The coronavirus outbreak has substantially impacted the production and distribution of motorcycle components. Manufacturers are investing in product development to boost recovery post pandemic.
ROCKVILLE, MD / ACCESSWIRE / July 7, 2020 / The global motorcycle market is expected to rise at a moderate 3.6% CAGR between 2020 and 2030. According to Fact.MR, the impact of the outbreak has hurt the economies of multiple countries. Budget, mid-range and premium motorcycle manufacturers will struggle in the short term in terms of liquidity. Disruptions in supply chains for components and spare parts will also adversely impact the market in the short term. Recovery of the market is likely to be steady after the end of the outbreak, aided by demand for personal vehicles.
"Customized designs coupled with innovations in fuel efficient engines are key factors promoting the sales of motorcycles. In addition, the growth of urbanization of population dense regions, and the resultant traffic issues will also aid in the growth of the motorcycle market," says the FACT.MR study.
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Motorcycle Market- Key Takeaways
- ICE motorcycles continue to be major revenue contributors, driven by penetration of fossil fuel automotive technologies.
- Light motorcycle options are rapidly gaining ground owing to handling, fuel efficiency, and low costs.
- Asia Pacific remains a dominant motorcycle market, owing to high sales as personal vehicles, in India and China.
Motorcycle Market- Driving Factors
- Expansion of the global middle-class population, coupled with higher disposable incomes bolsters market growth.
- Innovations in design and functionality including air cooled engines are gaining popularity among the younger demographic.
- Rising demand for electric motorcycle options generates a key global growth opportunity for manufacturers.
Motorcycle Market- Major Restraints
- Pollution concerns associated with motorcycle use remains the major restraint for market growth.
- Growing affordability and popularity of four-wheeler vehicles hamper motorcycle market.
COVID-19 Impact on Motorcycle Market
All major motorcycle producers have closed their production facilities for the short term. The coronavirus outbreak is not only affecting dealers and manufacturers, but also component manufacturers, which are essential to supply chains. Lack of adequate cash flow is also threatening the survival of small and medium scale manufacturers. Social distancing measures and demand for personal vehicles will aid market recovery once restrictions are lifted.
Motorcycles market players are seeking expansion strategies. In addition, product innovation and collaborations have also gained traction. For instance, TVS Motors has bought UK-based premium motorcycle brand Norton in early 2020.
TVS Motor Company, Yamaha Motor Co., Bajaj Auto Ltd., Suzuki Motor Corp., Harley Davidson Motor Co. and Honda Motor Co. are some of the top motorcycle manufacturers in the global market.
Explore the global motorcyles market report with 94 illustrative figures, 84 data tables and the table of contents. You can also find a comprehensive market segmentation on - https://www.factmr.com/report/7/motorcycle-market
About the Report
This study offers readers a comprehensive market forecast of the motorcycles market. Global, regional and country-level analysis of the top industry trends impacting the motorcycles market is covered in this FACT.MR study. The report offers insights on the motorcycles market on the basis of motorcycle type (adventure, cruiser, mopeds, sports, standard, and touring), and engine capacity (up to 150 cc, 151 - 300 cc, 301 - 500 cc, 501 - 800 cc, and 801 - 1000 cc, 1001 - 1600 cc, and above 1600 cc), across five regions (North America, Latin America, Europe, APAC, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FACT.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the automotive sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest automotive market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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