North America Motorcycle Market Valued at $17.43 Billion in 2023: Anticipated Growth at a 1.19% CAGR Over the Forecast Period

North America Motorcycle Market Overview

The North America Motorcycle Market was valued at USD 17.43 billion in 2023 and is projected to grow at a CAGR of 1.19% during the forecast period from 2024 to 2030, reaching an estimated USD 18.94 billion by 2030. This market encompasses a diverse range of two- and three-wheeled motor vehicles, designed for various uses including commuting, sport, and long-distance travel.

Market Segmentation

The North American motorcycle market can be segmented based on product type, engine capacity, and geography:

1. Motorcycle Type:
   • Adventure
   • Cruiser
   • Mopeds
   • Sports
   • Standard
   • Touring
2. Engine Capacity:
   • Up to 150 CC
   • 151-300 CC
   • 301-500 CC
   • 501-800 CC
   • 801-1000 CC (dominates with a 31% market share in 2023)
   • 1001-1600 CC
   • Above 1600 CC
3. Geography:
   • United States
   • Canada
   • Mexico

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Market Dynamics

Drivers of Growth

• Technological Advancements: Innovations such as the Anti-Lock Braking System (ABS) and integration of hands-free and Bluetooth technology in helmets enhance safety and connectivity for riders, encouraging more sales.
• Rising Fuel Prices: With increasing gasoline prices, consumers are shifting towards motorcycles for their superior fuel efficiency compared to cars, making them a more economical choice for commuting.
• Urbanization: The growing urban population is driving demand for cost-effective transportation options, which motorcycles provide, especially for short-distance travel.
• Government Incentives: Initiatives such as the Clean Vehicle Rebate Project (CVRP) in the U.S. and similar programs in Canada are promoting electric motorcycles, offering rebates of up to USD 900 and USD 1524 respectively.

COVID-19 Impact

The COVID-19 pandemic had a significant negative impact on motorcycle sales in North America, particularly in the U.S. However, government support and the push for innovative technologies have facilitated a gradual recovery in the market.

For a thorough understanding, explore the full study via this link:https://www.stellarmr.com/report/req_sample/North-America-Motorcycle-Market/760

Competitive Landscape

Key players in the North America motorcycle market include:

• Honda (Hamamatsu, Japan)
• Yamaha (Hamamatsu, Japan)
• Kawasaki (Hamamatsu, Japan)
• Suzuki (Hamamatsu, Japan)
• Harley-Davidson (Milwaukee, Wisconsin)
• Polaris Industries (Medina, MN)
• Zero Motorcycles (Scotts Valley, CA)
• MSI Defense Solutions (Mooresville, NC)

Market Analysis Tools

The report employs various analytical frameworks:

• Porter’s Five Forces Model: To evaluate competitive pressures within the market.
• PESTEL Analysis: To assess external factors influencing market dynamics, including political, economic, social, technological, environmental, and legal aspects.

Conclusion

The North America motorcycle market presents a landscape of growth driven by technological innovations, economic factors, and changing consumer preferences towards efficient and sustainable transportation. With ongoing government support and increasing urbanization, the market is poised for steady growth in the coming years. Understanding the market’s dynamics and competitive landscape is crucial for stakeholders looking to capitalize on emerging opportunities.