Motorcycle demand to continue rising
That’s according to a new study, which says that the global demand for powered two-wheelers will rise 7.2 per cent annually through to 2016The worldwide market for motorcycles, including electrically powered two-wheelers, is forecast to grow 7.2 per cent annually to 134.5 million units in 2016, and industry revenues are expected to rise 8.7 per cent per year to $90.1 billion.
That’s according to a new study of the world motorcycle industry by Ohio-based market research firm Freedonia Group, which says that the Asia-Pacific region (mostly China) will continue to dominate worldwide demand, representing 84 per cent of all units sold in 2016.
However, Asia-Pacific will only be the fourth fastest growing region in percentage terms behind North America, the Africa/Mideast region, and Eastern Europe -- much smaller markets that together account for less than 10 per cent of global demand. China will remain by far the largest national market.
Other findings in the study include:
- Demand gains for motorcycles will also be supported by higher petroleum costs;
- A rebound from the 2007-2009 recession in developed countries like America will lead to higher product sales, particularly of medium and heavy motorcycles, as economic conditions become more favourable and consumers begin to purchase these expensive, recreational items again;
- Internal combustion engine (ICE) motorcycles will continue to dominate the global market. Product sales are projected to rise at a 7.9 per cent annual rate through 2016, when they will account for 71 percent of total demand;
- Light motorcycles will post the greatest growth and remain the single largest ICE product segment in unit terms;
- ICE motorcycles, scooters, and mopeds will be the second largest and second fastest growing ICE product segment, totalling approximately one-third of all product sales in 2016;
- Sales of electric bicycles (e-bikes) and electric motorcycles (e-cycles) are forecast to grow roughly in line with the motorcycle demand as a whole. These products are most popular in the Asia- Pacific region, and China in particular, which will account for nearly 90 per cent of the 2016 world e-bike and e-cycle sales total. In most other parts of the world, they will remain niche products that make up a relatively small share of motorcycle demand.
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