Motorcycles - BRICS

BRICS

The Motorcycles market in BRICS is set to achieve a staggering revenue of US$63.22bn by the year 2024.
With an expected annual growth rate of 4.25% (CAGR 2024-2029), the market volume is projected to reach a remarkable US$77.86bn by 2029.
Among the various segments, On-road Motorcycles is anticipated to dominate the market, with a projected volume of US$44.28bn in 2024.
Looking ahead, unit sales of Motorcycles market are predicted to reach 36.23m motorcyles by 2029.
As for the volume weighted average price, the Motorcycles market is expected to be around US$1.92k in 2024.
When considering the international landscape, it is worth noting that India is expected to generate the highest revenue, amounting to US$32,110.00m in 2024.
India is experiencing a surge in demand for motorcycles, driven by a growing middle class and increased urbanization.

Key regions: Thailand, Italy, Indonesia, Spain, Germany

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Analyst Opinion

The Motorcycles market in BRICS is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In the BRICS countries, motorcycles are a popular mode of transportation due to their affordability, fuel efficiency, and maneuverability. Many consumers in these countries prefer motorcycles over cars as they provide a cost-effective solution for commuting in congested urban areas and navigating through narrow streets. Additionally, motorcycles are often seen as a symbol of freedom and adventure, appealing to a younger demographic.

Trends in the market: One of the key trends in the BRICS motorcycles market is the increasing demand for electric motorcycles. With growing concerns about environmental sustainability, consumers are becoming more conscious of their carbon footprint and seeking greener alternatives. Electric motorcycles offer a cleaner and quieter mode of transportation, making them an attractive choice for eco-conscious consumers in BRICS countries. Another trend in the market is the rise of premium motorcycles. As the disposable income of consumers in BRICS countries increases, there is a growing demand for high-end motorcycles that offer superior performance, comfort, and style. Motorcycle manufacturers are capitalizing on this trend by introducing premium models with advanced features and technologies.

Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the motorcycles market. For example, in India, motorcycles are not only used for personal transportation but also serve as a popular mode of delivery for goods and services. This has led to the development of motorcycles specifically designed for commercial purposes, such as delivery bikes with large cargo capacity. In Brazil, motorcycles are particularly popular among lower-income households as they provide an affordable means of transportation. The government has also implemented favorable policies and tax incentives to promote the growth of the motorcycles industry, further driving the market.

Underlying macroeconomic factors: The motorcycles market in BRICS countries is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and urbanization are key drivers of the market. As the economies of BRICS countries continue to expand, more consumers are able to afford motorcycles, leading to increased sales and market growth. Additionally, rapid urbanization and the resulting increase in traffic congestion make motorcycles a practical and efficient mode of transportation in many BRICS cities. In conclusion, the motorcycles market in BRICS countries is experiencing growth and development due to customer preferences for affordable and fuel-efficient transportation, the emergence of trends such as electric and premium motorcycles, local special circumstances such as the need for commercial delivery bikes, and underlying macroeconomic factors such as economic growth and urbanization. These factors are shaping the market and driving its continued expansion in BRICS countries.

Methodology

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.