Motorcycle and Bicycle Market

The global motorcycle and bicycle market is on a steady upward trend, with increasing demand worldwide. Market performance is forecasted to continue growing, with a CAGR of +2.6% in volume and +6.0% in value from 2022-2030. In 2022, consumption of motorcycles and bicycles reached 230M units, with notable growth compared to previous years. The top consuming countries were China, India, and the United States. Production also showed a positive trend, with China leading as the largest producer. Imports and exports saw fluctuations, with China dominating exports and the United States leading in imports. Bicycles and other cycles were the most exported type, while motorcycles and cycles with auxiliary motors were the most imported type. Average import and export prices have been steadily increasing over the years.

Market Forecast

Driven by increasing demand for motorcycles and bicycles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 281M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.0% for the period from 2022 to 2030, which is projected to bring the market value to $152.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Motorcycles and Bicycles

In 2022, global motorcycle and bicycle consumption expanded remarkably to 230M units, surging by 6.8% compared with 2021 figures. Overall, the total consumption indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +55.5% against 2013 indices. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 9.9% against the previous year. Over the period under review, global consumption attained the maximum volume in 2022 and is likely to see steady growth in years to come.

The global motorcycle and bicycle market size expanded to $95.9B in 2022, surging by 2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +69.5% against 2012 indices. Over the period under review, the global market attained the peak level in 2022 and is likely to see gradual growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (54M units), India (38M units) and the United States (22M units), with a combined 49% share of global consumption. The Philippines, Pakistan, Brazil, Germany, Indonesia, Bangladesh, the UK and Vietnam lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +20.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($19.5B) led the market, alone. The second position in the ranking was held by China ($6.8B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +12.0%. The remaining consuming countries recorded the following average annual rates of market growth: China (+7.8% per year) and the United States (+4.6% per year).

The countries with the highest levels of motorcycle and bicycle per capita consumption in 2022 were the Philippines (93 units per 1000 persons), Germany (69 units per 1000 persons) and the United States (64 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Philippines (with a CAGR of +18.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Motorcycles and Bicycles

In 2022, the amount of motorcycles and bicycles produced worldwide totaled 236M units, with an increase of 2.9% on the previous year's figure. In general, the total production indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 40% against the previous year. Global production peaked at 244M units in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, motorcycle and bicycle production amounted to $81.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 18%. Over the period under review, global production hit record highs at $90.7B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (124M units) constituted the country with the largest volume of motorcycle and bicycle production, comprising approx. 52% of total volume. Moreover, motorcycle and bicycle production in China exceeded the figures recorded by the second-largest producer, India (42M units), threefold. Brazil (7.8M units) ranked third in terms of total production with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +3.0%. In the other countries, the average annual rates were as follows: India (+12.3% per year) and Brazil (+3.0% per year).

Imports

World Imports of Motorcycles and Bicycles

In 2022, after two years of growth, there was significant decline in purchases abroad of motorcycles and bicycles, when their volume decreased by -21.2% to 102M units. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 19%. As a result, imports attained the peak of 129M units, and then shrank rapidly in the following year.

In value terms, motorcycle and bicycle imports totaled $49.9B in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.0% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 27%. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the United States (18M units), distantly followed by the Philippines (8.4M units), Pakistan (6.9M units) and Japan (5.9M units) represented the largest importers of motorcycles and bicycles, together mixing up 39% of total imports. Germany (4.3M units), the UK (3.6M units), the Netherlands (3.5M units), Canada (2.7M units), France (2.3M units), Russia (2.2M units), Australia (1.9M units), Nigeria (1.7M units) and Belgium (1.6M units) followed a long way behind the leaders.

The United States experienced a relatively flat trend pattern with regard to volume of imports of motorcycles and bicycles. At the same time, Australia (+28.7%), the Philippines (+25.8%), Nigeria (+15.1%), Canada (+6.0%), the Netherlands (+5.6%) and Germany (+2.3%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing importer imported in the world, with a CAGR of +28.7% from 2012-2022. Pakistan and the UK experienced a relatively flat trend pattern. By contrast, France (-2.0%), Belgium (-2.4%), Russia (-2.8%) and Japan (-4.1%) illustrated a downward trend over the same period. The Philippines (+7.3 p.p.) and Australia (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while the United States and Japan saw its share reduced by -3.2% and -4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($7B), Germany ($4.6B) and the Netherlands ($2.7B) appeared to be the countries with the highest levels of imports in 2022, together accounting for 29% of global imports. France, Belgium, the Philippines, the UK, Japan, Canada, Australia, Nigeria, Russia and Pakistan lagged somewhat behind, together comprising a further 27%.

