![]() ![]() The major companies in the motorcycle and bicycle market include Honda Motor Co Ltd., Hero MotoCorp Ltd., Harley-Davidson Inc., TVS Motor Company Limited, Suzuki Motor Corp, Bajaj Auto Ltd., Bayerische Motoren Werke AG, Kawasaki Heavy Industries, Accell Group N.V, and Toyota Tsusho.Īsia-Pacific was the largest region in the motorcycle and bicycle market in 2022. Similarly, Indian-based electric mobility company launched new-generation electric bicycles, Heileo H100, a lightest electric hybrid bike in 2021. For instance, in 2022, Ducati, a manufacturer of motorcycles, launched its first-ever folding electric bicycle, MG20. Major players are also investing in new electric bicycles equipped with GPS and internet connectivity. These electric bicycles serve as an eco-friendly, low-cost mode of transportation and can also be used for recreational bicycle trips, shopping, and errands. However, it is expected that the motorcycle and bicycle markets will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.īicycle manufacturers are increasingly investing in the manufacture of electric bicycles that operate using rechargeable batteries. The outbreak continues to hurt businesses throughout 2020 and into 2021. Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries imposed lockdowns. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components. Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. ![]() ![]() COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the motorcycle and bicycle markets in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. These innovations are expected to drive the motorcycle and bicycle markets during the forecast period. According to Forbes, the ten new features to expect in vehicles included in 2020 are autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing, and reconfigurable body panels. The global motorcycle and bicycle manufacturing industries have experienced many technological advances in the last decade, and this trend is expected to intensify. The motorcycle and bicycle market is expected to grow to $100.75 billion in 2027 at a CAGR of 6.7%.Īdvances in technology are expected to be a continued driver of market growth in the forecast period. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The global motorcycle and bicycle market grew from $72.27 billion in 2022 to $77.69 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. This motorcycle and bicycle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The motorcycle and bicycle market research report is one of a series of new reports from The Business Research Company that provide motorcycle and bicycle market statistics such as global market size, regional shares, competitors with a motorcycle and bicycle market share, detailed motorcycle and bicycle market segments, market trends and opportunities, and any other data you may require to thrive in the motorcycle and bicycle market. These are used in the OEM and aftermarket. The various distribution channels include independent retailers and online sales. The motor scooter is referred to as a step-through frame and a platform for the rider's feet that emphasizes comfort and fuel economy. ![]() The main types in the motorcycle and bicycle market are motorcycles and parts, bicycles and parts, motor scooters, other motorcycles, and bicycles. Bicycle is an automobile having two tandem wheels, handlebars for steering, a saddle seat, and pedals for propulsion. Motorcycle is a motorized vehicle with two wheels that can transport one or two persons. ![]()
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