Motorcycle Loan Market to Reach $250.7 Billion, Globally, by 2032 at 6.5% CAGR: Allied Market Research
The global motorcycle loan market is growing due to several factors such as the rising popularity of motorcycles and rise in technological innovations.
/EIN News/ -- Wilmington, Delaware, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Motorcycle Loan Market by Type (Scooters, Sport Bike and Mopeds), Providers (Banks and NBFS (non-banking financial services), OEM (original equipment manufacturer), Other), and Tenure (Less than 3 Years, 3-5 Years and More than 5 Years): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the motorcycle loan market was valued at $141.3 billion in 2023, and is estimated to reach $250.7 billion by 2032, growing at a CAGR of 6.5% from 2024 to 2032.
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Prime determinants of growth
Economic uncertainty and regulatory and policy changes act as restraints for the motorcycle loan market. In addition, an increase in marketing strategies and awareness will provide ample opportunities for the market's development during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $141.3 billion |
| Market Size in 2032 | $250.7 billion |
| CAGR | 6.5% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Providers, Tenure and Region. |
| Drivers |
|
| Opportunities | Increase in marketing strategies and awareness |
| Restraints |
|
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The mopeds segment is expected to generate the highest market share in the forecast period.
Based on the type, the mopeds segment held the highest market share in 2023. With increasing urbanization, traffic congestion has become a major issue in many cities around the world. Mopeds offer a practical solution for navigating through crowded streets and are easier to park than larger vehicles, further propelling the global market growth.
The banks segment is expected to generate the highest market share in the forecast period.
Based on the providers, the banks segment held the highest market share in 2023. Banks are generally perceived as trustworthy and reliable institutions with a long history of financial stability. This trust can make consumers and businesses more likely to choose banks over other types of financial service providers.
The less than 3 years segment is expected to generate the highest market share in the forecast period.
Based on the tenure, the less than 3 years segment held the highest market share in 2023. As shorter-term agreements offer greater flexibility, allowing individuals and businesses to adapt to changing circumstances without long-term commitments.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed financial infrastructure is accelerating the adoption of the most recent technologies, including motorcycle loans in North America.
Players: -
- Ally Financial Inc.
- Bank of America Corporation
- GM Financial Inc.
- Capital One Financial Corporation
- Ford Motor Credit Company
- Citigroup
- Toyota Financial Services
- JPMorgan Chase
- Manba Finance
- Wells Fargo
The report provides a detailed analysis of these key players in the global motorcycle loan market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Development:
- On March 2024, Revamp Moto partnered with two-wheeler loan providers LoanTap, Bajaj Finserv, and State Bank of India (SBI) to introduce diverse financing options for its latest electric scooter customers.
- On January 2024, Suzuki Motorcycle India Pvt Ltd partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co) to provide financing on purchase of its two-wheelers. The two companies have entered into an MoU for the same.
- On June 2023, Ather Energy announced a new 60-month vehicle loan product that aims to make electric scooters more accessible in India. This initiative intends to accelerate electric vehicle adoption in the world’s largest two-wheeler market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the motorcycle loan market segments, current trends, estimations, and dynamics of the motorcycle loan market analysis from 2023 to 2032 to identify the prevailing motorcycle loan market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the motorcycle loan industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global motorcycle loan market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global motorcycle loan market trends, key players, market segments, application areas, and market growth strategies.
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Motorcycle Loan Market Report Highlights
By Type
- Scooters
- Sport Bike
- Mopeds
By Providers
- Banks
- NBFS (non-banking financial services)
- OEM (original equipment manufacturer)
- Other
By Tenure
- Less than 3 Years
- 3–5 Years
- More than 5 Years
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Argentina, Brazil, Colombia, Rest of Latin America)
- MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)
Key Market Players
Bank of America Corporation, Toyota Financial Services Corporation, JPMorgan Chase & Co, Wells Fargo, Citigroup, Ally Financial Inc., Capital One Financial Corporation, Manba Finance, GM Financial Inc., ford motor credit company
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