Motorcycle is a kind of motor vehicle having two or three wheels. There are various types of motorcycle designed for different purposes such as long distance travel, sports including racing, commuting cruising and off road riding.
Motorcycles are broadly categorized on the basis of demand in various product segments namely Internal Combustion Engine Motorcycles, Scooters, Mopeds, & Motorbikes, Light Motorcycles, Medium/Heavy Motorcycles, Electric Motorcycles, Bicycles & Mopeds and Scooters & Other. Light motorcycles are showing the largest growth in the market due to their lower cost and largest displacement models.
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Rising economic, growing standards of living, increasing westernized lifestyles greater fuel efficiency these engine offers compare to automobile and other light vehicle and higher petroleum cost are driving the demand for motorcycle market. Moreover, development of new internal combustion (ICE) engines, easy to operate in congested urban areas and low cost are some of the major growth opportunities of motorcycle market. Harley-Davidson dominates the motorcycle market.
As it is known that fuel such as petroleum is a non-renewable source of energy. Petroleum cost is increasing day by day also due to the increase in the number of vehicle. On the other hand, now a day light vehicle become more affordable due to increase in the per capita income level as a result more people are showing their interest in automobile such as car. In addition, motorcycles are more risky compared to cars as people do not have any type of outer protection. Therefore car is safer way of travelling than motorcycle. These are some of the problems which are restraining the motorcycle market.
Worldwide sales of motorcycle are likely to gain momentum by increasing standards of living in the developing countries. With the largest population, China is likely to remain the largest market of motorcycle followed by India and Indonesia in the Asia Pacific region. The Asia Pacific region where people mainly utilize inexpensive motorcycles is likely to control the worldwide demand with ICE motorcycle dominating the global market. However, the growth rate in Asia Pacific region is expected to be slower than in North America and Eastern Europe owing to the sheer volume of motorcycle demand in Asia. Whereas U.S. will lead in terms of higher product sales especially of medium and heavy motorcycle due to more favorable economic condition. In rising economies where motorcycles are an attractive option to walking, utilizing mass transit or riding a bicycle, growth in the motorcycle sales is accelerated by the increase in per capita income
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Some of the major companies operating in motorcycle market include Bajaj Auto Limited, Bayerische Motoren Werke AG, Benelli QJ, see Zhejiang Qianjiang Motorcycle, China Jialing Industrial Company Limited, Chongqing Jianshe Motorcycle Company Limited, Chongqing Lifan Industry Group Company Limited, Chongqing Loncin Industry Group Company Limited, Dachangjiang Group Company Limited, Daelim Industrial Company Limited, Dafra da Amazonia Industria e Comercio de Motocicletas Limitada, Dayun Group Company Limited, Ducati Motor Holding SpA, Eicher Motors Limited, Giant Manufacturing Company Limited, Grand River Group, see Dachangjiang Group, Guangzhou Dayang Motorcycle, see Dayun Group, Haojue Suzuki Motorcycle Changzhou, Dachangjiang Group and Suzuki Motor, Harley-Davidson Incorporated, Hero MotoCorp Limited, Honda Motor Company Limited.