Motorcycles - Albania

Albania

Highlights

In 2024, the projected revenue in the Motorcycles market in Albania is expected to reach US$28.37m.
Furthermore, it is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 2.12%, resulting in a projected market volume of US$31.50m by 2029.
Among the market segments, the largest one is On-road Motorcycles, which is projected to have a market volume of US$20.98m in 2024.
Looking ahead to 2029, the expected unit sales of Motorcycles market in Albania is 2.88k motorcyles.
The volume weighted average price of Motorcycles market in 2024 is projected to be US$10.76k.
With a motorcycle unit sales share of 12.2% in 2024, Piaggio is expected to have the highest market share in Albania.
Moreover, the value market share of Piaggio in Albania is projected to stand at 12.2% in 2024.
Lastly, on an international scale, it is evident that the largest revenue will be generated India, amounting to US$32.11bn in 2024.
Albania's motorcycle market is experiencing a surge in popularity, with an increasing number of young riders embracing two-wheeled transportation as a cost-effective and efficient mode of commuting in the country's urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The motorcycles market in Albania has been experiencing significant growth in recent years.

Customer preferences: Albanian consumers have shown a growing preference for motorcycles as a mode of transportation. This can be attributed to several factors, including the increasing traffic congestion in urban areas, the affordability of motorcycles compared to cars, and the convenience of maneuvering through narrow streets and alleys. Additionally, motorcycles are seen as a trendy and fashionable means of transportation, especially among the younger population.

Trends in the market: One of the key trends in the motorcycles market in Albania is the rising demand for electric motorcycles. As environmental concerns become more prominent, consumers are increasingly opting for eco-friendly transportation options. Electric motorcycles offer a cleaner and more sustainable alternative to traditional gasoline-powered bikes. This trend is expected to continue as the government and various organizations promote the use of electric vehicles. Another trend in the market is the increasing popularity of sport and adventure motorcycles. Albanians are becoming more interested in recreational activities and outdoor adventures, and motorcycles provide an exhilarating and thrilling experience. The demand for motorcycles that are designed for off-road and rugged terrains has been on the rise.

Local special circumstances: One of the factors contributing to the growth of the motorcycles market in Albania is the country's geography. Albania is known for its beautiful landscapes and mountainous regions, which are perfect for motorcycle enthusiasts. The availability of scenic routes and challenging terrains attracts both locals and tourists to explore the country on two wheels. Furthermore, the relatively low cost of motorcycles compared to cars makes them an attractive option for many Albanians. The affordability factor, combined with the ease of maintenance and lower fuel consumption, makes motorcycles a practical choice for individuals and families on a budget.

Underlying macroeconomic factors: The growing motorcycles market in Albania is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income for many individuals. As a result, more people are able to afford motorcycles as a means of transportation or as a recreational vehicle. Additionally, the government has implemented various policies and initiatives to support the growth of the automotive industry, including the motorcycles sector. These measures include tax incentives and subsidies for electric vehicles, as well as the development of infrastructure to support the use of electric motorcycles. In conclusion, the motorcycles market in Albania is witnessing significant growth due to customer preferences for affordable and convenient transportation options, as well as the increasing popularity of electric and sport motorcycles. The country's geography and economic factors also contribute to the market's development. With the continued support from the government and the rising demand for motorcycles, the market is expected to thrive in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.