The motorcycle is a two- or three-wheeler vehicle used in day-to-day life. Almost everybody either owns it or had tried it. The motorcycle is a need for grownups and for most of the younger population, it is a style statement. Motorcycle manufacturing companies are putting their best efforts to cater every need of a motorcycle enthusiast and general user. Every motorcycle is a symbol of a personality of the user and hence market tries to serve different types of demands of the bike lovers.
As the number of young population in the world is higher and increasing and lifestyle is taking certain changes, a young generation, even middle age and old people prefer to have own vehicle rather than traveling by public transport. It provides time flexibility and comfort to the user. This is the base of global motorcycle market and its growth. Apart from that, many producers are inventing ways to build bikes which will run on eco-friendly supplies like solar energy, water or electricity. These efforts are helping to attract environmental conscious people to the market. Plus, flooding markets with stylish and attractive bikes are playing their roles well to tempt young population. Easy availability of vehicle loans is one of the factors which boost the growth of the global motorcycle market. However, Pollution is the biggest growth restraint for the market worldwide.
The global motorcycle market is segmented on the basis of its types and regions. On accounts of types the market is classified into ICE motorcycle, scooters, motorbikes, light motorcycles, sports motorbikes, mopeds and electronic motorcycles, and motorcycles for handicapped. Among these, light motorcycles are in high demand owing to their lower prices, ease of handling, and fuel efficiency.
The U.S. and Europe are the leading the motorcycle market due to more demand in the medium and heavy motorcycle. These regions are generating more demand globally owing to higher disposable income and favorable economy of the nations. Following these nations are Asian Pacific countries where using motorcycle is an attractive addition to the lifestyle. Per capita income of people in this region is increasing and hence creating a better future market for motorcycles. Inexpensive bikes dominate this region of the global.
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Major Market Players
Some of the major companies in the global motorcycle market include Baja Auto Ltd., Benelli QJ, Hero MotoCorp Ltd., Dayun Group, Suzuki Motors, Harley Davidson Incorporated, and Honda Motor Company Limited. Companies around the world are manufacturing various types of motorcycles for the target customers and trying to attract more of young generation by inventing easy to ride and faster bikes for cost-effectiveness.