Motorcycle Market to Witness Muted Sales in Near Term amid COVID-19, Finds Fact.MR
The COVID-19 pandemic is having a negative impact on the globally integrated motorcycle industry due to the closure of plants in leading motorcycle manufacturing countries like India, China, Japan and ASEAN.
Fortunately, manufacturers are determining ways to tackle this situation by focusing on the development of enhanced safety mechanisms to safeguard riders, coupled with improved suspension systems and higher fuel efficiency to influence buying behavior. This, in turn, is anticipated to increase the demand for motorcycles during the forecast period. The global motorcycle market is projected to create significant opportunities by the end of 2030.
Key Takeaways of Global Motorcycle Market Study:
• The global motorcycle market is projected to create an absolute $ opportunity of more than ~US$ 40 Bn and anticipated to grow at a value CAGR of 3.6% during the forecast period
• By product type, standard motorcycles are set to hold a share-wide market dominance with over 27% of the total market value by the end of forecast period 2020-2030
• By engine capacity, up to 150 cc engines are projected to grow at a value CAGR of 1.7%, expected to be valued 2.7X more than 150-300 cc engine by the end of 2020
• By region, APAC is expected to emerge as the fastest growing motorcycle market and is projected to surpass market valuation of ~US$ 80.3 Bn by the end of 2030.
Read Report - https://www.factmr.com/
"The disruptions due to COVID-19 are causing unprecedented uncertainty for players in the motorcycle market. However, with no near term resolution to the COVID-19 related slowdown in sight, the demand for motorcycle is expected to remain indistinct till the end of 2020" says the Fact.MR analyst.
Key Players Focusing on Product Launches to Regain Hegemony
Key players in the motorcycle market are Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Honda Motor Company, Ltd., Hero MotoCorp Limited, Eicher Motors Limited, Harley Davidson Motor Company Inc., Bajaj Auto Limited, TVS Motor Company Limited, Ducati Motor Holding S.p.A, among others.
Request Sample Report- https://www.factmr.com/