Motorcycle Market Analysis

Motorcycle Market Analysis

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Based on the type, the market is divided into standard, sports, cruiser and adventure. The standard segment accounted for around 17% of the business share in 2023 and is anticipated to grow significantly in the coming years. Renowned for their versatility and harmonious blend of performance and comfort, standard motorcycles attract a diverse clientele. Their practical design, reasonable pricing, and adaptability to different riding styles contribute to their broad acceptance. As riders increasingly seek versatile and accessible options, the standard motorcycle will continue to be the preferred two-wheeled transportation.
 

Based on propulsion type, the motorcycle market is categorized into Internal Combustion Engine (ICE) and electric. The Internal Combustion Engine (ICE) segment accounted for a market share of around 89% in 2023. This dominance is rooted in the widespread use of traditional combustion engines, valued for their reliability, simplicity, and affordability. While electric alternatives gain traction, the established infrastructure, cost-effectiveness, and familiarity of ICE-powered motorcycles keep them at the forefront. Manufacturers continue to refine and optimize internal combustion technology, ensuring its continued stronghold in the market.
 

Asia Pacific is experiencing growth in the motorcycle market. The region accounted for a market share of around 46% in 2022 and is poised for substantial growth over the forecast period. With a rising population and increasing disposable income, motorcycle ownership has surged. Supportive governmental policies and a thriving manufacturing sector further contribute to this growth. As motorcycles play an integral role in transportation, the APAC region emerged as a key contributor to shaping the industry's trajectory through continual expansion and innovation.

For instance, in 2023, Harley-Davidson unveiled its highly awaited X440 motorcycle, manufactured in India. This affordable bike is tailored for the Indian market and is the result of a collaborative effort between Harley-Davidson and Hero MotorCorp. This milestone signifies a noteworthy advancement in the market.