Motorcycles Marketplace in 2020
Buying used bikes can be a hit-or-miss affair. Most dealers will keep anywhere from 10% to 50% of the bike’s value when trading-in or selling the vehicle.
As fossil fuels are becoming scarcer, major two-wheeler companies are focusing on launching electric motorcycles. Initially, the electric motorcycles had limited riding abilities and were expensive. But futuristic vehicle brands have made technology breakthroughs that are now a reality.
In Europe, motorcycle sales continue to grow largely due to rising consumer demand for personal mobility. Motorcycles also provide a convenient alternative to cars for commuters who want to reduce carbon emissions and traffic congestion.
The price of motorcycles varies by country and brand, with some models displaying a stronger demand than others. The cost of ownership, including registration, insurance, road tax, and fuel, also varies by country. For instance, Germany is one of the cheapest countries in Europe to buy and register a motorcycle. It also offers a streamlined process for non-residents and expats to purchase motorcycles and import them into the country.
Additionally, various European countries impose different taxes and duties on motorcycles. These factors significantly influence the final price of a motorcycle, which can be assessed using online pricing comparison websites. Some of these sites allow users to select the specific model they want and compare prices across multiple locations in a single search.
The COVID-19 pandemic severely impacted the people
The soaring sales of motorcycles in the region coupled with millennial preference for sports and adventure bikes will drive the market in Asia Pacific. Moreover, the emergence of connected motorcycles in the region is anticipated to increase over the next few years. These connected motorcycles offer value-added services like usage based insurance, infotainment, and vehicle safety, which will accelerate the adoption of this segment in the region. This will also enhance competition, thus allowing manufacturers to provide advanced features at competitive prices.
The North America motorcycles market was impacted by the COVID-19 pandemic in 2020, as many manufacturers’ plants were closed due to a lack of raw materials. In addition, the market size was restrained by restrictions on trading and importing raw materials from China.
Several players in the industry have taken strategic initiatives to expand their worldwide footprint and cater to increasing consumer demand for their products. These strategies include new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations.
With the emergence of smart helmets, users can benefit from enhanced safety and connectivity features such as GPS navigation, music control, communication systems, and emergency call functions. The demand for these high-quality products is also fueled by the rising disposable income of consumers and changing lifestyle preferences. The on-road motorcycles segment accounts for the largest share of the North American motorcycles marketplace, as the majority of these vehicles are designed to be ridden on paved roads.
Rest of the World
Due to rapid urbanization, road congestion and lack of parking space is increasing the demand for compact mobility solutions such as motorcycles. Motorcycles are easy to maneuver in high traffic conditions and provide last mile connectivity as compared to cars. This is driving the market growth in developing regions.
Growing requirement for cost-effective private transportation, rising fuel costs around the world and initiatives by governments to promote electric two-wheelers has been boosting the global motorcycles marketplace. Also, customer demand for sports bikes due to rising trend for off-road riding and sports activities is fueling the motorcycles marketplace globally.
Key players in the motorcycles marketplace are focusing on strategies such as product launches, contractual agreements and geographical expansion to increase their footprint. Some of the major players include Bayerische Motoren Werke (BMW), Honda Motor Co. Ltd., Harley-Davidson Inc., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation and Yamaha Motor Co. Ltd. The industry is highly competitive, and large players dominate the market.