The growing demand of efficient and affordable modes of transport and other major driving factors is expected to favour the rise in the global motorcycle market
Reports and Insights has published a new report titled, “Motorcycle Market: Opportunity Analysis and Future Assessment 2022-2030”
By Type (Adventure, Cruiser, Mopeds, Sports, Standard, and Touring), By Routing Mode Type (Off Road & On Road), By Engine Capacity (Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, and Above 1600 CC), By Engine Type(2 Stroke & 4 Stroke), By Bore Size (30 - 60 mm, 60 - 80 mm, 80 -100 mm, and 100 and Above), By Price Range (Premium, Mid-range, and Low-range), By Technology (IC Engine Motorcycles, Electric Motorcycles, and Hybrid Motorcycles) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global motorcycle market is expected to reach at a value of US$ 530.0 Bn by 2030 end at a CAGR of 6.4%. In 2021, Asia Pacific region is accounted for the largest market share in comparison to other regions.
The motorcycle, most often called motorbikes or just bikes, is a two-wheeled vehicle with an internal-combustion engine which helps in propelling the automobile, serving its utility in numerous applications, including long-distance travel, cruising, commuting, racing and other sports activities as well as off-road riding. In the same manner with automobiles was the response to the 19th-century vision of self-propelling horse-drawn carriage, the innovation of the motorcycle developed the self-propelling bicycle.
The major factor that has primarily driven the growth of the motorcycle market all around the world is the significantly risen demand for scooters and motorcycles particularly in rural areas in the wake of increasing disposable income and inadequacy of firmly established public transportation. As a matter of fact, the rural areas are still in their primordial stage across the globe, in contrast with the developed urban infrastructure worldwide. In addition to that, the swift adoption of advanced technologies in the modern-day motorbikes is further making it appealing among young end-consumers, ultimately leading to higher demand across the global markets. Moreover, the growing drift of electric vehicles, as the world is slowly but surely depleting fossil fuels, is also playing an essential role in elevating the growth of the global motorcycle market over the years.
Throughout history, the automotive industry has always been one of the most amenable industries to emerging technologies. Today, the modern motorcycle industry depends on continual advances and innovations to maintain the swift progress of motorcycle tech. It can also be argued that we already are living in the future. The gentle and gradual phasing out of consumption of fossil fuel and the tremendous switchover to electric motorcycles or E-bikes mark the commencement of a new phase in motorcycling history. The emphasis on electricity as a fuel implies people have started to see electric vehicles as the future method of conveyance, comprising electric motorcycles. Earlier, the electric motorcycles were luxurious, high-priced and experienced various capacity limitations. Having said that, the modern electric motorcycle brands have settled most of the issues. Today, we are all set to turn long-drawn-out expectations into a reality. Electric motorcycles are now available with adaptive AI, vehicle-to-vehicle communication systems, ride-by-wire technology, enhanced rider ergonomics, and many more attractive features. Notably, poor batteries delineated one of the fundamental issues with older models of electric motorcycles. The flimsy batteries in the older electric motorcycle models decreased the bike’s travel range. In the present times, the installation of EV Level 2 chargers along highways and roads made it simpler for shorter-range motorcycles. Moreover, the cutback in battery charge times portrays another prospect of futuristic motorcycles. Some electric motorcycles now come installed with CCS fast-charging potential that charges 80% of a bike’s battery in approximately 45 minutes.
Further, the bike’s ergonomics specifies the degree of comfort an individual experiences while riding. The odds of wearing out and fatigue increases if the bike deficits in the ergonomics section. Rider ergonomics have enhanced at the side of other developments and progresses in motorcycle tech. Modern electric motorcycle brands pay attention to personalized ergonomics to encourage safe riding. In addition to that, the innovations in modern motorcycle tech also provided riders with one of the best and smartest safety systems available. For instance, the Damon company unveiled the world’s safest, smartest, and most powerful electric motorcycle installed with the award-winning safety system: CoPilot™. It comprises a 360° innovative warning system that monitors up to 64 objects and alerts riders of potential risks and hazards.
What is more is that motorcycles of the future are likely to look bizarre, but one can anticipate escalating optimized designs. In the present times, several motorcycle manufacturers employ 3D printing to create complex designs as well as lightweight frames at astonishingly lesser costs. For instance, Italian 3D printer manufacturer WASP announced its partnership with the European R&D wing of Japanese automotive manufacturer Honda. The companies have been developing WASP’s Liquid Deposition Modeling (LDM) 3D printing technology to offer increased liberty within clay motorcycle modeling. The procedure is clouted by WASP’s DELTA WASP 40100 Clay 3D printer, which is competent to squeeze out clay in a “never-ending” cycle.