Motorcycle market – Asia-Pacific followed by Europe to dominate the market in terms of value, Fact.MR finds
Demand for Cruiser Motorcycles Expected to Increase Fastest in All Regions: Fact.MR
ROCKVILLE, MARYLAND, USA, October 18, 2021 /EINPresswire.com/ – Motorcycle sales drop amid COVID-19 pandemic, market to increase 1.1 times after recovery
The COVID-19 pandemic is negatively impacting the global integrated motorcycle industry due to the shutdown of factories in major motorcycle manufacturing countries like India, China, Japan and ASEAN. It has also affected the supply of components to global manufacturing facilities and production, as a large number of manufacturers depend on supplies from China. However, after the resumption of operations, the motorcycle market is expected to increase by 1.1 times in terms of value during the forecast period 2020-2030.
2019 and 2020 have been a difficult year for players in the motorcycle market due to emerging economic difficulties in several countries and the COVID-19 epidemic. This resulted in a drop in bicycle sales. However, manufacturers are optimistic that once the lockdown is lifted commuters will avoid public transport and such circumstances will trigger demand for a personal vehicle. This, in turn, is expected to increase demand for motorcycles in several regions by the end of 2020. In its recently released report, Fact.MR predicts that the motorcycle market is poised to grow at a CAGR of 3, 6% over the forecast period. .
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Standard & Cruiser Motorcycles to See Resilient Growth in the Motorcycle Market
Collectively, standard and cruiser motorcycles are estimated to account for more than 53% of the total market share in 2020. The demand for standard motorcycles in the Asia-Pacific region, especially motorcycles with a displacement of less than 150 cc, is expected to be expected. propel the growth of the motorcycle market. Due to its high fuel efficiency, low maintenance cost and longevity, the demand for standard motorcycle types is increasing. In addition, the availability of several options for financing the purchase of a bicycle has enabled the rural population in developing countries to purchase bicycles. This, in turn, creates a plethora of opportunities for players operating in this segment.
In contrast, demand for cruiser variants is gradually increasing, with consumers becoming more interested in this segment, especially in North America and Europe. bike rides are increasingly seen as a form of rejuvenation. With the development of lightweight cruising bikes and high performance motorcycles, the market is expected to broaden its prospects in the future. Thus, many bicycle manufacturers are venturing into these segments to capitalize on the growing demand for standard and cruiser motorcycles.
Asia-Pacific to witness motorbike sales boost
Asia-Pacific dominates the global motorcycle market, accounting for over 72% of the share in 2019. In the current scenario, the global economy shows a downward trend due to the COVID-19 outbreak, which is expected to show slow growth in the motorcycle market in 2020. However, after the coronavirus lockdown, travel habits are expected to change as people would still prefer social distancing, increasing demand for private vehicles. This is expected to generate an upward trend in motorcycle sales in the near future.
With high demand for motorcycles in developing countries in Asia like China, India and ASEAN countries, OEMs are establishing production facilities in these countries to avoid paying import duties and earn an advantage in the motorcycle market. In addition, capitalizing on the growing demand for premium motorcycles and the low cost of manufacturing in these regions is also expected to boost sales of premium motorcycles during the forecast period. Based on the facts mentioned above, the Asia-Pacific region is expected to create an absolute dollar opportunity of approximately US $ 27.9 billion during the forecast period 2020-2030.
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Product launches for greater energy efficiency to stimulate demand
The global motorcycle market is fragmented with the presence of many local and regional players. Some of the major players in the market are Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Honda Motor Company, Ltd., Hero MotoCorp Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, TVS Motor Company Limited, among others. These market players focus on launching new products and increasing their product portfolio to gain competitive advantage. The following are examples of such product launches:
In 2019, Suzuki launched its new Access 125 product, powered by Suzuki Eco Performance (SEP) technology and featuring eco-assist lighting, a fuel-injected engine and LED headlight. SEP technology is a new development concept that offers low fuel consumption and superior acceleration for better driving performance.
In 2019, Yamaha launched high-end models of YZF-R1 and YZF-R1M for the European market. The newly launched bike meets Euro 5 standards and features electronically controlled suspension and an advanced crossplane engine for enhanced track performance.
COVID-19 Market Snapshot:
The COVID-19 pandemic has limited the growth of the motorcycle market. The shutdown of factories has crippled the industry and added intense pressure on manufacturers as well as distributors and the supply chain of motorcycle components. Despite the regular restart of manufacturing operations in China, players are facing a continuous supply chain and production disruptions as the majority of players like Yamaha, Honda, Hero Motors, TVS have temporarily closed their factories. . This translates into weakening demand for motorcycles globally.
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Additionally, to deal with this epidemic, manufacturers are focusing on integrating technology into their production processes to streamline their supply chain and optimize manufacturing. Additionally, leading players are making substantial progress in developing an alternative source for component supply amid COVID-19. This is expected to reorganize their production process and boost the growth of the motorcycle market. According to the report released by Fact.MR, it is estimated that the motorcycle market will start showing positive signs by the end of 2020. At the same time, manufacturers are optimistic that with the resumption of production plants in China and the development of local component products, this will allow them to move forward towards a recovery phase which should stabilize the motorcycle market.
Analyst’s point of view
The impact of COVID-19 will have long-term implications for the growth of the motorcycle market. It is expected that even if the pandemic is brought under control, demand is expected to remain moderate until the end of 2020 due to the uncertain economic situation. However, a positive outlook for motorcycles in developing Asia-Pacific countries, coupled with the transition to personal mobility amid COVID-19, is expected to drive demand in the motorcycle market.
Global Motorcycle Market: Scope of the Report:
The recent Global Motorcycle Market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report details key drivers, restraints, opportunities, and threats for the expansion of the Global Motorcycle Market. A detailed segmental analysis, based on motorcycle type and engine displacement, has been provided in the report.
The regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective on the future scope of the global motorcycle market. In addition, a separate section on market structure has also been provided. The section provides detailed analysis of major market players and expansion strategies in the Motorcycle Market.
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