On-road Motorcycles Market Share, Size, Analysis, Growth & Forecast On-road Motorcycles Industry The

Rahul Nikade

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On-road Motorcycles Market Share, Size, Analysis, Growth & Forecast

On-road Motorcycles Industry

The global on-road motorcycles market size is estimated to reach USD 86.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 6.1% from 2022 to 2028. Increasing focus by motorcycle manufacturers on producing high-performance and comfortable motorcycles is one of the key factors driving the growth of the market. In addition, high disposable income, the launch of improved and more efficient products regularly, a surge in trend of customization, and the rising number of motorbike sports users are factors increasing the demand for on-road motorcycles. The high cost of the product and uncomfortable seating structure are some of the factors hampering the growth of the on-road motorcycles market. Most of the major players operating in the on-road motorcycles market are implementing the strategy of mergers, acquisitions, and new product launches to gain maximum share in the market.

The COVID-19 pandemic has negatively impacted the on-road motorcycles market. According to Mark Lines Co., Ltd., India’s sales fell a sharp 13.2% to 15.12 million units in 2020. Top motorcycle companies such as Harley Davidson and Ducati had closed a number of their manufacturing facilities. The COVID-19 pandemic not only impacted manufacturers and dealers in the industry but also other businesses in the supply chain such as large- and small-scale manufacturers of motorcycle components. To deal with the outbreak, manufacturers are focusing on the integration of new technologies in production processes. They are also taking measures to develop alternative sources for the procurement of essential components, which could revamp production and restart growth.

The cruiser motorcycles segment contributed to the global market revenue share of more than 55% in 2021. Being widespread for their style, ease, slower acceleration, mobility, and handling, cruiser motorcycles are largely demanded all over the globe. As maximum customers are inclined to buy this type of motorcycle, key producers are experiencing a surge in sales. Due to their noticeable upright riding position, typically big engine displacement with maximum torque in low RPM, and unique design, cruiser motorcycles are getting fast traction among the young generation. Thus, the cruiser motorcycles demand is high and contributed more to the market revenue.

Asia Pacific accounted for the largest revenue share of more than 60.0% in 2021. According to Mark Lines Co., Ltd., India, and China were the major countries that generated large revenue for the on-road motorcycles market in 2020. With the large demand for on-road motorcycles in the emerging countries of Asia such as India, Japan, Indonesia, and Vietnam, OEMs are constructing manufacturing facilities in these countries to avoid compensating import duties and to get an advantage in the motorcycle market. Thus, the above-mentioned factors are expected to contribute to the revenue of the market for on-road motorcycles in the region.

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On-road Motorcycles Market Segments Highlights:

In Europe, the market is expected to witness the 2nd highest CAGR of 6.0% from 2022 to 2028. According to the European Association of Motorcycle Manufacturers (ACEM), major countries in Europe such as Germany, Italy, France, the UK, and Spain generated about 80% of revenue in 2020. The rising travel and tourism industry in Europe has led to the rise of bike-rental services, boosting the demand for on-road motorcycles
The touring motorcycles segment is likely to register the 2nd highest CAGR of 6.0% over the forecast period. Touring motorcycles can travel long-distance without any hassles. They offer high comfort, safety, and premium features
Asia Pacific accounted for over 60% market share in 2021. This can be credited to the huge population as well as rising consumer expenditure on off-road motorcycles

On-road Motorcycles Market Report Segmentation

Grand View Research has segmented the global on-road motorcycles market based on type and region:

On-road Motorcycles Type Outlook (Revenue, USD Million, 2017 - 2028)