Pit Bike Market Size To Worth USD 1.87 Bn By 2033

(MENAFN- GlobeNewsWire - Nasdaq) The global pit bike market size is anticipated to grow from USD 1 billion to USD 1.87 billion in 10 years. The market will experience rapid growth due to the increasing popularity of pit bike racing due to social media during the forecast period.

Newark, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1 billion in 2023 global pit bike market will reach USD 1.87 billion in 2033. Pit motorcycles were mostly utilised for dirt-road racing competitions. Pit motorcycles are still utilised for racing in the pits, but their popularity as recreational vehicles is growing. A pit bike's tiny engine capacity is reflected in its lightweight design and small, compact dimensions. They provide exceptional agility on uneven and small pit roads. Since they are reasonably priced, people of various economic levels may afford them. They are appealing since they are lightweight and simple to use for people of all ages. Considering their size, weight, and performance, they are also incredibly adaptable and may be utilised in a variety of environments, including the most challenging ones. For students who wish to eventually learn how to ride larger bikes, they serve as a stepping stone. They require little upkeep in terms of money and time.

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Key Insight of the Global Pit bike Market

North America will dominate the market during the forecast period.

With many races and well-established pit bike and dirt bike racing terrains, North America boasts a robust motorsports culture. Numerous racing events are held in the area on a local, regional, national, and worldwide scale, which supports the expansion of the market. Additionally, riding pit motorcycles for fun is a well-known pastime in the area. These explanations demonstrate the strong market need in the area for pit bikes. Additionally, some of the leading manufacturers of pit motorcycles are based in North America. These companies also foster innovation, which results in the release of new motorcycles with enhanced engine economy, performance, and sustainability. The good regulatory environment contributes to the market's expansion as well.

In 2023, the gasoline segment dominated the market with the largest market share of 65% and revenue of 0.65 billion.

The propulsion type segment is divided into gasoline and electric. In 2023, the gasoline segment dominated the market with the largest market share of 65% and revenue of 0.65 billion.

In 2023, the 100cc-150cc segment dominated the market with the largest market share of 45% and revenue of 0.45 billion.

The engine capacity segment is divided into 50cc-100cc, 100cc-150cc and 150cc-200cc. In 2023, the 100cc-150cc segment dominated the market with the largest market share of 45% and revenue of 0.45 billion.

In 2023, the utility segment dominated the market with the largest market share of 38% and revenue of 0.38 billion.

The application segment is divided into utility and sports. In 2023, the utility segment dominated the market with the largest market share of 38% and revenue of 0.38 billion.

Report Scope and Segmentation –

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	6.5%
2023 Value Projection	USD 1 Billion
Market Size in 2033	USD 1.87 Billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	by Propulsion Type, Engine Capacity, Application
Regions Covered	The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Pit Bike Market Growth Drivers	The increasing demand of pit bikes for recreational purposes

Advancement in market

With the legendary Hilux serving as the league's official car partner, Toyota Kirloskar Motor (TKM) and the Indian Supercross Racing League (ISRL) are continuing their exciting association. The ISRL is the first franchise-based supercross league in history, and TKM's partnership with the iconic Hilux produced remarkable moments, captivated viewers, and raised the bar for motorsports and car aficionados in India. The Indian Super League (ISRL) wrapped up its third leg at Open Ground (Airport Road), Chikkajala in Bengaluru on February 25, 2024. The league broke down traditional racing barriers and began a mission to redefine motorsports in India, with the first and second rounds held in Pune in January 2024 and Ahmedabad in February 2024, respectively.

Market Dynamics

Driver: The growing popularity of pit bikes for utility purposes.

Riding a bicycle has long been a common method to get exercise, have fun, and engage with the community. Pit bike racing became popular, and more people began to become interested in these races. More people are engaging in pit bike riding as a recreational activity as a result of increased knowledge, awareness, interest, and accessibility about pit bikes. It is regarded as an exciting kind of exercise that provides the best opportunity for skill development, enjoyment, and education. Pit bikes are lightweight, portable, and easy to handle. They are perfect for all age groups and income levels because they are low maintenance, easy to maintain, and require less cash for storage. In crowded urban settings, they are also perfect for commuting or transit. They benefit customers in two ways: they save them money and time while allowing them to enjoy themselves while riding these bikes. Consequently, the market will expand because to consumers' increased interest in pit bikes for both commuting and leisure uses.

Restraints: The intrinsic constraints on performance.

Pit bikes are lightweight, portable, and small. This is explained by its tiny engine, which has a 50–200cc displacement. Riding pit motorcycles in difficult terrain is difficult due to the engine's lower capacity, which results in restricted power and speed. The market base may also be limited by the bikes' small and compact size, since larger or taller people might not find them to be the most comfortable to ride. Pit bikes wear down more quickly when they are used on rough terrain and dirt roads, which shortens their lifespan and requires more frequent maintenance. Additionally, these bikes must comply with regulations that limit their usage in certain locations where they are prohibited for safety concerns. This could make them less appealing to buyers and hence slow the growth of the industry.

Opportunities: Pit biking as an adventurous and organised sport.

Social media's widespread usage and growing user base have provided a fantastic platform for pit bike racing to promote itself as an exciting and daring sport. Due to its growing popularity, racing arenas-both private and public-have sprung up to give people the opportunity to race pit bikes whenever it's convenient for them. These places resemble locations that provide go-karting, bowling, shooting, and gaming. The number of people taking up professional pit bike racing has increased as a result of increased government and corporate sponsorship for pit bike racing events. Pit bikes have also attracted more attention due to these factors. Because pit bikes are so popular, there are more and more people who own them for leisure. Because pit bikes are so popular on social media, there are more and more people using them for recreational purposes. As a result, the growing acceptance of pit bike racing has made it easier for organisations to open up and provide a convenient, well-organized, secure, and personalised pit bike racing experience, which will support the sport's expansion during the projection period.

Challenges: Repair, replacement and other maintenance challenges.

The market for pit bikes in a commercial sense where an average consumer owns it for recreational, occasional racing and transportation purposes is relatively new. These individuals do not have access to professionals to take care of their bikes if something goes wrong like the pit bike or dirt bike races with a team or experience. The retailers of pit bikes also do not offer such services in most cases. Therefore, the hassle for repairing of replacing any parts or components of pit bikes is higher for average consumers. therefore, the insufficient after-service market will challenge the global pit bike market's growth.

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Some of the major players operating in the global pit bike market are:

. Apollo Motors
. Betamotor S.p.A
. Honda Motor Co. Ltd.
. Kawasaki Motors Corporation
. KTM
. GPX Moto & Pitster Pro Canada
. SSR Motorsports
. Tao Motors
. Thumpstar
. Yamaha Motors Co.

Key Segments covered in the market:

By Propulsion Type

. Gasoline
. Electric

By Engine Capacity

. 50cc-100cc
. 100cc-150cc
. 150cc-200cc

By Application

. Utility
. Sports

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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