The Philippines, with a CAGR of +22.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, bicycles and other cycles (67M units) was the main type of motorcycles and bicycles, mixing up 65% of total imports. It was distantly followed by motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars (36M units), generating a 35% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars (with a CAGR of +6.4%).

In value terms, motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars ($38.6B) constitutes the largest type of motorcycles and bicycles imported worldwide, comprising 77% of global imports. The second position in the ranking was held by bicycles and other cycles ($11.5B), with a 23% share of global imports.

For motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars, imports expanded at an average annual rate of +7.4% over the period from 2012-2022.

Import Prices By Type

In 2022, the average motorcycle and bicycle import price amounted to $490 per unit, picking up by 31% against the previous year. Over the period under review, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, motorcycle and bicycle import price increased by +77.9% against 2015 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars ($1,061 per unit), while the price for bicycles and other cycles amounted to $171 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by bicycle (+4.0%).

Import Prices By Country

The average motorcycle and bicycle import price stood at $490 per unit in 2022, with an increase of 31% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, motorcycle and bicycle import price increased by +77.9% against 2015 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($1,389 per unit), while Pakistan ($10 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Motorcycles and Bicycles

After two years of growth, shipments abroad of motorcycles and bicycles decreased by -24.5% to 109M units in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 77%. Over the period under review, the global exports attained the peak figure at 144M units in 2021, and then contracted sharply in the following year.

In value terms, motorcycle and bicycle exports expanded to $56.1B in 2022. Over the period under review, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 30%. Over the period under review, the global exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

China dominates exports structure, accounting for 70M units, which was near 64% of total exports in 2022. India (4.7M units), Japan (3.3M units), Cambodia (3.3M units), Taiwan (Chinese) (3.2M units), Indonesia (2M units), Italy (1.9M units), the Netherlands (1.8M units) and Bangladesh (1.8M units) took a little share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of motorcycles and bicycles. At the same time, Cambodia (+11.4%), Bangladesh (+10.2%), India (+9.6%), Indonesia (+7.3%), the Netherlands (+2.5%) and Italy (+1.3%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.4% from 2012-2022. By contrast, Japan (-1.3%) and Taiwan (Chinese) (-8.9%) illustrated a downward trend over the same period. While the share of India (+2.5 p.p.) and Cambodia (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of China (-3.4 p.p.) and Taiwan (Chinese) (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($15.7B) remains the largest motorcycle and bicycle supplier worldwide, comprising 28% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($3.5B), with a 6.2% share of global exports. It was followed by Japan, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +6.1%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+3.9% per year) and Japan (+0.1% per year).

Exports By Type

In 2022, bicycles and other cycles (69M units) represented the major type of motorcycles and bicycles, committing 64% of total exports. It was distantly followed by motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars (39M units), achieving a 36% share of total exports.

From 2012 to 2022, the biggest increases were recorded for motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars (with a CAGR of +9.0%).

In value terms, motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars ($43.6B) remains the largest type of motorcycles and bicycles supplied worldwide, comprising 78% of global exports. The second position in the ranking was taken by bicycles and other cycles ($12.2B), with a 22% share of global exports.

For motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars, exports expanded at an average annual rate of +8.2% over the period from 2012-2022.

Export Prices By Type

The average motorcycle and bicycle export price stood at $516 per unit in 2022, picking up by 37% against the previous year. In general, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, motorcycle and bicycle export price increased by +92.2% against 2015 indices. The growth pace was the most rapid in 2014 an increase of 55%. The global export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was motorcycles (including mopeds) and cycles; fitted with an auxiliary motor, with or without side-cars; side-cars ($1,118 per unit), while the average price for exports of bicycles and other cycles amounted to $178 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by bicycle (+5.5%).

Export Prices By Country

The average motorcycle and bicycle export price stood at $516 per unit in 2022, picking up by 37% against the previous year. In general, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, motorcycle and bicycle export price increased by +92.2% against 2015 indices. The pace of growth appeared the most rapid in 2014 an increase of 55% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($1,747 per unit), while Bangladesh ($187 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform