Major companies in the motorcycle, bicycles and parts market include Yamaha; Honda; BMW; Harley Davidson and Kawasaki. The global motorcycle and bicycle market is expected to grow from $74.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motorcycle And Bicycle Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025342/?utm_source=GNW
36 billion in 2020 to $78.3 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $109.74 billion in 2025 at a CAGR of 9%.
The motorcycle, bicycles and parts market consists 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 motorcycle and bicycle market is segmented into motorcycles and parts; bicycles and parts; motor scooters and other motorcycle and bicycle.
Asia Pacific was the largest region in the global motorcycle and bicycle market, accounting for 42% of the market in 2020. North America was the second largest region accounting for 20% of the global motorcycle and bicycle market. Africa was the smallest region in the global motorcycle and bicycle market.
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 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 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 lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on 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.
Advances in technology are expected to be a continued driver of market growth in the forecast period. The global motorcycle and bicycle manufacturing industry has 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 by 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.
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