Motorcycles: global demand to rise 7.2%
That's according to a report from a market research firm, with the Asia region continuing to dominate demand, and the internal combustion engine still kingThe 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, according to a report by market research firm ReportBuyer.com.
With standards of living in developing nations fuelling demand, the Asia/Pacific region will continue to dominate the global two-wheel appetite, representing a whopping 84 per cent of all units sold in 2016. However, it will only be the fourth fastest growing region in percentage terms behind North America, the Africa/Mideast region, and Eastern Europe – all smaller markets that together account for less than 10 per cent of global demand. China will remain by far the largest national market.
The report reinforces the strong correlation between average income levels and motorcycle demand -- up to a certain point. In emerging economies where motorcycles are an attractive alternative to walking, riding a bicycle, or utilising mass transit, strong growth in motorcycle sales are triggered once certain per capita income thresholds are reached. However, as average incomes increase further and light vehicles become more affordable, markets start to make the transition from motorcycle to automobile dominance.
Demand gains for motorcycles will also be supported by higher petroleum costs due to the superior fuel efficiency these machines provide compared to light vehicles. Furthermore, a rebound from the 2007-2009 recession in developed countries like the US 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.
The report also finds that:
- Internal combustion engine 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 per cent of total demand; and
- Sales of and electric motorcycles 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-cycle sales total.
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