LONDON--(BUSINESS WIRE)--The global adventure motorcycles market is expected to grow at a CAGR of above 10% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global adventure motorcycles market by engine capacity, including 500cc-1,000cc and above 1,000cc. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as (APAC, EMEA and the Americas).
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Market driver: growing popularity of long distance touring and experiential travelling
The growing popularity of long-distance touring has been monumental in the growth of the adventure motorcycles market. Adventure motorcycles are also better equipped with amenities required for long-distance touring. Riders in this segment are aged between 50-54 years, followed by 45-49 years and 55-59 years. Young riders find it difficult to afford these motorcycles as they are expensive with an averaging a price more than USD 20,000, with clothing and gear adding another USD 3,000. However, adventure motorcycles are widely being adopted as they fulfill most of the rider's requirement in long-distance touring as well as on asphalt.
According to Ganesh Subramaniam, a lead analyst at Technavio for automotive components, “BMW R1200 GS Adventure, KTM 1290 series, and Honda Africa Twin are some of the prominent adventure motorcycle models in the market. These are the top selling motorcycles in the market due to their superb off-road trailing and asphalt driving capabilities. These motorcycles have helped riders cover remote parts of Mongolia, highlands of Peru and many other such locations. Due to their high engine displacements, these motorcycles can travel 200 miles and provide a great experience and high performance.”
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Market trend: increasing use of active suspension systems
Suspension system in a motorcycle is designed to work according to the condition of the road. This type of suspension is known as a passive suspension system. An active suspension system acts as a perpendicular to the road and it is connected with the chassis of the motorcycle. An active suspension system is more suitable than passive suspension systems as it is more appropriate for off-road motorcycles. Rising awareness of off-road motorcycles has forced manufacturers to adapt to newer technologies to sustain in the market. Many manufacturers such as KTM, Suzuki, and Yamaha have started making off-road type motorcycles with semi-active suspension systems. This trend of active suspension systems in adventure motorcycles will have a positive impact on the market.
Market challenge: expensive price range of adventure motorcycles
The price range of these adventure motorcycles is very high. Extensive use of these motorcycles has an adverse effect on fuel economy. Moreover, as the motorcycles are mostly driven on rugged roads, parts such as tires and chains need to be replaced often. With high insurance costs and high initial cost of purchase, the affordability of these motorcycles keeps on decreasing.
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Key vendors in the market
- KTM
- BMW Group
- Yamaha
- Honda Motor Company
The global adventure motorcycles market caters to customers who are looking for motorcycles that can be driven on asphalt and off-road. Competition in the market is high among manufacturers as the market is witnessing substantial growth, globally. Long-distance touring is the reason behind the market facing high demand from customers. This has resulted in a high growth rate with simultaneous increase in the preference for dual sports vehicles.
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