Motorcycle Market Size, Share, Growth Analysis, By Motorcycle Type (Standard, Sports), By Type, By Propulsion Type, By Engine Type, By Engine Capacity, By Sales Channel, By Region - Industry Forecast 2024-2031

Global Motorcycle Market size was valued at USD 124.5 billion in 2022 and is poised to grow from USD 129.8 billion in 2023 to USD 189.3 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

The global bike market has experienced an unexpected surge in demand due to the COVID-19 pandemic, with growth surpassing pre-pandemic levels by 8.11% in 2019. Motorcycles, commonly referred to as bikes, are increasingly recognized as affordable modes of private transport, with their designs catering to various activities such as commuting, racing, and off-road riding. Factors like rising disposable incomes and urbanization have further propelled market expansion, even as the automobile sector flourished. Manufacturers are enhancing bike features, including improved mileage and innovative amenities like Bluetooth systems, to attract consumers. The U.S. motorcycle market, particularly in the ATV/RUV segment, is projected for significant growth, with over 4% anticipated increase in production, indicating a promising CAGR for the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Motorcycle market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Motorcycle Market Segmental Analysis

Global Motorcycle Market is segmented by Motorcycle Type, Type, Propulsion Type, Engine Type, Engine Capacity, Sales Channel, and Region. Based on Motorcycle Type, the market is segmented into Standard, Sports, Cruiser, Touring, Others. Based on Type, the market is segmented into On-Road, Off-Road. Based on Propulsion Type, the market is segmented into ICE, Electric. Based on Engine Type, the market is segmented into Two-stroke engine, Four Stroke engine. Based on Engine Capacity, the market is segmented into Up to 200cc, 201cc to 400cc, 401cc to 800cc, More than 800cc. Based on Sales Channel, the market is segmented into Direct Sales, Distributor Sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Motorcycle Market

The global motorcycle market is being driven by advancements in innovative technologies, which have transformed motorcycles into advanced vehicles prioritizing safety, comfort, and luxury. The widespread adoption of features such as antilock braking systems (ABS) significantly contributes to increased sales by enhancing stability during emergencies and sharp maneuvers, thanks to data integration from the inertial measuring unit (IMU) and throttle control. Moreover, manufacturers are incorporating hands-free and Bluetooth functionalities in helmets, facilitating seamless communication among riders and streamlining navigation. Additionally, modern motorcycles often include slip clutches that prevent rear wheel acceleration from outpacing the engine capabilities. As living standards improve and more young people, along with older adults opting for bikes instead of public transport, the demand for motorcycles continues to rise, signifying a thriving future for this sector.

Restraints in the Global Motorcycle Market

The global motorcycle market, while rapidly gaining popularity due to its numerous advantages, faces significant challenges due to the heightened risk of accidents associated with motorcycle riding. Statistics from the European Commission reveal that approximately 80% of motorcyclist fatalities on roads involve head injuries. Surveys indicate that motorcycles represent one of the most perilous forms of transportation, with the European Union reporting over 6,500 motorcycle-related deaths annually. Alarmingly, the mortality risk for riders is 20 times greater than that of vehicle passengers, underscoring the safety concerns that serve as a restraint for the motorcycle industry's growth.

Market Trends of the Global Motorcycle Market

The global motorcycle market is witnessing a significant shift towards electric two-wheelers as manufacturers respond to the depletion of fossil fuels and increasing environmental concerns. Major companies are investing heavily in electric motorcycle technology, with innovations in performance, ergonomics, and AI integration transforming conventional riding experiences. While early electric models faced limitations in range and affordability, advancements are rapidly addressing these issues, making electric motorcycles more appealing and accessible. Moreover, supportive government initiatives worldwide, including incentives and tax benefits for eco-friendly vehicles, are accelerating this transition. Consequently, the electric motorcycle segment is forecasted to dominate the market, shaping the future of two-wheeler transportation.