The U.S. motorcycle market size is expected to reach USD 10.88 billion by 2025, according to a new report by Grand View Research, Inc., Increasing amount of disposable income is expected to drive the market. Surplus amount of income is used by Americans to buy motorcycles which leads to an increase in the sales and registration of vehicles. According to the Bureau of Transportation Statistics, motorcycle registrations in the U.S. have increased over the past 10 years, from 3,826,373 in 1997 to 6,678,958 in 2006, which indicates an overall increase of 75%. Sales of new street-legal motorcycles increased more sharply over the same period, from 260,000 in 1997 to 892,000 in 2006.
Furthermore, according to Statista Inc., a total of 487,144 units were sold in the U.S. in the year 2016. This shows the potential demand and growth for these products in the coming years. Growing economic standards, changing lifestyle and increasing rates of petroleum are shifting the customer preference towards motorcycles which offer greater fuel efficiency in comparison to cars. Motorcycles are an effective and affordable way of transport owing to which the working class and the younger generation of the society are more attracted towards these products. Growing urbanization is also a significant factor driving the growth of the market in the country.
According to the International Organization for Migration in 2015, around 3 million people are migrating to cities every week. Currently, around 82% of the population in North America are living in the urban areas with a high concentration in mid and large-sized cities. Such huge trend towards urbanization has led to growing awareness of new products and their easy availability. All these factors are expected to boost the U.S. motorcycle industry over the forecast period.
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Further Key Findings From the Study Suggest:
- Motorbikes segment held the dominant share of 56.7% in the U.S. motorcycle market owing to the high adoption rate and wide range of products
- Scooters segment is expected to grow at a lucrative rate of 4.0% over the forecast period owing to the associated advantages such as better fuel efficiency, lightweight, and low cost.
- Harley Davidson dominates the U.S. motorcycle industry with a market share of nearly 47%.