Motorcycles - Azerbaijan

Azerbaijan

Highlights

In 2024, the projected revenue in the Motorcycles market in Azerbaijan is expected to reach US$47.60m.
It is anticipated that the revenue will continue to grow at an annual rate of 2.10% from 2024 to 2029, resulting in a projected market volume of US$52.82m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$32.77m in 2024.
The unit sales of Motorcycles market in Azerbaijan are expected to reach 7.34k motorcyles by 2029.
The volume weighted average price of Motorcycles market in the market is projected to be US$7.02k in 2024.
Piaggio is expected to have the highest market share in the selected region, with a motorcycle unit sales share of 17.1% in 2024.
The value market share of Piaggio in Azerbaijan is projected to be 11.2% in 2024.
In terms of international perspective, India is expected to generate the most revenue in the Motorcycles market, amounting to US$32.11bn in 2024.
The motorcycle market in Azerbaijan has experienced a surge in demand for off-road bikes due to the country's rugged terrain.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Azerbaijan has been experiencing steady growth in recent years. Customer preferences in the market have shifted towards more fuel-efficient and environmentally friendly motorcycles. This trend is driven by a combination of factors, including rising fuel prices, increased environmental awareness, and government initiatives to promote sustainable transportation.

Customer preferences: In Azerbaijan, customers are increasingly opting for motorcycles that offer better fuel efficiency. This is mainly due to the rising cost of fuel, which has led consumers to seek more economical transportation options. Additionally, there is a growing concern for the environment, with customers showing a preference for motorcycles that have lower emissions and contribute less to air pollution.

Trends in the market: One of the key trends in the motorcycles market in Azerbaijan is the increasing popularity of electric motorcycles. These motorcycles are seen as a cleaner and more sustainable alternative to traditional gasoline-powered motorcycles. The demand for electric motorcycles is expected to continue growing as technology advances and the charging infrastructure improves. Another trend in the market is the growing popularity of smaller motorcycles, particularly in urban areas. These motorcycles are easier to maneuver in traffic and require less parking space, making them a convenient choice for city dwellers. Additionally, smaller motorcycles are often more affordable, which appeals to price-conscious consumers.

Local special circumstances: Azerbaijan has a unique geographical location, with a diverse landscape that includes both urban areas and rural regions. This diversity in terrain influences customer preferences in the motorcycles market. In urban areas, customers tend to prefer smaller motorcycles that are easier to navigate through traffic. In contrast, customers in rural areas may prefer motorcycles with more power and off-road capabilities to navigate through challenging terrains.

Underlying macroeconomic factors: The growth of the motorcycles market in Azerbaijan is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, more consumers are able to afford motorcycles, leading to higher demand in the market. Additionally, government initiatives to promote sustainable transportation have had a positive impact on the motorcycles market. The government has implemented policies to encourage the use of electric vehicles, including motorcycles, by offering incentives such as tax breaks and subsidies. These initiatives have encouraged consumers to consider electric motorcycles as a viable option. In conclusion, the motorcycles market in Azerbaijan is experiencing growth due to changing customer preferences, including a shift towards more fuel-efficient and environmentally friendly motorcycles. The market is also influenced by local special circumstances, such as the diverse terrain in the country. Underlying macroeconomic factors, including economic growth and government initiatives, have also contributed to the development of the market.

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.