(MENAFN- EIN Presswire) The concept of dirt bike is typically attributed to an off-road motorcycle that is built to be lightweight, powerful, fast, and nimble.
PORTLAND, OR, UNITED STATES, March 14, 2023 /einpresswire.com / -- According to a new report published by Allied Market Research, titled,“dirt bike market ,' The dirt bike market was valued at $9.1 billion in 2021, and is estimated to reach $18.0 billion by 2031, growing at a CAGR of 7.0% from 2022 to 2031.
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Drivers, restraints, and opportunities
Increase in popularity & evolution of motocross events, surge in disposable income, and adoption of electric dirt bikes have boosted the growth of the global dirt bike market . However, high purchase costs and maintenance costs hinder the market growth. On the contrary, increase in focus by manufacturers in the automobile industry on superior performance & comfort and technological advancements in dirt bikes would open new opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic severely affected the market due to a halt in production activities, mandated plant closures by the government, and strict lockdown restrictions.
Several manufacturing leading made considered efforts in restructuring their supply chain and production line for delivery of critical medical supplies.
The electric segment to manifest the highest CAGR through 2031
By propulsion type, the electric segment would showcase the highest CAGR of 12.1% from 2021 to 2030, due to increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules & regulations toward vehicle emission. Moreover, technological advancements followed by proactive government initiatives supplement the demand for electric bikes during the forecast period. However, the ICE segment held the largest share in 2021, contributing to more than 90% of the global dirt bike market, due to rising demand for gasoline-powered vehicles because of lack of sophisticated charging infrastructure across countries further.
The endure motorcycle segment held the lion's share
By type, the endure motorcycle segment held the largest share in 2021, accounting for nearly two-fifths of the global dirt bike market because they are used for cross-country competitions, trail riding, rally racing, off-road travel, and other such events. However, the tracker-racing motorcycle segment is expected to register the highest CAGR of 9.5% during the forecast period, owing to increased inclination toward track racing activities across the globe.
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North America held the largest share
By region, the global dirt bike industry share across North America held the largest share in 2021, accounting for around half of the market, due to increasing demand for sports and adventure activities primarily. Moreover, higher expenditures in labor, materials, and overall development in operational & manufacturing methods of dirt bikes supplement the market growth. However, the market across Europe is projected to manifest the highest CAGR of 9.4% during the forecast period, due to the rise in the popularity of motocross events and the health benefits offered by dirt biking sports.
Major market players
Benelli
Betamotor S.p.A.
BMW AG
Bultaco Bikes
Cobra Moto
Honda Motor Co., Ltd.
Husqvarna motorcycles
Kawasaki Heavy Industries, Ltd.
KTM AG
Piaggio & C. SpA (Aprilla)
Polini motori
Scorpa
Sherco
SSR Motorsports
Suzuki Motor Corporation
Yamaha Corporation
Zero Motorcycles, Inc.
The commercial segment held the largest share
By application, the commercial segment held the largest share in 2021, accounting for nearly half of the global dirt bike market, due to increased promotional activities across the globe which offer pay & use services for the bikes. In addition, increased commercial riding reduces mobility cost, and parking cost reduces employee absence and increases the productivity of the individual. This supplements the market growth. However, the industrial segment is projected to register the highest CAGR of 9.3% during the forecast period, owing to the demand for proper surveillance & security across the industries and the presence of private security services across industries.
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