A motorcycle is a two-wheeled vehicle used mainly for travel purpose. It comes in different sizes and shapes and leads to different kind of changes as per the demand. Mostly, youngsters and middle-class population use bikes. The motorcycle market is mostly used in developing countries due to its low prices and good fuel efficiency.
No doubt, Motorcycle market has a lot of efficiencies and has an enormous capacity to grow. As per the research by KD Market Insights Motorcycle market is accounted for USD 89,725 Million in 2017 and has been anticipated to reach USD 134,731.0 Million by 2023. The CAGR growth during the forecasted span of 6 years is expected by 6.8% hike. The growing numbers clearly show that Motorcycle market is a promising affair in terms of revenue growth in the upcoming years.
Factors driving the growth of Motorcycle market – · Capability of Middle-class population to purchase a motorcycle · Affordable and quite a useful mode of transportation · It comes in various styles as per the need · Long-lasting and requires less maintenance · Used in leisure activities like Bike racing, stunts etc. · Increment in the number of motorcycle clubs
Motorcycle market research has been done by dividing the report into numerous phases. The different stages helped in providing valuable insights and have begun from an executive summary which has been continued with the advantages and challenges of the market. The report also provides global regions that are likely to foster the growth of the market, strategies, and policies attempted by key market players as well dividing the segments into sub-segments to deliver accurate results in a concise manner.
For a better motorcycle market forecast, the market has been divided into segments like by motorcycle type, by engine type, by price range, and by geography. By motorcycle type, the market is divided into scooters, mopeds, motorbikes, light motorcycles, heavy motorcycles, medium motorcycles, and others. By engine type, the market is divided into internal combustion engine motorcycles and electric motorcycles. By price, range market has been sub-segmented into premium, medium, and economy range. A separate region wise and country wise analysis was the part of the research.
During research phases, many countries have been analyzed to know the needs and demands that is the sole reason behind the growing revenue of the motorcycle market size in a particular region. The countries considered are North America, Asia Pacific, Middle East, and Africa.
India to rule the Motorcycle Market in upcoming years - India is a developing country and thus consist maximum of the middle-class population which can afford and maintain motorcycle more conveniently as compared to other transportations. The statistics say that in the financial year of 2016-17, India has become the topmost manufacturer of the motorcycle by selling 17.59 million motorcycles within a year.
In other countries like the USA, China and Japan do not consider motorcycle a regular thing and use it just for the leisure activities. The case is actually opposite in case of India which is fostering the growth.
Competitors Overview in Industry Research -
The report also profiles various major and niche market players for understanding motorcycle market share such as BMW AG, Ducati Motor Holding S.p.A., Harley-Davidson, Inc., Honda Motor Co., Ltd., KTM AG, Suzuki Motor Corporation, Triumph Motorcycles Ltd, Yamaha Motors Co., Ltd., Hero MotoCorp Ltd., TVS Motor Company Ltd. and Other Major & Niche Players. The competition analysis has been conducted to provide detailed strategic analysis of the company business and performance such as company business strategies and product launches. For example, Royal Enfield got an overall 27% increment in their sales. Their recent launch is Thunderbird franchise that is Thunderbird 350X and Thunderbird 500X. Moreover, other companies like TVS has seen volume growth between 20% and 50% in their motorcycle products like Mopeds, scooters, motorbikes and many more. Bajaj Auto Limited has also seen a tremendous increase in selling numbers as per the model's available in terms of engine capacity and price.
Thus, it is safe to say that Motorcycle market has shown an enormous increase in the previous and continued growth has been anticipated in the upcoming future. Moreover, the facts clearly show that specifically in India the numbers have become double due to availability, easy costing and financing of the vehicles.
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Aditi Desai Joined: December 20th, 2018 Articles Posted: 171
