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On-road Motorcycles Market (2022 - 2028)

2022-05-2100

Report Overview

The global on-road motorcycles market size was valued at USD 56.8 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2028. 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.

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.

Various types of on-road motorcycles include standard, cruiser, sports bike, and touring. Touring motorcycles are large, with fairing and luggage. Cruiser motorcycles consist of low-stepped seats and pullback bars. Sport motorcycles consist of low handlebars, and rear-seat pegs, and are designed for performance. Standards motorcycles are versatile, general-purpose street motorcycles. Because of their flexibility, lower costs, and moderate engine output, standards are particularly suited to motorcycle beginners. Inventions in the automobile industry pave the way for enhanced and better on-road motorcycles about comfort, suspension, and safety.

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.

Type Insights

The cruiser motorcycles segment dominated the market and contributed a revenue share of more than 55.0% in 2021. The segment is expected to forecast a CAGR of 6.4% from 2022 to 2028. The demand for cruiser variation is steadily growing, with users taking more interest in this segment, particularly in North America and Europe. With the improvement of lightweight cruiser motorcycles, the market is set to extend its prospects in the future. Thus, several motorcycle manufacturers are progressing into these segments to take advantage of the rising demand for cruiser motorcycles. Thus, the high demand for cruiser motorcycles contributed more to the market revenue.

The touring motorcycles segment is expected to witness the 2nd highest CAGR of 6.0% from 2022 to 2028. Touring motorcycles have higher power & torque, trendy colors, and eye-catching design. The touring motorcycles are comfortable to ride for a long distance. Hence, these bikes are more popular in developed countries such as the U.S., Canada, and South America. Thus, the touring motorcycles demand is increasing steadily and is expected to grow at a considerable CAGR over the forecast period.

Regional Insights

Europe is forecast to register the 2ndhighest CAGR of 6.0% from 2022 to 2028. According to the European Association of Motorcycle Manufacturers (ACEM), major countries in Europe such as Germany, Italy, France, the U.K., and Spain account for about 80.0% of on-road motorcycle registrations in 2020. The emerging trend of vehicle ownership, particularly among the millennial population, is also propelling the market growth in the region. Moreover, the growing travel and tourism industry in Europe has led to the rise of bike-rental services, thus further boosting the demand for on-road motorcycles. Thus, the market for on-road motorcycles in Europe is expected to witness a considerable CAGR over the forecast period.

Regional analysis revealed that the Asia Pacific accounted for a significant revenue share of more than 62.0% in 2021. According to Infineum International Limited, India, China, Indonesia, and Vietnam are the major countries that generated maximum revenue for the on-road motorcycle market. With high demand for on-road motorcycles in the developing countries of Asia such as India, Japan, Indonesia, and Vietnam, OEMs are creating manufacturing facilities in these nations to avoid paying import duties and to gain an edge in the motorcycle market. Thus, the demand for on-road motorcycles is high in the Asia Pacific and it contributes to more revenue generation in this region.

Key Companies & Market Share Insights

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:

On-road Motorcycles Market

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