by capitalizing on the unique characteristics of electric vehicles, such as powerful low-end torque and rapid acceleration. Rising popularity of electric models in the pit bike industry highlights a significant shift, positioning them as viable and exciting alternatives to traditional gas-powered bikes.

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The pit bike market was valued at USD 2.1 billion in 2023 and is estimated to record a CAGR of over 7.3% between 2023 and 2032, owing to the rising popularity of off-road racing events and competitions.

The sports segment held a market share of 39% in 2023, owing to the affordability of pit bikes that attracts families, young riders, and hobbyists who are hesitant to invest in more expensive models.

North American pit bike industry help over 61% revenue share in 2023 as the region has witnessed a proliferation of off-road parks, trails, and recreational areas, which has significantly eased riders access to suitable pit biking locations.

Yamaha Motor Co., Ltd., Honda Motor Co., Ltd., Kawasaki, SSR Motorsports, Apollo, Thumpstar, Pitster Pro, Piranha, Coolster, Tao Motor, BBR Motorsports, and Stomp.