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U.S. Motorcycle Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The U.S. motorcycle products market was estimated to be worth USD 18.5 billion in 2022 and is projected to grow at a CAGR of 5.3% from 2023 to 2030. The increasing demand for motorcycles in the US is driven by the growing popularity of motorcycles as an alternative mode of transportation. The growing demand for motorcycles has resulted in a surge in the manufacturing of parts and accessories for motorcycles. Moreover, the rising popularity of recreational motorcycles is also driving the demand for motorcycle products in the US. Also, the increasing awareness about the benefits of personalization for motorcycles is boosting the sale of custom parts and accessories for motorcycles.
The rising demand for high-end motorcycles, such as cruisers and sport bikes, is driving the demand for motorcycle parts and accessories. The rising demand for aftermarket parts and accessories, such as performance parts, body parts, and lighting, is propelling the market growth. Furthermore, the growing trend of customization of motorcycles is creating a demand for specialized parts and accessories. This is further boosting the demand for motorcycle products in the US.
The emergence of new technologies is driving the demand for advanced motorcycle products. For instance, in February 2021, Harley-Davidson announced the launch of its new line of electric motorcycles, LiveWire. The new line of electric motorcycles is powered by a high-performance powertrain that offers a thrilling ride with a premium look and feel. The launch of this product is expected to drive the sales of electric motorcycles and the related products.
The growing popularity of rental motorcycles is boosting the demand for motorcycle products in the US. The rising demand for rental motorcycles, especially from tourists, is driving the demand for motorcycle parts and accessories. Furthermore, the increasing preference for motorcycles over cars and other vehicles due to their cost-effectiveness, fuel efficiency, and convenience is driving the demand for motorcycle products.
The increasing focus of market participants on developing innovative products is also propelling the demand for the market. For instance, in April 2021, Kuryakyn introduced a new line of customizable motorcycle parts and accessories. The new line of products is designed to enhance the look and performance of motorcycles. This is expected to drive the demand for motorcycle products in the US in the coming years.
Product Insights
The cruisers segment accounted for a significant share of the U.S. motorcycle market in 2020. The segment is driven by the increasing preference of consumers towards touring and leisure activities, along with the rising demand for fuel-efficient and comfortable bikes. According to an article published by Motorcycle News, in January 2021, the sale of cruisers increased by 10.5% in 2020 compared to 2019. Furthermore, the availability of various models with different engine sizes and power outputs, along with the increasing demand for customizations and accessories, are expected to bolster the segment growth over the forecast period.
The off-road segment is likely to expand at the fastest CAGR of 8.2% over the forecast period. The segment is driven by the increasing popularity of motocross and enduro racing, along with the rising adventure and leisure activities. According to an article published by Dirt Bike Magazine, in February 2021, the U.S. off-road motorcycle industry is estimated to be worth around $3.2 billion. In addition, the availability of advanced off-road motorcycles, with features such as long-travel suspension, extra-large tires, and strong brakes, are expected to propel the segment growth over the forecast period.
Distribution Channel Insights
The direct-to-consumer (DTC) segment is expected to witness the fastest growth in the US, in terms of both value and volume, during the forecast period. The increasing trend of online sales and the rising preference of customers to purchase directly from manufacturers are driving the growth of the segment. According to a survey published by Statista in 2020, more than 63% of US customers prefer to purchase products directly from the manufacturer, instead of going through a middleman.
The automotive dealers and independent bike shops segment is expected to remain the largest segment in the US motorcycle products market during the forecast period. Automotive dealers offer new and used motorcycles and bicycle parts, accessories, and services. Independent bike shops provide services, such as repairs, maintenance, and accessories installation for motorcycles and bicycles. These stores also offer used bikes and related parts, accessories, and apparel.
Type Insights
The on-road segment accounted for a majority share of the U.S. motorcycle products market in 2020. This can be attributed to the increasing number of motorcycle riders in the U.S. On-road motorcycles are used for commuting, touring, and racing. Touring bikes have large engines and enough power to ride on highways comfortably. The increasing number of touring enthusiasts and the growing popularity of long-distance bike rides have led to the growing demand for on-road motorcycles.
