The motorcycle market is valued at US$ 98.8 billion in 2022 and further expand at a CAGR of 3.8% to reach US$ 144 billion by the end of 2032.
Electric Motorcycle will grow 5X higher than convention IC engine motorcycle and cater a vast majority of customer. Further, development in adventure and touring segment is likely to create a high revenue stream for manufacturers.
What’s Driving Demand for Motorcycle?
The demand for motorcycles is growing due to a variety of factors, ranging from environmental concerns to increasing consumer demand for stylish, high-performance vehicles. Environmental concerns, such as air pollution, have driven many people to switch to motorcycles over other forms of transportation, as they are more fuel-efficient and create fewer emissions.
Additionally, the rise of Social Media has also increased the demand for motorcycles, as they can be seen as a status symbol among the younger generations. Motorcycles have also become increasingly popular due to their stylish and modern designs, as well as their ability to provide a unique, personalized riding experience that many other forms of transportation cannot provide.
The combination of low cost, convenience, and the fact that motorcycles can be customized to fit an individual’s preferences has made them increasingly attractive to consumers. Furthermore, the growing availability of high-performance motorcycles and the development of new technologies and accessories have also made them an attractive option for those seeking an exciting and thrilling ride. As these factors continue to drive the demand for motorcycles, it is likely that the market will continue to grow in the coming years.
What Do Motorcycle Manufacturers Need to Watch Out for?
Motorcycle manufacturers need to be aware of several important factors when producing and selling motorcycles. The first thing they need to watch out for is safety. Motorcycles are inherently dangerous vehicles, and manufacturers must ensure their product is as safe as possible with the latest safety technology and design. Additionally, manufacturers should be aware of the latest trends in the industry, as well as any laws and regulations governing the sale and use of their products. They should also be aware of the changing tastes of consumers and how this could affect their sales.
Furthermore, manufacturers need to be conscious of the environmental impact of their motorcycles, and make sure they are producing vehicles that are as efficient and eco-friendly as possible. Finally, manufacturers need to be aware of their competition and the motorcycle market in general so they can continue to produce the best, most reliable product possible. By keeping an eye on all of these factors, motorcycle manufacturers can ensure they remain competitive in the market and ensure their customers are safe and satisfied.