Motorcycle Market Size to Hit $163 Billion, with Growing CAGR of 4% by 2033: Fact.MR Report
Motorcycle Market Analysis (2023 to 2033)
France is slated to reach $3.4 Bn by 2033. The eye-catching development of France manufacturing & industrial sector presents significant opportunities in Europe
ROCKVILLE PIKE, MARYLAND, UNITED STATES, July 3, 2024 /EINPresswire.com/ -- The Global Motorcycle Market size stands at US$ 110 billion in 2023 and is projected to expand at a robust CAGR of 4%, to reach a valuation of US$ 163 Billion by 2033.
The most practical form of transportation is a motorcycle. The motorcycle business presents fresh chances for expansion and innovation because it is a creative sector. In many parts of the world, there is a culture of motorcycle enthusiasts forming clubs to celebrate and unite people who share a passion for the same motorcycle brand on one platform.
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Many diverse activities, such as cruising, racing, long-distance travel, and daily commuting, can be done on these bikes with ease. The demand for motorcycles has increased due to the rising consumer desire for bikes as private mobility options with off-road capabilities.
Motorcycles have better gas mileage than many vehicles, and manufacturers are putting more emphasis on offering cutting-edge, practical technology, which has led to a rise in motorcycle sales worldwide. Over the last few years, increased consumer interest in motorcycles has been sparked by the integration of modern technology such as Bluetooth speaker systems, bucket seats, navigation assistance, and distinctive horns.
Key Takeaways from the Market Study
• The global motorcycle market is valued at US$ 110 billion in 2023.
• Worldwide sales of motorcycles are forecasted to increase at a CAGR of 4% from 2023 to 2033.
• Global motorcycle demand is expected to reach a market value of US$ 163 billion by 2033.
• Demand for cruise motorcycles is set to rise at a CAGR of 4.2% over the next ten years.
• The market in France is estimated to reach US$ 3.4 billion by the end of 2033.
Issues such as carbon emissions are seriously considered in worldwide environmental awareness efforts, and new electric-powered motorcycles are gaining prominence as a result. Battery-powered electric scooters have a good range when fully recharged and are rising in popularity,” says a Fact.MR analyst
Competitive Landscape
Top manufacturers are increasing their R&D investments to provide better performance and comfort. They are focusing on new developments, product standards, and supply chain management to increase their revenue. Leading companies in the motorcycle industry also benefit from the adoption of advanced technology and the growth in popularity and evolution of motorcycle events in developed economies.
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For instance:
• In 2023, the Pan America, a brand-new adventure touring motorcycle, was introduced by Harley-Davidson. The bike is made with off-road and on-road riding in mind and is targeted at the expanding adventure touring market.
• In 2023, the new YZF-R1M superbike was launched by Yamaha. A top competitor in the market for high-performance motorcycles, the bike has innovative electronic systems and a lightweight carbon fiber body.
Winning Strategy
Leading companies are integrating smart technologies for a safer riding experience and to prevent accidents. Technologies such as vehicle-to-vehicle communication are being developed that will enable riders to understand the speed and position of the vehicle and provide warnings to riders. Key players in the worldwide motorcycle market are spending on research and development, improving design processes, and developing next-generation air-cooled engines with higher torque and advanced braking systems to increase mileage and fuel consumption.
Top motorcycle manufacturers are installing adaptive headlights which causes light to pivot when the motorcyclist steers thereby improving the visibility. They are optimizing the potential of integrating smart accessories into the bikes to remain competitive and reinforce the demand for motorcycles during the forecast period.
Key Companies Profiled
Top manufacturers are increasing their R&D investments to provide better performance and comfort. They are focusing on new developments, product standards, and supply chain management to increase their revenue. Leading companies in the motorcycle industry also benefit from the adoption of advanced technology and the growth in popularity and evolution of motorcycle events in developed economies.
Key players profiled are Eicher Motors Limited, Ducati Motor Holding S.p.A, Yamaha Motor Co., Ltd., Bajaj Auto Limited, Suzuki Motor Corporation, Harley Davidson Motor Company Inc., Honda Motor Company, Ltd., Hero MotoCorp Limited, TVS Motor Company Limited, Kawasaki Heavy Industries, Ltd.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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