The Asia Pacific On-road Motorcycles Market would witness market growth of 6.3% CAGR during the forecast period (2023-2030).
Motorcycles require less parking space than cars, providing greater convenience in crowded urban areas. This advantage makes motorcycles a practical choice for commuters who may face challenges finding parking for larger vehicles. Motorcycling has a youthful and adventurous appeal, attracting riders passionate about the lifestyle associated with motorcycles. The sense of freedom, individualism, and community engagement contributes to a unique and dynamic subculture within the market.
Moreover, economic growth and increased disposable income are pivotal in driving the demand for these motorcycles. As individuals experience improved financial conditions, they are more inclined to invest in personal transportation, with motorcycles being a cost-effective option for commuting. As disposable income increases, consumers tend to allocate some of their spending towards recreational and lifestyle choices. The motorcycles, a symbol of freedom and adventure, become an attractive option for individuals looking to invest in personal transportation that aligns with their preferences and lifestyle.
These motorcycles have a strong presence in sports and competitive racing, contributing to the market's growth. Events like MotoGP and Superbike competitions showcase the high-performance capabilities of motorcycles, attracting enthusiasts and fostering brand loyalty. Participation in sports and racing events provides motorcycle manufacturers with valuable brand exposure and marketing opportunities. Success in racing enhances a brand's image and reputation, positively influencing consumer perception and boosting sales of these motorcycles produced by the winning manufacturers. Also, these motorcycles have transcended their utilitarian purpose and become cultural icons, representing freedom, individualism, and a distinct lifestyle. This cultural significance contributes to the enduring appeal of motorcycles, attracting consumers who identify with the values associated with riding.
South Korea's economic growth and increasing affluence have contributed to a growing interest in recreational activities, including motorcycling. As disposable incomes rise, more individuals can afford leisure and lifestyle choices, including purchasing and maintaining these motorcycles in South Korea. Urbanization in South Korea has led to increased traffic congestion in major cities. On road motorcycles, particularly scooters and lightweight bikes provide a practical and efficient solution for commuting in densely populated urban areas in South Korea. There is a cultural shift in South Korea towards adopting a more adventurous and recreational lifestyle. Scooters have gained popularity in South Korea, particularly among urban commuters and younger riders. All these factors will uplift the regional market’s expansion in coming years.
The China market dominated the Asia Pacific On-road Motorcycles Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $15,297.6 Million by 2030. The Japan market is showcasing a CAGR of 5.5% during (2023 - 2030). Additionally, The India market would register a CAGR of 6.9% during (2023 - 2030).
Based on Type, the market is segmented into Cruiser Motorcycle, Touring Motorcycle, Sports Bike, and Standard Motorcycle. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global On-road Motorcycles Market is Predict to reach $93.3 Billion by 2030, at a CAGR of 6.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Harley-Davidson, Inc., Yamaha Corporation (Menchey Music Service, Inc.), Honda Motor Co. Ltd., Kawasaki Heavy Industries, Ltd., BMW Group, Suzuki Motor Corporation, Ducati Motor Holding S.p.A (Volkswagen AG), Bajaj Auto Ltd., TVS Motor Company Ltd. (TVS Holdings Limited), Hero MotoCorp Ltd
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