Conventional Motorcycles and Scooters Market Gears Up for Exponential Growth with a Striking CAGR of 3.9% Over 2023-2030, Reports MarkWide Research
In a recently published report by MarkWide Research, titled “Conventional Motorcycles and Scooters Market,” the global market for conventional two-wheelers is poised for significant expansion, projecting an impressive Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period from 2023 to 2030. The rising urban population and the need for cost-effective and eco-friendly commuting solutions are driving the growth of this market.
Overview of the Conventional Motorcycles and Scooters Market:
Conventional motorcycles and scooters have been a staple mode of transportation in many parts of the world, offering affordability and convenience for daily commuting and short-distance travel.
Market Dynamics:
The Conventional Motorcycles and Scooters Market is witnessing substantial growth due to several key factors:
- Urbanization: Rapid urbanization in developing countries has resulted in increased demand for affordable and efficient commuting options.
- Fuel Efficiency: Conventional motorcycles and scooters are known for their fuel efficiency, making them a preferred choice for cost-conscious consumers.
- Environmental Concerns: The shift towards eco-friendly transportation options has boosted the demand for electric scooters and motorcycles.
- Economic Viability: The affordability of conventional two-wheelers compared to four-wheelers makes them a practical choice for personal transportation.
Market Segmentation:
The report by MarkWide Research segments the conventional motorcycles and scooters market based on product type, engine capacity, and region.
Product Type:
- Motorcycles: Conventional motorcycles are popular for their versatility and are widely used for various purposes, including commuting and recreational riding.
- Scooters: Scooters are known for their ease of use and are favored for short-distance urban commuting.
Engine Capacity:
- Below 150cc: Low-capacity motorcycles and scooters are popular in urban areas for their fuel efficiency and maneuverability.
- 150-250cc: Mid-capacity two-wheelers cater to consumers looking for a balance between performance and economy.
- Above 250cc: High-capacity motorcycles are preferred by enthusiasts and those seeking more power.
Regional Analysis:
The market spans regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific, particularly countries like India and China, is a significant market for conventional motorcycles and scooters due to their role in daily transportation.
Competitive Landscape:
Key players in the conventional motorcycles and scooters market include Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Suzuki Motor Corporation, and Hero MotoCorp Ltd., among others. These companies are continually innovating to meet consumer demands for fuel efficiency, safety, and environmental sustainability.
Future Outlook:
The market for conventional motorcycles and scooters is expected to grow steadily, with a focus on electric and hybrid models to meet evolving environmental regulations and consumer preferences.