The global motorcycle market is experiencing a significant surge, poised to more than double its value from $105.52 billion in 2021 to $233.51 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.6% during the forecast period. According to Allied Market Research’s newly published report, advancements in electric propulsion, rising traffic congestion, and a booming culture of performance enthusiasts are driving this growth.
Key Growth Catalysts
The motorcycle market has evolved from basic commuter vehicles to sophisticated machines catering to sport, adventure, and luxury segments. With internal combustion engines (ICE) still dominant, the rising popularity of electric motorcycles is reshaping the market.
- Electric Revolution: A notable shift is being observed toward electric motorcycles, spurred by global carbon reduction targets and urban pollution concerns.
- Tech-Driven Safety: Features such as Anti-lock Braking Systems (ABS), digital dashboards, and lightweight alloys are influencing purchase decisions.
- Product Launches & Innovations: Manufacturers like SUZUKI and HONDA continue to roll out high-performance models, including the V-STROM 800DE and CBR600RR.
- Affordability: Budget-friendly motorcycles remain a hot commodity in developing regions, driving volume sales.
For instance, Bajaj Auto’s launch of the Platina110 with ABS at just over $800 has made advanced safety accessible to mass-market buyers.
COVID-19 Pandemic: A Surprisingly Positive Impact
Unlike many industries, the motorcycle market saw an uptick during the pandemic. The Motorcycle Industry Council reported an 11.4% rise in sales in 2020, fueled by solo travel trends and increased engagement with motorcycle-related digital content. Manufacturers like KTM AG adjusted strategies and capitalized on this renewed interest.
Regional & Segment Insights
- Sports Motorcycles lead growth by type, propelled by the demand for high-performance vehicles.
- Electric Motorcycles dominate propulsion growth, thanks to government subsidies and cleaner alternatives.
- Low-Priced Models are leading in sales volume due to affordability and utility, especially in Asia-Pacific markets.
Competitive Landscape
Key players in the market include:
- BMW AG
- Harley-Davidson Inc.
- Honda Motor Co., Ltd.
- KTM AG
- Piaggio & C. SpA
- Suzuki Motor Corporation
- Triumph Motorcycles
- TVS Motor Company Ltd.
- Yamaha Motor Co.
- Zero Motorcycles, Inc.
These companies are actively engaging in strategic partnerships, technological innovations, and expanding into emerging markets.
