Motorcycle Industry Stats and Growth Projections in 2023

While the pandemic of 2020 set most market sectors back, the motorcycle industry rebounded from years of gradual declines. The global COVID-19 pandemic has been unprecedented and staggering according to Forbes Business Insights. Their analysis shows global motorcycle demand increased over 8% in 2020 compared to 2019. The outlook for 2023 continues recent growth with expected increased demand worldwide with demand increasing an average of 8.4% per year from 2023 to 2029.

Part of the reason interest in and demand for motorcycles has increased during the post-pandemic period comes from the mobility and independence a bike offers. Motorcycles offer an affordable transportation alternative when personal health protection and distance from others increase in importance.

Listed below are the top 10 must-know statistics of the motorcycle industry.

1. Sales – Sales are projected to rise due to individuals’ demand for mobility. People want to move alone now more than ever and avoid public transportation.

2. Demand – There has been a rise in demand for motorcycle manufacturing. Manufacturers have been able to develop more designs to cater to different customers. There has been a major growth of about 4% in the motorcycle manufacturing industry in the United States.

3. Designs – With the electric motorcycle’s introduction, more companies are getting on board and developing their customized models. 2023 will see a rise in more of these electric motorcycles. The more improved the features, the more likely that the price will be high.

4. Lucrative Market – Germany is the most lucrative market in the motorcycle industry for manufacturers due to the high demand for various motorcycle types and advanced manufacturing hubs. In the third quarter of last year, the industry saw a 309.1% growth.

5. Leading Motorcycle Type – Cruisers are the leading type of motorcycle in the industry. They are equipped with advanced accessories and audio, stylish and beginner-friendly. Therefore, most consumers prefer them to other models.

6. Technical Advancements – With technological improvement, motorcycles are now more sophisticated. They are not only safe but also quite comfortable and luxurious. Features like ABS are propelling their sale.

7. China – Most motorcycle manufacturers are eyeing China because their industry makes up to 1.6 million sales annually. It is one of the key markets in the Asia Pacific region.

8. Heavyweight Motorcycle Manufacturers – India is the world’s largest motorcycle market. Although they made losses during the pandemic, they are projected to increase sales in 2023 and in the coming years. Their post-pandemic recovery sales were 32%.

9. Motorcycle Market – The motorcycle market in the United States has grown tremendously over the past couple of years by about 75%. It is projected to grow in 2023, especially with motorcycle technology advancements.

10. Challenges – While motorcycle manufacturers have made a lot of progress with the design, features, and added safety of motorcycles, they also face some challenges. Most people have not fully embraced buying motorcycles because they believe they are unsafe. 80% of motorcyclists killed in road accidents often sustain head injuries. Motorcycles are also listed as one of the most dangerous means of travel via roads.

The motorcycle industry is bound to get bigger, especially with technological advancement. More people will buy motorcycles when their safety is guaranteed. The above-listed trends are shaping the motorcycle industry’s future in 2023 and will likely improve in the coming years.

Sources:

Trends Shaping The Motorcycle Industry, https://linchpinseo.com/trends-motorcycle-industry/#designs

Forbes Business Insights, https://www.fortunebusinessinsights.com/motorcycle-market-105164