Global motorcycle market

Global Motorcycle Market Size, Share, Growth Analysis, By Type(Standard, Sports), By Propulsion type(ICE and electric), By Engine Capacity(Up to 150 CC, 151-300 CC) - Industry Forecast 2023-2030


Report ID: SQMIG25D2008 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 92 | Figures: 76

Global Motorcycle Market Insights

Motorcycle Market size was valued at USD 119.55 billion in 2019 and is poised to grow from USD 129.83 billion in 2023 to USD 272.8 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

The global COVID-19 pandemic has been unexpected and shocking, with demand exceeding expectations in every region compared to pre-pandemic levels. Our data shows that the global bike market showed an increase of 8.11 percent in 2019 over 2019. Often referred to as a "bike," a motorcycle is a two-wheeled motor vehicle textile frames Motorcycles are outfitted with an engine, several electrical, mechanical parts. These bikes' designs differ greatly to accommodate different for a variety of activities, including as commuting, cruising, long-distance travel, sports, racing, and riding off-road. Bikes are being used as more and more affordable private transport throughout the previous ten years. Despite the fact that the automobile sector has seen gains sales significantly grew, macroeconomic variables including rising disposable income, and greater urbanisation has boosted cross-regional market sales even more. Additionally, manufacturers are working to increase mileage and add amenities like bucket seats, air-cooled engines, bigger fuel tanks, distinctive horns, and Bluetooth speakers systems that will give the market prospects in the upcoming years. According to a Motorcycles Data study published in December 2020, the ATV/RUV categorization promoted the massively expanding U.S. bicycle industry in 2019. Based on the data, greater than 4% more U.S. production is anticipated as a result of the rise in demand in 2019.

US Motorcycle Market is poised to grow at a sustainable CAGR for the next forcast year.

Market snapshot - 2024-2031

Global Market Size

USD 119.55 billion

Largest Segment

Standard

Fastest Growth

Standard

Growth Rate

8.6% CAGR

Global Motorcycle Market 2021-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Motorcycle Market Size by Type 2021-2028 ($ Bn)
Global Motorcycle Market by Type 2022-2028 (%)

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Global Motorcycle Market Segmental Analysis

The global motorcycle market has been segmented based on type, propulsion type, engine capacity, and region. Based on type, the Motorcycle Market is segmented into standard, sports, and cruiser based. Based on the propulsion type, the Motorcycle Market is segmented into ICE and electric based. Based on engine capacity, the Motorcycle market is segmented into Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, Above 1600 CC. Based on region, the motorcycle market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Motorcycle Market Analysis by Type

The standard segment has the biggest market share worldwide. The earliest type of motorized bike is the standard. The handles are placed in the upright seat in a comfortable manner using modern technology and traditional style. The pedals and controls are also easily accessible while the feet are in a natural position. Because they are extremely forward and comfortable, standard bikes are positioned on the lower end of the power spectrum, making them good starting bikes. The best options are Kawasaki's Z series and Honda's CB series, with prices ranging from less than US$ 5,000 to more than US$ 10,000. India and Japan's two-wheeler industries are the main contributors to the worldwide motorized two-wheeler industry because of their well-known two-wheeler enterprises. Additionally, there is a large market for smaller-capacity (less than 300 ccs) bikes, which are primarily made in India and China and are concentrated in African and Asian nations.

Sports Bikes are motorcycles with a strong engine and a light body frame that are designed for great performance. The upright riding position and strong engines with tonnes of low-end torque are typical features of cruiser bikes, which are often designed for pleasant and laid-back riding. The demand for sports and cruiser bikes has increased globally, especially among the young population, as a result of rising income levels, a growing trend for high-performance and long-distance bikes, as well as an increase in off-roading and sports activities.

Global Motorcycle Market By Type, 2021 (%), 2023 (%)

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Global Motorcycle Market Regional Insights

In 2021, the Asia Pacific motorcycle market had a value of US$78.94 billion. Due to rapid demographic change, a greater middle class, and higher income within the middle class, the area leads the worldwide market populations, as well as a growing preference for private over public transportation. The world's largest market for bikes is in India, where it accounts for around 40% of global sales. Honda's independent market share is only 14%, although the company. Original Equipment Manufacturers (OEMs) from India account for 77 % of the market. Hero MotoCorp, on the other hand, competes actively alongside TVS Motor and Bajaj Auto. The Indian government is also pursuing measures such as FAME-II to provide subsidies and tax consumer exemptions to promote electric two-wheelers. Additionally, the highest sales and manufacturing in China, the rising need for reasonably priced electric motorcycles, and the government's promotion of electric two-wheelers and short commutes in developing nations are anticipated to enhance the Asia Pacific market throughout the forecast period.

