According to Persistence Market Research, the global motorcycle market will witness a CAGR of over 4% between 2020 and 2030.
Motorcycles, better known as “motorbikes” or simply “bikes” are being increasingly preferred these days – the first and the foremost reason being – less occupancy on roads, thereby contributing to doing away with traffic congestion. The motorcycle market, in turn, keeps the “mechanical” and “electronics” industry continuously on the toes. As motorcycles comprise strong fiber and metallic frames with numerous electronic and mechanical components with motorcycle engine.
The scooter industry is driven by those who prefer a less-adventurous commute. Like the motocycle, the internal combustion engine drives the scooter, but the footboard on scooter body does separate it from the former one. Riders could use that footboard as leg space. TVS Jupiter, Honda Activa, Aprilla SRV 850, and Piaggo Vespa are some of the examples of scooters.
What’s in for Motorcycle Market?
The ever-increasing middle-class population all across is the key growth driver to the motorcycle market. This has prompted the manufacturers to go for refurbishment of conventional motorcycles. The novel features could be inclusive of air cooled engines. Also, people prefer motorcycles that contain bigger displacement engines as they are reported to make way for greater fuel efficiency in comparison with petite displacement engines. The other embellishments include low cost on the part of maintenance and longer life. These factors are expected to catalyse the motorcycle market between 2020 and 2030.
Motorcycle Market going the “Electric” way?
The motorcycle market is in the transition phase right now. In other words, the advent of IPM (Interior Permanent Magnet) motors that are known for providing optimized efficiency and power of motorcycles are on the anvil. The IPM motors are capable of having full torque to have an immediate throttle response, which is driving their adoption in electric motorcycle market. The market is further accelerated by these motors’ reduced weight and compact size. It could be inferred that the motorcycle segment’s electrification is bound to upscale the motorcycle market in the years to come.
Motorcycle Market through Aftermarket Motorcycle Parts?
The aftermarket motorcycle parts comprise protective gear (boots, knee and elbow guards, gloves, jackets, helmets, etc.), lighting (flashers, headlights), fittings and frames, and batteries. Out of these, batteries and helmets dominate the market, as they prove to be of great use to both – scooters and motorcycles. As far as distribution channels are concerned, there are multi-brand, single, e-retailers, and OES (original equipment suppliers). Out of them, people usually refer to OES. However, the ongoing pandemic has reversed the equations. Online distribution channels are preferred due to new guidelines laid down regarding mingling at social outlets. So, the e-retailers are keeping the cash registers for motorcycle market ringing.
What’s holding the Motorcycle Market Back?
The motorcycle market is subject to high-cost motorcycle accessories coupled with high installation cost. Plus, the point to be noted herein is that it’s only the high-capacity batteries rendering high-performance to the electric motorcycles. The overheads tend to increase due to high-quality materials used in bringing electric scooters and motorcycles on the floor. The “aesthetics” add to the initial buying cost.
Covid-19 Impact on Motorcycle Market
The motorcycle market, though looks to have slowed down post outbreak of Covid-19, has started picking up space, especially after the “unlock” phase began in Jun 2020. The governments are pressing on “social distancing” to be practised all across. This includes riding the motorcycles single-seat, which means, riding the pillion is not allowed. Plus, public transport is far from being “normal”. These “new” normalcies have prompted the people to have motorcycles/scooters of their own. So, it could be concluded that Covid-19 ought to create revenue-oriented reverberations in the motorcycle market.
The “Regional” Way
The Asia-Pacific is expected to lead the market in the upcoming period, more so due to the millennials going for motorcycles (Acceleration through Covid-19 is there to stay). North America and Europe are already in the saturation phase. This trend is expected to continue in the forecast period as well.
The key players in the market include Harley-Davidson, Inc., Honda Motor Co., Ltd., Suzuki Motor Corporation, TVS Motor Company Ltd., Bajaj, Ducati Motor Holding S.p.A, Hero MotorCorp Ltd., Bayerische Motoren Werke (BMW) AG, Triumph Motorcycles Ltd., Piaggo & C. SpA, and Eicher Motors Limited.