The off-road segment is expected to expand at the highest CAGR of 7.8% over the forecast period. Off-road motorcycles are used for off-road racing, motocross, and other motor sports. The availability of affordable off-road motorcycles, along with the growing popularity of off-road racing, has increased the demand for off-road motorcycles. Additionally, the increasing popularity of motocross among teenagers and the rising disposable incomes of consumers are also expected to fuel the demand for off-road motorcycles.
Regional Insights
The U.S. motorcycle industry is dominated by the North American region, which accounted for more than 62.7% of the global market size in 2022. The increasing trend of motorcycle touring, due to the growing number of millennials, is a major factor driving the growth of the market in the region. Moreover, the increasing demand for adventure and leisure activities is driving the growth of the region. According to a survey by Adventure Motorcycle Magazine in 2021, around 54% of the respondents indicated that they ride motorcycles for leisure purposes.
The Asia Pacific region is expected to witness the fastest growth in the coming years. The growing number of middle-class population and rising disposable income are projected to drive the growth of the market in this region. Moreover, the presence of leading players, such as Honda and Yamaha, is further expected to drive the growth of the market in the region.
Financial Projections
In this part of the US Motorcycle Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your US Motorcycle Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a US Motorcycle Products business comes from the sale of motorcycles, parts, and accessories. Additionally, the business can generate income through workshops, renting options, and promotional activities such as sponsoring events.
Projecting Expenses
In this section, all the regular expenses related to keeping the US Motorcycle Products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, product development, raw materials, and delivery costs should be taken into consideration.
Key companies & market share insights
Some of the key companies operating in the U.S. motorcycle market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In February 2022, Harley-Davidson Inc. launched the 2021 LiveWire electric motorcycle, expanding its electric bike lineup.
– In April 2022, Polaris Inc. launched its line of electric motorcycles, the 2020 Ranger EV, which feature a high-power drive system and an efficient onboard charging system.
– In June 2022, Honda Motor Co. launched the 2021 CBR1000RR-R Fireblade, a powerful sports bike.
Some of the prominent players in the U.S. motorcycle market include:
– Harley-Davidson Inc.
– Polaris Inc.
– Yamaha Motor Corporation
– Honda Motor Co., Ltd.
– Suzuki Motor Corporation
– BMW Motorrad
– Kawasaki Heavy Industries, Ltd.
– Ducati Motor Holding S.p.A.
– KTM AG
– Triumph Motorcycles Ltd.
Global U.S. Motorcycle Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global U.S. Motorcycle Products market based on product, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Sportbikes
– Cruiser Bikes
– Touring Bikes
– Dual-Purpose Bikes
– Scooters
– Mopeds
2. Type Outlook (Revenue, USD Million, 2017 – 2030)
– New
– Used
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of Growth for the U.S. Motorcycle Products Market?
[A]: The U.S. motorcycle products market is driven by factors such as the increasing demand for motorcycle products from the growing population of young adults and their increasing disposable income. Other factors driving market growth include the increasing focus on safety features, the availability of advanced technology, and the increasing demand for luxurious and expensive models.
[Q]: What are the Major Challenges Facing the U.S. Motorcycle Products Market?
[A]: The major challenges facing the U.S. motorcycle products market are the increasing competition from foreign players, the rising cost of fuel, and the stringent safety regulations.
[Q]: Who are the Major Players in the U.S. Motorcycle Products Market?
[A]: The major players in the U.S. motorcycle products market include Harley-Davidson, Honda, Polaris Industries, Kawasaki, Yamaha, Triumph, and BMW.
[Q]: What is the Market Outlook for the U.S. Motorcycle Products Market?
[A]: The U.S. motorcycle products market is expected to grow at a CAGR of around 5.0% during the forecast period of 2020-2025.
[Q]: What Factors are Expected to Impact the U.S. Motorcycle Products Market during the Forecast Period?
[A]: Factors such as the increasing demand for electric motorcycles, the increasing focus on safety features, and the growing popularity of customization are expected to drive the U.S. motorcycle products market during the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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