Motorcycles - Chile

Chile

The Motorcycles market in Chile is projected to reach a revenue of US$153.60m in 2024.
It is expected to demonstrate an annual growth rate of 2.30% (CAGR 2024-2029), resulting in a projected market volume of US$172.10m by 2029.
Among the market segments, On-road Motorcycles is the largest, with a projected market volume of US$131.50m in 2024.
The unit sales of Motorcycles market are expected to reach 41.61k motorcyles in 2029.
The volume weighted average price of the Motorcycles market in Chile is projected to be US$3.99k in 2024.
In the selected region, Other is anticipated to have the highest market share in 2024, with a motorcycle unit sales share of 28.9%.
The value market share of Other is expected to stand at 43.6% in the same year.
From an international perspective, it is evident that India will generate the most revenue in 2024, amounting to US$32,110.00m.
Chilean motorcyclists are increasingly opting for fuel-efficient motorcycles as a response to rising fuel prices and environmental concerns.

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

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Analyst Opinion

The Motorcycles market in Chile has been experiencing steady growth in recent years.

Customer preferences: Chilean consumers have shown a growing interest in motorcycles as a mode of transportation. Motorcycles offer several advantages over cars, such as lower fuel consumption and easier maneuverability in congested urban areas. Additionally, motorcycles are often more affordable than cars, making them an attractive option for price-conscious consumers.

Trends in the market: One noticeable trend in the Chilean motorcycle market is the increasing popularity of electric motorcycles. As the global push for sustainability gains momentum, Chilean consumers are becoming more environmentally conscious and are seeking greener alternatives for transportation. Electric motorcycles offer a cleaner and quieter option compared to traditional gasoline-powered motorcycles. This trend is expected to continue as the government of Chile implements policies to promote the adoption of electric vehicles. Another trend in the market is the growing demand for motorcycles in rural areas. Motorcycles are well-suited for navigating the country's diverse terrain, including mountainous regions and rural communities. They provide a practical and efficient means of transportation for individuals living in these areas, where public transportation options may be limited. This trend is likely to continue as infrastructure development improves in rural areas, making motorcycles an even more attractive option for residents.

Local special circumstances: Chile's geography and climate also contribute to the growth of the motorcycle market. The country's long coastline and beautiful landscapes make it an ideal destination for tourism. Many tourists choose to explore Chile on motorcycles, leading to an increase in motorcycle rentals and sales. Additionally, the mild climate in many parts of the country allows for year-round motorcycle riding, further driving demand.

Underlying macroeconomic factors: Chile's strong economy has also played a role in the growth of the motorcycle market. The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many Chileans. This has allowed more individuals to afford motorcycles as a means of transportation or for recreational purposes. Furthermore, the government has implemented policies to support the growth of the automotive industry, including the motorcycle sector. These policies have created a favorable business environment for motorcycle manufacturers and distributors, contributing to the market's growth. In conclusion, the motorcycles market in Chile is developing due to customer preferences for affordable and environmentally friendly transportation options, as well as the practicality of motorcycles in rural areas. The country's geography, climate, and strong economy also contribute to the market's growth. The increasing popularity of electric motorcycles and the growing demand in rural areas are expected to continue driving the market's expansion in the coming years.

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.