(MENAFN- EIN Presswire) Dirt Bike Market
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 16, 2023 /einpresswire.com / -- The concept of dirt bike is typically attributed to an off-road motorcycle that is built to be lightweight, powerful, fast, and nimble and is designed for use on rough surfaces such as dirt roads or trails. These motorcycles are equipped with rugged tires and suspension for riding cross country or over unpaved ground. Also, it offers enhanced durability and performance in rocky and mountainous terrains, grassy regions, and steep slopes. In addition, it has attractive shape which attracts youth and helps to change their preference. Innovations in the automobile industry paves the way for improved and better dirt bikes regarding comfort, suspension, and safety.
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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.
In addition, the dirt bike market has witnessed significant growth in recent years, owing to the increase in investments in automation, launches of new & technologically advanced products, surge in consumer demand for high speed, attractive design, and digital dashboards, and government initiatives for vehicles production for mountain areas. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in in July 2021, Zero Motorcycles, Inc. launched the Zero FXE electric dirt bike. It featured a 7.2kWh battery pack with a promised range of 161 km with two riding modes, eco, and sport.
COVID-19 Impact Analysis:
The COVID-19 outbreak severely impacted the motorcycle sector on a global level, which in turn leads to considerable drop in dirt bike sales. Many small and big players in the motorcycle sector is witnessing issues such as halt of production activities, mandated plant closures by the government, and others. However, various industry leaders in the motorcycle sector are making considerable efforts in restructuring their supply chain and production line for delivery of critical medical supplies.
For instance, in 2020, the pandemic is compelling motorcycle makers to skip major motor shows & racing events in year 2020 and turn towards alternative platforms like digital premieres. It started with Honda organizing, with its virtual motorcycle show as the Tokyo Motorcycle Show and Osaka Motorcycle Show were cancelled because of COVID-19. However, many dirt bike manufacturers such as KTM AG have assessed their overall strategy for the rest of 2020 and have decided to make several key decisions in the wake of COVID-19 with the withdrawal from global trade shows for the rest of the year, including INTERMOT in Cologne, Germany and the EICMA exhibition in Milan, Italy.
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The factors such as rise in popularity & evolution of motocross events, increase in disposable income, and adoption of electric dirt bikes supplement the growth of the global dirt bike market . However, high purchase and maintenance cost of dirt bikes and uncomfortable seating structure are the factors expected to hamper the growth of the market. In addition, rise in focus by manufacturers in the automobile industry on superior performance & comfort and technology advancement in dirt bikes create market opportunities for the key players operating in the dirt bike market.
KEY FINDINGS OF THE STUDY
By type, the track-racing motorcycle segment is projected to dominate the market in terms of growth rate in 2031.
By propulsion type, the electric segment is projected to dominate the global dirt bike market in terms of growth rate in 2031.
By application, the industrial segment is projected to dominate the global dirt bike market in terms of growth rate in 2031.
By price range, the high segment is projected to dominate the global dirt bike market in terms of growth rate in 2031.
The leading players operating in the dirt bike market are 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, and Zero Motorcycles, Inc.
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