Motorcycle Market: Key Insights

• After the recession of 2008, the motorcycle market successfully recovered to register growth at a CAGR of 3.5% during the 2012-2016 period.

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• Global motorcycle sales were to the tune of US$ 112 billion in 2018 and revenues are estimated to grow at a CAGR of 3.8% during the 2017-2026 period.
• APAC is estimated to continue to remain the largest motorcycle market in the foreseeable future. An exponential rise in the global urban population with the UN Department of Economics and Social Affairs estimating 90% of the transition taking place in Asia is one of the key factors contributing to the surge in demand for motorcycles in the region.
• APAC is also expected to emerge as the fastest growing motorcycle market. Availability of cheap labor, abundance of raw materials, and high GDP growth of over 5% in developing economies of the region is likely to uphold production and sales of motorcycles in the region.

What is Driving the Growth of Motorcycle Market?

• A surge in the demand for premium motorcycles around the world and specifically in developing economies such as India is estimated to play a vital role in bolstering the motorcycle market growth. A gradual change in the consumer outlook is causing customers to look at motorcycles as a luxury rather than a mode of commute. The change in consumer perception coupled with growing disposable income is creating an increase in the demand for premium motorcycles.

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• Development of sophisticated safety mechanisms to lower the frequency of accidents and casualties is one of the important factors that is likely to bolster motorcycle sales in the foreseeable future. Additionally, development in technology is aiding companies in innovating and developing novel safety mechanisms which are expected to favor motorcycle market growth.
• With demand for motorcycles in the developing countries on a rise, OEMs are gradually establishing new production facilities in countries offering promising prospects, to avoid paying heavy import duties and maximizing their profits from the growing markets.
• Motorcycle manufacturers are investing heavily in integrating technology in the production processes to streamline their supply chain and optimize manufacturing. Additionally, manufacturers are leveraging data analytics and artificial intelligence to gauge consumer expectations and for creating marketing campaigns that generate a mass appeal.

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• Increasing consumer awareness about the adverse impact of fossil fuels on the environment and intensifying government campaigns to promote the use of eco-friendly motorcycle alternatives is prompting manufacturers to focus on developing electric and hybrid bikes. Numerous motorcycle manufacturers are venturing into the segment to capitalize on the growing demand for eco-friendly motorcycles.

What are the Challenges Stakeholders in the Motorcycle Market Need to Address?

• Political uncertainties and changing trade policies of powerful economies such as the US and the UK are estimated to significantly influence imports and exports of finished products as well as raw material which is likely to impact production and reflect on the pricing of motorcycles.
• Millennials, who hold a significant share of the global population, are increasingly preferring to not opt for purchasing motorcycles. The decreasing demand among the millennials can be attributed to student loans and a booming resale market for motorcycles. Additionally, millennials are focusing on investing in education and with baby boomers aging, sales of motorcycles around the world are likely to dampen. Manufacturers continue to focus on aggressive marketing to draw in non-riders and generate mass appeal among millennials to overcome the challenge.