The global motorcycle industry generated $105.5 billion in 2021 and is projected to reach $233.5 billion by 2031, with an average annual growth rate of 8.6% from 2022 to 2031. The calculated Allied Market Research which published a report on the global motorcycle market.
Among the reasons for the growth: the increase in demand for two-wheeled vehicles due to traffic congestion, the growth of investments by manufacturers in the motorcycle sector to improve performance and comfort and the increase in demand for electric motorcycles.
Growing sports
By type, the standard motorcycle segment held the highest market share in 2021, accounting for nearly two-fifths of the global market. However, the sport bike segment is projected to experience higher annual growth (by 10.2%) from 2022 to 2031.
By powertrain type, the internal combustion engine segment held the highest market share in 2021, accounting for nearly 90% of the global motorcycle market, and is expected to maintain its leading status. However, the electric segment is expected to experience the highest annual growth (by 13.1%) from 2022 to 2031
Focus on Asia-Pacific
The Asia-Pacific region held the highest market share by revenue in 2021, accounting for over a third of the global motorcycle market, and is likely to dominate the market during the forecast period. given that it is predicted to record the fastest annual growth (by 9.7%) from 2022 to 2031.