The conventional motorcycles and scooters market is expected to grow at a 3.8% CAGR over the forecast period, with the market value projected to reach USD 137,145.2 million in 2023, according to FMI’s analysis.
Motorcycles and scooters offer a practical solution for navigating traffic congestion and reducing commute times due to their compact size and maneuverability. This has made them a popular choice, especially among the working-class population, for long daily commutes.
To meet the rising demand for modern, high-performance motorcycles and scooters, industry leaders are introducing new models that offer enhanced riding experiences. Additionally, top manufacturers are investing in expanding their service networks to provide better customer support, ensuring a competitive edge in a rapidly evolving market.
Despite intense competition, investors remain optimistic about the market’s potential, leading to increased investments in the coming years. Manufacturers are also adopting cutting-edge technologies and innovations to improve product performance, further boosting global usage. Competitors are increasingly focusing on aggressive advertising strategies to attract a wider customer base.
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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.
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
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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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