The use of motorcycles, scooters, and mopeds have drastically increased to control the fuel expense as fuel price rises globally. The newly emerged middle-class section prefers the easy commute option, and four-wheelers are not compatible for a number of reasons, such as high cost and more fuel consumption are some of them. As a result, the demand for motorcycles, scooters, and mopeds are gaining importance, creating great scope for the global motorcycles, scooters and mopeds market.
The global motorcycles, scooters and mopeds market was worth US$50000 mn in 2018 and the report suggests that it will reach US$54300 mn by 2025, moving at a sluggish CAGR of 1.2% during the period of 2018 and 2025. QY Research discusses the future of the market in its latest report, titled “Global Motorcycles, Scooters and Mopeds Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application.”
Global Motorcycles, Scooters and Mopeds Market: Drivers
The rise of disposable income of the urban population is the key element for the market of motorcycles, scooters, and mopeds to grow. The easy commute with minimal use of fuel has helped the market to sustain through the year. Developing countries are expected to be integral consumers as two wheelers save time and money. With the improvement of automotive technology, light-weighted, better-looking, and economically sound two-wheelers have encouraged market growth. Two wheelers are a comfortable ride for women, old people, and teenagers as well, which has created an exponential demand for it.
Global Motorcycles, Scooters and Mopeds Market: Segment Analysis
The global motorcycles, scooters and mopeds market is segmented by type and application. In terms of type, the market is segmented into motorcycles, mopeds, and scooters. These types are mostly in demand due to technological difference, price variation, and fuel consumption. In terms of applications, the market is segmented into commercial, residential, and other uses. The growing residential or the personal use has boosted the market.
Global Motorcycles, Scooters and Mopeds Market: Regional Analysis
On the basis of region, the global motorcycles, scooters, and mopeds market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. The market of motorcycles, scooters, and mopeds is mostly operating in top gear in developing countries due to burgeoning middle-class population. Thus, Asia Pacific has become one of the leading regions in the global motorcycles, scooters, and mopeds market. The Middle East and Africa has moderate demand for motorcycles, scooters, and mopeds.
Global Motorcycles, Scooters and Mopeds Market: The Key Players
The key players studied in the global motorcycles, scooters and mopeds market are Hero MotoCorp, Honda, Bajaj Auto, Yamaha, TVS Motor, Haojue, Suzuki, Lifan Industry, Loncin Holding, Guangzhou DaYun Motorcycle, Luoyang Northern Enterprises Group, Chongqing Yinxiang Motorcycle, Wuyang-Honda Motors, Zongshen Industrial Group, Sundiro Honda Motorcycle, JINYI MOTOR, Piaggio, Qianjiang Group, Kawasaki, and Kwang Yang (Kymco). Amid the competitive scenario, all the companies are trying different marketing strategies and improved solutions to be in the competition.
For example, Hero MotoCorp Ltd. is one of the world’s leading two-wheeler manufacturer that is continuing to strengthen its market leadership by surpassing 7.8 million unit sales in the financial year 2019 (April 1’18-March 31’19). The company has sold 581,279 units in the month of March, with the total sale of 7,820,745 units of motorcycles and scooters during the 12-month period, indicates the global reach of the company in the intense competition of motorcycles, scooters, and mopeds market.