Motorcycles - Armenia

Armenia

Highlights

The Motorcycles market in Armenia is expected to generate a revenue of US$20.84m in 2024.
This market is projected to grow at an annual growth rate of 3.21% (CAGR 2024-2029), resulting in a market volume of US$24.40m by 2029.
Among the various segments in the market, On-road Motorcycles is expected to be the largest, with a projected market volume of US$14.76m in 2024.
In terms of unit sales, it is anticipated that the Motorcycles market will reach 3.23k motorcyles units by 2029.
The volume weighted average price of Motorcycles market in Armenia in 2024 is projected to be US$7.28k.
With a motorcycle unit sales share of 13.9% in 2024, Piaggio is expected to hold the highest market share in the country.
Additionally, the value market share of Piaggio in Armenia is estimated to be 11.5% in 2024.
Looking at the international perspective, India is expected to generate the highest revenue in the Motorcycles market, amounting to US$32.11bn in 2024.
Armenia's motorcycle market is experiencing a surge in demand for electric motorcycles due to the country's commitment to sustainability and environmental consciousness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Armenia has been experiencing steady growth in recent years. Customer preferences have shifted towards smaller, more fuel-efficient motorcycles, reflecting a global trend towards sustainability and cost-effectiveness. Additionally, local special circumstances such as the country's mountainous terrain and traffic congestion in urban areas have also contributed to the increased demand for motorcycles. Underlying macroeconomic factors, such as rising incomes and improved infrastructure, have further supported the growth of the market. Customer preferences in the Armenian motorcycles market have been influenced by global trends towards sustainability and cost-effectiveness. With increasing concerns about environmental pollution and rising fuel prices, customers are opting for smaller, more fuel-efficient motorcycles. These motorcycles not only offer better fuel economy but also have lower emissions, making them a more sustainable choice. Additionally, the lower cost of ownership and maintenance of these motorcycles have also made them popular among budget-conscious consumers. The market has also been shaped by local special circumstances in Armenia. The country's mountainous terrain makes motorcycles a practical and efficient mode of transportation, especially in rural areas where roads may be narrow and inaccessible to larger vehicles. Motorcycles are also well-suited for navigating through the country's congested urban areas, where traffic congestion is a major issue. Their small size allows riders to maneuver through tight spaces and reach their destinations faster. Underlying macroeconomic factors have played a significant role in the growth of the motorcycles market in Armenia. Rising incomes have increased the purchasing power of consumers, making motorcycles more affordable and accessible. As more people can afford to buy motorcycles, the demand for these vehicles has increased. Furthermore, the government's efforts to improve infrastructure, including the construction of new roads and highways, have also contributed to the growth of the market. The improved infrastructure has made it easier for people to travel and has increased the appeal of motorcycles as a convenient mode of transportation. In conclusion, the motorcycles market in Armenia has been growing steadily due to customer preferences for smaller, more fuel-efficient motorcycles, local special circumstances such as the country's terrain and traffic congestion, and underlying macroeconomic factors such as rising incomes and improved infrastructure. As these trends continue to shape the market, it is expected that the motorcycles market in Armenia will continue 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.