The conventional motorcycles and scooters market is forecast to experience a growth of 3.8% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,37,145.2 million in 2023.
The use of scooters and motorcycles helps beat traffic congestion and, in turn, shorten the commute duration. Due to their compact size, they navigate the routes faster. Since the working-class population is largely concerned with longer commute duration for work, motorcycles and scooters are widely being adopted.
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Key players in the industry are launching new attractive models with improved performance and riding experience to meet the growing demand for modern and better-equipped motorcycles and scooters.
Top manufacturers in the market are also investing in strengthening their service network to provide customer support for their offerings. Despite the extreme competition, investors are still positive about market opportunities for scooters and motorcycles, indicating more new investments in the market over the years.
Producers are embracing technological advancement and innovation in their products to maximize product performance. Consequently, increasing the chances of utilization among the global populace. Competitors are also implementing competitive advertising to reach out to potential customers.
Top Highlights from the FMI’s Analysis of the Conventional Motorcycles and Scooters Market:
- The United States’ stake in the market is 14.5%, representing a massive utilization rate of conventional scooters and motorcycles in the country. Enterprises selling traditional scooters and motorcycles to meet the recreational demands of consumers are expected to observe significant business opportunities.
- Germany’s conventional motorcycles and scooters industry is projected to gain a hold of 7.6% in 2023. Germany is a prime automotive market in Europe and is expected to have a significant contribution in the forecast period.
- As per FMI’s estimation, Japan is expected to acquire 9.9% of the entire market in 2023. Since the country is proliferated by top manufacturers of motorbikes, prospects for manufacturers are also predicted to be bright.
- Australia has a hold of 1.1% of the global market. Although the current market share is significantly low, over the years, the country is expected to present exciting opportunities for manufacturers.
- China is expected to significantly expand at 4.3% in the upcoming years.
- With a negligible difference in growth rate, India and the United Kingdom are expected to register CAGRs of 4% and 3.9% over the forecast period.
- Conventional motorcycles are expected to account for 77.6% market share in 2023.
- Under the category of engine capacity, the ‘upto 150 cc’ segment is expected to record 21.7% in 2023.
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Is it a Smooth Ride for Key Players in the Market?
Core manufacturers in the market occupy a significant market share. To outdo the present competition in the market, key players need to introduce new features in the current model of bikes and scooters for a smooth ride. Key participants are also collaborating or coming into deals to accelerate their penetration in the market.
In India, the upcoming popular bikes in the year 2023 include Honda CB300X, Everve EF1, and Yamaha MT-09. In July 2023, Hero MotoCorp, a dominant two-wheeler manufacturer, is expected to launch awaited motorcycles, including Xtreme 125R and Xtreme 200R successor.
The company is strategizing to enlarge its lineup in the local market with premium motorcycles. Thus, displaying its dedication to meet the surging demand for high-performance bikes.
Top Key Players in Conventional Motorcycles and Scooters Market
- Yamaha Motors Co., Ltd.
- Piaggio & C. SpA
- Suzuki Motor Corporation
- Honda Motor Co., Ltd.
- Hero Motocorp Ltd.
- Eicher Motors Limited
- Harley-Davidson, Inc.
- Bajaj Auto Ltd.
- TVS Motor Company
- Lifan Industry (Group) Co., Ltd.
- Ducati Motor Holding S.p.A.
- KTM AG
- Triumph Motorcycles Ltd.
- Kwang Yang Motor Co., Ltd.
- Syarikat Motosikal dan Enjin Nasional Sdn. Bhd.
- Sanyang Motor Co., Ltd.
- Walton Group
- QianJiang Group Co., Ltd.
- Luoyang Northern Ek Chor Motorcycle Co., Ltd.
- Chongqing YinXiang Motorcycle (Group) Co., Ltd
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Key Segments Covered in Conventional Motorcycles and Scooters Market Analysis
By Product Type:
- Conventional Motorcycles
- Standard
- Cruiser
- Mopeds
- Sports
- Others
- Conventional Scooters
- Standard
- Enclosed
- Maxi
- Three-Wheeled
By Engine Capacity Type:
- Up to 150cc
- 151-300cc
- 301-500cc
- Above 500cc
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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