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DUBLIN--(BUSINESS WIRE)--Nov 1, 2022--
The "Motorcycle And Bicycle Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global motorcycle and bicycle market as it emerges from the COVID-19 shut down.
The global motorcycle and bicycle market is expected to grow from $67.03 billion in 2021 to $72.99 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The market is expected to grow to $98.95 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
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The motorcycle, bicycles, and parts market consist of sales of motorcycle, bicycles, and parts and related services by entities (organizations, sole traders, and partnerships) that produce motorcycles, scooters, tricycles, and similar equipment and parts.
The main types in the motorcycle, bicycles and parts market are motorcycles and parts, bicycles and Parts, motor scooters, other motorcycles, and bicycles. The motor scooter is referred to as a step-through frame and a platform for the rider's feet that emphasizes comfort and fuel economy. The various distribution channel include independent retailers, online sales. These are used in OEM and aftermarket.
Asia Pacific was the largest region in the motorcycle and bicycle market in 2021. Western Europe was the second-largest region in the motorcycle and bicycle market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Advances in technology are expected to be a continued driver of market growth in the forecast period. The global motorcycle and bicycle manufacturing industry have experienced many technological advances in the last decade and this trend is expected to intensify. According to Forbes, the ten new features to expect in vehicles in 2020 include autonomous driving, driver override systems, biometric vehicle access, comprehensive vehicle tracking, active window displays, remote vehicle shutdown, active health monitoring, four-cylinder supercars, smart and personalized in-car marketing, and reconfigurable body panels. These innovations are expected to drive the motorcycle and bicycle market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motorcycle and bicycle market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including Western Europe, North America, and Asia.
Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components. Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns. The outbreak continued to hurt businesses throughout 2020 and into 2021. However, it is expected that the motorcycle and bicycle market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Bicycle manufacturers are increasingly investing in the manufacture of electric bicycles that operate using rechargeable batteries. These electric bicycles serve as an eco-friendly, low-cost mode of transportation and can also be used for recreational bicycle trips, shopping, and errands. Major players are also investing in new electric bicycles equipped with internet and GPS features. For instance, in 2019, Hero Cycles, a manufacturer of bicycles and bicycle-related products, in partnership with Yamaha Motor Company launched its e-cycle named Lectro EHX20. Similarly, USA-based bike manufacturer Bulls launched three light-weight electric bicycles in 2020.
The countries covered in the motorcycle, bicycles, and parts market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
For more information about this report visit https://www.researchandmarkets.com/r/5pmqhv
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101005785/en/
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KEYWORD:
INDUSTRY KEYWORD: BIKING/CYCLING MOTORCYCLES SPORTS AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/01/2022 06:48 AM/DISC: 11/01/2022 06:48 AM
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