Top Emerging Trends Of On-road Motorcycles Market Progress Forecast 2028 |Grand View Research, Inc.Posted by Mrudula Karmarkar on October 10th, 2022 The global on-road motorcycles market size is estimated to reach USD 86.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 6.1% from 2022 to 2028. Increasing focus by motorcycle manufacturers on producing high-performance and comfortable motorcycles is one of the key factors driving the growth of the market. In addition, high disposable income, the launch of improved and more efficient products regularly, a surge in trend of customization, and the rising number of motorbike sports users are factors increasing the demand for on-road motorcycles. The high cost of the product and uncomfortable seating structure are some of the factors hampering the growth of the on-road motorcycles market. Most of the major players operating in the on-road motorcycles market are implementing the strategy of mergers, acquisitions, and new product launches to gain maximum share in the market. The COVID-19 pandemic has negatively impacted the on-road motorcycles market. According to Mark Lines Co., Ltd., India’s sales fell a sharp 13.2% to 15.12 million units in 2020. Top motorcycle companies such as Harley Davidson and Ducati had closed a number of their manufacturing facilities. The COVID-19 pandemic not only impacted manufacturers and dealers in the industry but also other businesses in the supply chain such as large- and small-scale manufacturers of motorcycle components. To deal with the outbreak, manufacturers are focusing on the integration of new technologies in production processes. They are also taking measures to develop alternative sources for the procurement of essential components, which could revamp production and restart growth. The cruiser motorcycles segment contributed to the global market revenue share of more than 55% in 2021. Being widespread for their style, ease, slower acceleration, mobility, and handling, cruiser motorcycles are largely demanded all over the globe. As maximum customers are inclined to buy this type of motorcycle, key producers are experiencing a surge in sales. Due to their noticeable upright riding position, typically big engine displacement with maximum torque in low RPM, and unique design, cruiser motorcycles are getting fast traction among the young generation. Thus, the cruiser motorcycles demand is high and contributed more to the market revenue. Asia Pacific accounted for the largest revenue share of more than 60.0% in 2021. According to Mark Lines Co., Ltd., India, and China were the major countries that generated large revenue for the on-road motorcycles market in 2020. With the large demand for on-road motorcycles in the emerging countries of Asia such as India, Japan, Indonesia, and Vietnam, OEMs are constructing manufacturing facilities in these countries to avoid compensating import duties and to get an advantage in the motorcycle market. Thus, the above-mentioned factors are expected to contribute to the revenue of the market for on-road motorcycles in the region. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/on-road-motorcycle-market-report/request/rs1 The rising focus by manufacturers on manufacturing high-performance and comfortable on-road motorcycles is the key factor driving the growth of the market. Moreover, the increase in sports bike users and the growing trend of customization are some of the factors swelling demand for on-road motorcycles and driving the market. The COVID-19 outbreak negatively impacted the market. This is due to the shutting of plants in top motorcycle manufacturing nations such as China, Japan, India, and ASEAN. This has also affected the supply of components to the manufacturing services globally and stuck the production as large numbers of manufacturers are reliant on the supplies from China. On-road Motorcycles Market Report Highlights
The on-road motorcycle is also known as a street motorcycle. On-road motorcycles are mainly manufactured to be ridden on paved roads. Some are manufactured to excel at covering long distances and others just for cruising the neighborhood. On-road motorcycles driven by electric motors are becoming more common, with companies such as Harley-Davidson entering the market. The better and more competent products launched consistently from manufacturers, the rise in trend of customization, and the swelling number of motorbike sports takers create a lucrative opportunity for the market. The COVID-19 pandemic has negatively affected the on-road motorcycles market. Numerous customers have canceled bookings, which were made before the crisis. The current situation is an unprecedented one for the industry. Concern over the lack of clarity has been issued by major two-wheeler manufacturers from around the world. India, China, and Japan have been hit the hardest. However, manufacturers are optimistic that following the end of the lockdown period, customers will be more likely to evade public transport, increasing the demand for private vehicles, including motorcycles, which in turn will surge demand for on-road motorcycles over the forecast period. The market is characterized by the existence of established as well as new companies. Most of the players are concentrating on the development of engines to gain popularity among users and increase market share. Additionally, fuel efficiency holds a prominent place in the market. Hence, players are leading efforts towards its development. Some of the other strategies include expansion measures such as collaborations and new product launches. For instance, Harley-Davidson Incorporation launched eight new versions of Softail cruiser motorcycle and five new versions of touring motorcycles thus growing its product portfolio. Some of the prominent players in the on-road motorcycles market include:
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