The motorcycle, bicycles and parts manufacturing market entaisl of sales of motorcycle, bicycles and parts by dissimilar entities (organizations, sole traders and partnerships) that introduce motorcycles, scooters, tricycles and similar equipment and parts.
According the report analysis, ‘Motorcycle and Bicycle Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that the international motorcycle and bicycle market is probable to deduct in 2019 to 2020 at a compound annual growth rate (CAGR). The beg off is mainly due to economic slowdown across country owing to the COVID-19 outbreak and the measures to entail it. The market is then probable to recover and augment at a CAGR from 2021 to 2023.
Although, the outbreak of the Coronavirus syndrome (COVID-19) has acted as a massive limitation on the motorcycle and bicycle market during 2020 as supply chains were disrupted owing to trade restrictions and consumption decreased due to lockdowns imposed by the governments worldwide. COVID 19 is an infectious disease with flu-like symptoms comprising fever, cough, and difficulty in breathing. The virus was first identified during 2019 in Wuhan, Hubei region of the People’s Republic of China and spread globally comprising Western Europe, North America and Asia. Transportation manufacturers depend greatly on supply of parts and components from different countries around the globe. As many governments limited the movement of goods around countries, producers had to halt production owing to shortage of parts and components. Also, sales of fresh automobiles decreased significantly owing to decline in consumer requirement as many regions impose lockdowns.
Yamaha; Honda; BMW; Harley Davidson; Kawasaki and several others are several corporate which presently functioning more positively for leading the highest market growth and dominating the handsome value of market share around the globe during the forthcoming years while developing the applications of such, employing the young workforce, advancing the features and specifications of such, decreasing the linked prices, implementing the policies and strategies of profit making, analyzing and monitoring the strategies and policies of the government as well as competitors, spreading the awareness connected to such, and establishing the several research and development programs.
Whereas, the Asia Pacific was the largest region in the international motorcycle and bicycle market, accounting handsome share of the market in 2019. North America was the second extraordinary region registering the global motorcycle and bicycle market. However, the Africa was the smallest region in the global motorcycle and bicycle market.
Not only has this, the Vehicle to vehicle communication and infotainment systems are the essential technology trends in motorcycle protection. Such infotainment systems have been greatly adopted by corporates such as Harley-Davidson, BMW and Honda bringing connectivity, entertainment and information to riders and delivering the important information in the most convenient way. However, the more interesting enhancement in Vehicle to vehicle technology fresh smart phone apps and Intelligent Transport Systems (ITS) and self-driving autonomous vehicles.
In addition, the Bicycle manufacturers are progressively investing in the production of electric bicycles that operate utilizing the rechargeable batteries. Such electric bicycles serve as an eco-friendly, lower cost mode of transportation and can also be utilized for recreational bicycle trips, shopping and errands. Foremost players are also contributing in new electric bicycles equipped with the internet and GPS features.
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Ankur Gupta, Head Marketing & Communications