Persistence Market Research (PMR) has published a new report by the title “Motorcycle Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025).” The report states that the global motorcycle market is expected to witness stable growth over the coming years. The increasing inclination of consumers towards the adoption of electric and hybrid electric vehicles is expected to act as a prominent driver for the global motorcycle market. The trend of racing motorcycles with air cooled engines is expected to intensify in the years ahead with demand from consumers increasing at a rapid pace. According to PMR, the global motorcycle market is expected to witness a CAGR of 4.6% over the course of the forecast period.
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Demand from Rural Areas and Burgeoning Economic Strength to Propel Market Growth
Owing to increasing disposable income of the rural area consumer and dearth of a well-established public transport system, the demand for motorcycles and scooters has increased considerably in rural areas. The road infrastructure of rural areas is still in its primitive stage as compared to the urban infrastructure. To fulfill the need for mobility in rural areas and overcome high selling price and tax rates of four wheelers, the consumers are looking towards motorcycles, thus increasing their demand and subsequently, aiding the growth of the market. Furthermore, in the financial year 2017, rural areas accounted for approximately 38% of the two wheeler population in India, where the sales of two wheelers is highest in the world.
Burgeoning urbanization in developing countries such as Asia Pacific and Latin America, rising employment, improvements witnessed in disposable income, and a rise in the dual income of households are the key factors fuelling the demand for motorcycles. Reasonable price brackets for middle-class population and associated freedom of movement in crowded urban environments, low environmental impact, and ease of parking owing to the small size of two wheelers are some of other dynamics driving the conventional motorcycle market. According to the Federation of Asian Motorcycle (FAMI), in South East Asian countries, it is very common to have one or more motorcycle or scooter in a household. Thus, both the rural and urban population are expected to act as the driving force of the global motorcycle market.
India to Surge Ahead of all Regions and Countries in Motorcycle Consumption
India is one of the most prominent regions in the two wheelers market with a share of approximately 34% in 2017 in the global motorcycle market. India is one of the largest consumers of standard motorcycles, owing to the high preference for motorcycles in the country, especially in the middle class population segment. The narrow road infrastructure and closely knit cities are the most prominent aspects that makes India one of the leading consumers of motorcycle.
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Excess Competition over Technology Among Market Players
The players operating in the global motorcycle market are constantly focusing on presenting customers with technological savvy and fancy products and luring them to join their loyal consumer base. Catering to the speed and mileage needs of consumers has also become imperative for the companies. As a result, investment in research and development activities has become their priority. Some of the leading companies in the market are Yamaha Motors Co., Ltd., Piaggio & C.S.D.A, Honda Motor Co., Ltd., Hero MotoCorp., Bajaj Auto Ltd., Vmoto Limited, Zero Motorcycles Inc., Harley-Davidson, Inc., Ducati Motor Holding S.p.A, KTM AG, Triumph Motorcycles, and Bayerische Motoren Werke (BMW) AG, among many others.