The Motorcycles market in ASEAN is experiencing steady growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the market.
Customer preferences: In ASEAN, motorcycles are a popular mode of transportation due to their affordability, convenience, and ability to navigate through congested city streets. Customers in this region often prioritize cost-effectiveness and fuel efficiency when purchasing motorcycles. Additionally, the younger population in ASEAN countries tends to prefer motorcycles for their stylish designs and ease of maneuverability.
Trends in the market: One notable trend in the ASEAN Motorcycles market is the increasing demand for electric motorcycles. As the region focuses on sustainability and reducing carbon emissions, electric motorcycles have gained popularity. This trend is also driven by government initiatives and incentives to promote electric vehicles. Manufacturers in the region are investing in research and development to meet the growing demand for electric motorcycles. Another trend in the market is the rise of motorcycle ride-hailing services. These services have gained traction in urban areas, providing an affordable and convenient transportation option for commuters. This trend has led to an increase in the demand for motorcycles suitable for ride-hailing purposes, such as those with larger seating capacity and enhanced safety features.
Local special circumstances: In some ASEAN countries, motorcycles are not only used for personal transportation but also for commercial purposes. For example, motorcycles are widely used for food delivery services in densely populated urban areas. This unique market segment has led to the development of specialized motorcycles equipped with storage compartments and thermal insulation for food delivery purposes.
Underlying macroeconomic factors: The economic growth in ASEAN countries has contributed to the expansion of the motorcycles market. As disposable incomes increase, more individuals can afford to purchase motorcycles for personal use. Additionally, the growth of the middle class in the region has created a larger consumer base for motorcycles. Government policies and regulations also play a significant role in the development of the motorcycles market in ASEAN. Governments in the region have implemented measures to promote the manufacturing and sale of motorcycles, such as reducing import tariffs and providing subsidies for electric motorcycles. These policies have stimulated market growth and attracted investments from both domestic and international manufacturers. In conclusion, the Motorcycles market in ASEAN is driven by customer preferences for affordable and fuel-efficient transportation options. The market is witnessing trends such as the rise of electric motorcycles and the emergence of motorcycle ride-hailing services. Local special circumstances, such as the use of motorcycles for commercial purposes, further contribute to the market's development. The underlying macroeconomic factors, including economic growth and supportive government policies, provide a favorable environment for the motorcycles market in ASEAN to thrive.
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.
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