Global Motorcycle Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Global Motorcycle Market Dynamics

Motorcycle Market Driver

  • With the rising use of cutting-edge technologies, motorbikes have evolved into more sophisticated vehicles with a focus on safety, comfort, and luxury. For instance, the development of the antilock braking system (ABS) is being widely embraced by manufacturers, which indirectly increases sales. To keep the motorcycle stable during emergencies and sharp turns, ABS employs data from the inertial measuring unit (IMU), throttle control, and ABS. Manufacturers are now including hands-free and Bluetooth features in helmets to enhance communication with other riders and eliminate the hassle of taking calls or using smartphones for navigation. Additionally, most current bikes come with a slip clutch that is intended to partially disengage when the rear wheel tries to accelerate the engine faster than it is capable of doing.
  • The future of motorcycles has here because of the quick development of motorcycle technology. The improvement in living conditions, the rise in the number of young people, and the shift in the elderly's propensity to possess a car rather than use public transportation have all increased consumer discretionary income, which has raised the demand for bikes.

Motorcycle Market Restraint

  • Motorcycles are popularising quickly due to their many benefits, however, motorcycle market is frequently constrained by the higher risk of accidents for riders. Around 80% of bikers killed on the roads, according to data from the European Commission, had head injuries. According to the survey, two-wheelers are the riskiest mode of transportation on highways, and in the European Union, more than 6,500 riders die each year. The risk of mortality for riders is 20 times more than that of passengers.

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Global Motorcycle Market Competitive Landscape

As major competitors roll out new models to diversify their product lines and broaden their customer bases, competition in the fragmented global motorcycle market is fierce and intensifying. Leading market players are utilizing a wide range of growth strategies. The majority of businesses have concentrated on introducing new products and growing their production facilities in developing nations. Innovation, partnerships, strategic alliances, working with key actors, and boosting local and international distribution networks are all examples of strategies. For instance, In January 2022 - Piaggio and Zongshen partnered with a new 150 cc scooter engine. The new engine features electronic fuel injection and liquid cooling.

Motorcycle Market Top Players in the Global Motorcycle Market

  • Honda Motor Co. Ltd.
  • Yamaha Motor Co.Ltd.
  • Hero MotoCorp Ltd.
  • Bajaj Auto Ltd.
  • Suzuki Motor Corporation
  • TVS Motor Company Ltd.
  • Harley-Davidson, Inc.
  • Piaggio & C. SpA
  • BMW Motorrad AG
  • Kawasaki Heavy Industries, Ltd.
  • Triumph Motorcycles Ltd.
  • KTM AG
  • Ducati Motor Holding S.p.A.
  • Royal Enfield (Eicher Motors Ltd.)
  • MV Agusta Motor S.p.A.
  • Aprilia (Piaggio Group)
  • Husqvarna Motorcycles GmbH
  • Indian Motorcycle International, LLC
  • Benelli (Q.J. S.r.l.)
  • Moto Guzzi (Piaggio Group)

Motorcycle Market Recent Development

  • In January 2022 - Yamaha announced a new electric scooter Yamaha EMF, using the company’s swappable batteries. Gogoro’s batteries power the Yamaha EMF designed to operate within Gogoro’s battery-swapping network.
  • In January 2022, Piaggio and Zongshen partnered with a new 150 cc scooter engine. The new engine features electronic fuel injection and liquid cooling

Global Motorcycle Key Market Trends

  • As fossil fuels are gradually depleted, major companies introduce their electric motorcycles and consider this. One may argue that electric two-wheelers are the way of the future. Therefore, electric bikes will be the main focus moving forward. The initial round of these electrical had relatively limited riding skills, and motorcycles were expensive. But futuristic bicycle manufacturers have made advancements in motorcycle technology similar to Damon. Consequently, in 2020, the technology that was predicted is now a reality. The capacity for AI to modifications to the ergonomic designs, and communication between vehicles, and each rider radically alter the two-wheeler industry. Additionally, different nations' governments are stepping up efforts to promote environmentally friendly automobiles and electric in terms of incentives and tax benefits, wheelers, and scooters.

Global Motorcycle Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, and type, standard dominated the global motorcycle market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the globe, the motorcycle market owing to the region's growing preference for private over public transportation.

