Motorcycle and Bicycle Global Market Opportunities and Strategies to 2033

This report describes and explains the motorcycle and bicycle market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global motorcycle and bicycle market reached a value of nearly $76.86 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.2% since 2018. The market is expected to grow from $76.86 billion in 2023 to $100.14 billion in 2028 at a rate of 5.4%. The market is then expected to grow at a CAGR of 5% from 2028 and reach $127.89 billion in 2033.

Growth in the historic period resulted from increased environmental concerns, rise in traffic congestion and air pollution, increasing focus on health and fitness and increase in short-distance commutes. Factors that negatively affected growth in the historic period was perceived lack of safety.

Going forward, rising fuel prices, growing urbanization, increase in youth demographics and strict environmental regulations and emission requirements will drive the growth. Factor that could hinder the growth of the motorcycle and bicycle market in the future include high initial costs.

The motorcycle and bicycle market is segmented by type into motorcycles and parts, bicycles and parts, motor scooters and other motorcycle and bicycle. The motorcycles and parts market was the largest segment of the motorcycle and bicycle market segmented by type, accounting for 3.8% or $49.06 billion of the total in 2023. Going forward, the bicycles and parts segment is expected to be the fastest growing segment in the motorcycle and bicycle market segmented by type, at a CAGR of 7.1% during 2023-2028.

The motorcycle and bicycle market is segmented by propulsion type into internal combustion engine (ICE) and electric. The internal combustion engine (ICE) market was the largest segment of the motorcycle and bicycle market segmented by propulsion type, accounting for 84.7% or $ 65.06 billion of the total in 2023. Going forward, the electric segment is expected to be the fastest growing segment in the motorcycle and bicycle market segmented by propulsion type, at a CAGR of 8% during 2023-2028.

The motorcycle and bicycle market is segmented by distribution channel into independent retailers and online sales. The independent retailers market was the largest segment of the motorcycle and bicycle market segmented by distribution channel, accounting for 84.1% or $64.65 billion of the total in 2023. Going forward, the online sales segment is expected to be the fastest growing segment in the motorcycle and bicycle market segmented by distribution channel, at a CAGR of 7.6% during 2023-2028.

Asia-Pacific was the largest region in the motorcycle and bicycle market, accounting for 40.2% or $30.92 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the motorcycle and bicycle market will be Africa and South America where growth will be at CAGRs of 12.2% and 9.9% respectively. These will be followed by Middle East and Western Europe where the markets are expected to grow at CAGRs of 8.9% and 6.7% respectively.

The global motorcycle and bicycle market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 54% of the total market in 2022. Honda Motor Co Ltd was the largest competitor with a 20.2% share of the market, followed by Harley-Davidson, Inc. with 6.8%, Hero MotoCorp ltd with 5.7%, Bayerische Motoren Werke AG with 4.8%, TVS Motor Company Limited with 4.7%, Suzuki Motor Corp with 3.3%, Bajaj Auto ltd with 3.1%, Yamaha Motor Co., Ltd with 2.2%, Trek Bicycle Corporation with 1.7% and Merida Industry Co., Ltd with 1.5%.

The top opportunities in the motorcycle and bicycle market segmented by type will arise in the motorcycles and parts segment, which will gain $14.33 billion of global annual sales by 2028. The top opportunities in the motorcycle and bicycle market segmented by propulsion type will arise in the internal combustion engine (ICE) segment, which will gain $17.78 billion of global annual sales by 2028. The top opportunities in the motorcycle and bicycle market segmented by distribution channel will arise in the independent retailers segment, which will gain $17.91 billion of global annual sales by 2028. The motorcycle and bicycle market size will gain the most in Germany at $3.66 billion.

Market-trend-based strategies for the motorcycle and bicycle market include integration of conversation AI to transform two-wheeler experience, focus on investments to expand capabilities in motorcycle and bicycle, advanced technological solutions to improve safety and performance, use of recycled materials to gain sustainability and strategic partnerships and collaborations among market players to expand their product portfolio and geographic presence.

Player-adopted strategies in the motorcycle and bicycle market include focus on strengthening operational capabilities through the launch of new products and focus on enhancing business operations through strategic collaborations and partnerships.

To take advantage of the opportunities, the analyst recommends the motorcycle and bicycle companies to focus on integrating conversational ai for enhanced two-wheeler experience, focus on strategic investments for enhanced manufacturing capabilities, focus on technological advancements for enhanced safety and performance, focus on sustainable practices through recycled materials, focus on expanding presence in the rapidly growing electric segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for global market expansion, focus on diversifying distribution channels for market expansion, provide competitively priced offerings, focus on strategic pricing to maximize market competitiveness, participate in trade shows and events, leverage influencer marketing for authentic endorsements, harness social media platforms for engaging content, implement seasonal promotions and bundled deals and focus on customer-centric strategies to enhance brand loyalty.