According to a recent study by Fact.MR, the motorcycle market is expected to witness steady growth during the 2017-2026 period with global sales of motorcycles estimated to reach nearly 40 million units in 2019. Development of enhanced safety mechanisms to safeguard drivers, coupled with improved suspension systems to add comfort continue to influence buying behavior. Additionally, improving road-traffic infrastructure is likely to aid in bolstering motorcycle market growth.
Higher fuel efficiency relative to other personal modes of communication is a key reason contributing to the surge in the demand for motorcycles over scooters and other two-wheelers. Fact.MR opines the factor augurs well for the standard motorcycles segment which is expected to hold over 60% of the motorcycle market share in 2019.
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Increasing traffic congestion and substantial rise in the population is discouraging people from purchasing motorcycles. In addition to this, millennials, who are estimated to hold the largest share in global demographics, are showing an increased preference for not purchasing or riding motorcycles. However, the factors are vital to the growth of the motorcycle rental services marketplace which, in turn, are expected to uphold motorcycle market growth. Development of sophisticated technologies such as data analytics, Internet of Things (IoT), and machine learning are allowing companies to offer novel and innovative bike rental services to consumers who are seeking affordable and temporary options for commuting.
Motorcycle manufacturers are becoming increasingly aware of the promising prospects the market holds and are investing heavily in the industry. For instance, Yamaha Motor Corp invested US$150 million in Grab, a bike rental service operational in Vietnam, Thailand, and Indonesia. As per the deal, Yamaha and Grab plan to work on making affordable motorcycle models available for people seeking to join the bike rental service. Along similar lines, BMW launched its own bike rental service in Germany, France, and Austria. The company plans to expand its services across different countries if it proves to be a success in Europe. Bike rental services are also becoming increasingly popular among millennials and offer a lucrative alternative to overcome the challenge posed by declining motorcycle sales.
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Burgeoning Demand in Recreational and Leisure Activities to Bolster Market Growth
Motorcycle rides are increasingly being marketed as a form of rejuvenation and relaxation. Studies linking motorbike rides to decreased stress levels and enhanced concentration levels are further estimated to contribute to the surge in demand for motorcycles in leisure and recreational activities. Experiential traveling is gradually gaining traction and emerging as a pervasive trend driving the demand for sports motorcycles, cruisers, and adventure bikes. Additionally, the increasing use of motorcycle tours for promoting tourism in a region is expected to create a demand for motorcycles around the world.
A significant increase in recreational activities coupled with the development of lightweight and high-performance motorcycle suitable for different terrains is also fuelling the sales of adventure and touring motorcycles.
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Evolving Electric Bikes to Dampen Motorcycle Sales
The gradual evolution of electric bikes is estimated to pose a threat to the motorcycle market growth. Advancements in technology, in addition to the availability of sophisticated components, for the production of electric bikes is allowing manufacturers to launch e-bikes that can offer the same acceleration as electric motorcycles. In addition, the availability of affordable e-bike models is estimated to find an extended consumer base as opposed to the expensive electric motorcycles. Furthermore, riding e-bikes does not require a license which is a vital factor drawing consumers to the electric motorcycle alternative. The inclusion of other value-added features such as ABS, superior suspension, and fat tires for better grip and handling is estimated to aid e-bikes in gaining popularity among consumers which, in turn, is expected to limit motorcycle market growth.
The Fact.MR report tracks the motorcycle market for the period 2017-2026. According to the report, the motorcycle market is projected to grow at 3.8% CAGR through 2026.
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