Report Metric Details
Market size value in 2023 USD 119.55 billion
Market size value in 2031 USD 272.8 billion
Growth Rate 8.6%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Standard, Sports, and Cruiser
  • Propulsion type
    • ICE and electric
  • Engine Capacity
    • Up to 150 CC, 151-300 CC, 301-500 CC, 501-800 CC, 801-1000 CC, 1001-1600 CC, Above 1600 CC
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honda Motor Co. Ltd.
  • Yamaha Motor Co.Ltd.
  • Hero MotoCorp Ltd.
  • Bajaj Auto Ltd.
  • Suzuki Motor Corporation
  • TVS Motor Company Ltd.
  • Harley-Davidson, Inc.
  • Piaggio & C. SpA
  • BMW Motorrad AG
  • Kawasaki Heavy Industries, Ltd.
  • Triumph Motorcycles Ltd.
  • KTM AG
  • Ducati Motor Holding S.p.A.
  • Royal Enfield (Eicher Motors Ltd.)
  • MV Agusta Motor S.p.A.
  • Aprilia (Piaggio Group)
  • Husqvarna Motorcycles GmbH
  • Indian Motorcycle International, LLC
  • Benelli (Q.J. S.r.l.)
  • Moto Guzzi (Piaggio Group)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Motorcycle Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Motorcycle Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Motorcycle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Motorcycle Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Motorcycle Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Motorcycle Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Motorcycle Market size was valued at USD 119.55 billion in 2019 and is poised to grow from USD 129.83 billion in 2023 to USD 272.8 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

As major competitors roll out new models to diversify their product lines and broaden their customer bases, competition in the fragmented global motorcycle market is fierce and intensifying. Leading market players are utilizing a wide range of growth strategies. The majority of businesses have concentrated on introducing new products and growing their production facilities in developing nations. Innovation, partnerships, strategic alliances, working with key actors, and boosting local and international distribution networks are all examples of strategies. For instance, In January 2022 - Piaggio and Zongshen partnered with a new 150 cc scooter engine. The new engine features electronic fuel injection and liquid cooling. 'Honda Motor Co. Ltd.', 'Yamaha Motor Co.Ltd.', 'Hero MotoCorp Ltd.', 'Bajaj Auto Ltd.', 'Suzuki Motor Corporation', 'TVS Motor Company Ltd.', 'Harley-Davidson, Inc.', 'Piaggio & C. SpA', 'BMW Motorrad AG', 'Kawasaki Heavy Industries, Ltd.', 'Triumph Motorcycles Ltd.', 'KTM AG', 'Ducati Motor Holding S.p.A.', 'Royal Enfield (Eicher Motors Ltd.)', 'MV Agusta Motor S.p.A.', 'Aprilia (Piaggio Group)', 'Husqvarna Motorcycles GmbH', 'Indian Motorcycle International, LLC', 'Benelli (Q.J. S.r.l.)', 'Moto Guzzi (Piaggio Group)'

With the rising use of cutting-edge technologies, motorbikes have evolved into more sophisticated vehicles with a focus on safety, comfort, and luxury. For instance, the development of the antilock braking system (ABS) is being widely embraced by manufacturers, which indirectly increases sales. To keep the motorcycle stable during emergencies and sharp turns, ABS employs data from the inertial measuring unit (IMU), throttle control, and ABS. Manufacturers are now including hands-free and Bluetooth features in helmets to enhance communication with other riders and eliminate the hassle of taking calls or using smartphones for navigation. Additionally, most current bikes come with a slip clutch that is intended to partially disengage when the rear wheel tries to accelerate the engine faster than it is capable of doing.

As fossil fuels are gradually depleted, major companies introduce their electric motorcycles and consider this. One may argue that electric two-wheelers are the way of the future. Therefore, electric bikes will be the main focus moving forward. The initial round of these electrical had relatively limited riding skills, and motorcycles were expensive. But futuristic bicycle manufacturers have made advancements in motorcycle technology similar to Damon. Consequently, in 2020, the technology that was predicted is now a reality. The capacity for AI to modifications to the ergonomic designs, and communication between vehicles, and each rider radically alter the two-wheeler industry. Additionally, different nations' governments are stepping up efforts to promote environmentally friendly automobiles and electric in terms of incentives and tax benefits, wheelers, and scooters.

In 2021, the Asia Pacific motorcycle market had a value of US$78.94 billion. Due to rapid demographic change, a greater middle class, and higher income within the middle class, the area leads the worldwide market populations, as well as a growing preference for private over public transportation. The world's largest market for bikes is in India, where it accounts for around 40% of global sales. Honda's independent market share is only 14%, although the company. Original Equipment Manufacturers (OEMs) from India account for 77 % of the market. Hero MotoCorp, on the other hand, competes actively alongside TVS Motor and Bajaj Auto. The Indian government is also pursuing measures such as FAME-II to provide subsidies and tax consumer exemptions to promote electric two-wheelers. Additionally, the highest sales and manufacturing in China, the rising need for reasonably priced electric motorcycles, and the government's promotion of electric two-wheelers and short commutes in developing nations are anticipated to enhance the Asia Pacific market throughout the forecast period.

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