Motorcycles - Cuba

Cuba

Highlights

The Motorcycles market in Cuba is projected to reach a revenue of US$77.72m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.11%, resulting in a projected market volume of US$90.56m by 2029.
The largest segment in the market is On-road Motorcycles, with a projected market volume of US$40.05m in 2024.
The unit sales of Motorcycles market in Cuba are expected to reach 19.02k motorcyles by 2029.
The volume weighted average price of Motorcycles market in Cuba in 2024 is expected to amount to US$4.57k.
In the selected region, Honda Motorcycles is expected to have the highest market share in 2024, with a motorcycle unit sales share of 20.5%.
The value market share of Honda Motorcycles in the selected region is expected to stand at 19.3% in 2024.
From an international perspective, it is shown that the most revenue will be generated India, with a projected revenue of US$32.11bn in 2024.
Cuba's motorcycle market is experiencing a surge in demand as the country embraces its vintage charm and seeks alternative transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Cuba is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences in the Motorcycles market in Cuba are shifting towards more affordable and efficient transportation options. With limited access to public transportation and the high cost of owning a car, many consumers are turning to motorcycles as a more practical and cost-effective mode of transportation. Additionally, motorcycles are well-suited for navigating the narrow and congested streets of Cuban cities, making them a popular choice among urban dwellers. Trends in the market reflect this growing demand for motorcycles in Cuba. Sales of motorcycles have been steadily increasing in recent years, as more manufacturers are entering the Cuban market and offering a wider range of models and options. This increased competition has led to lower prices and improved quality, making motorcycles more accessible to a larger segment of the population. Furthermore, the government has implemented policies to encourage the use of motorcycles, such as reducing import tariffs and providing subsidies for motorcycle purchases. Local special circumstances also play a role in the development of the Motorcycles market in Cuba. The country's unique political and economic situation has created a demand for affordable transportation options. The government's restrictions on car ownership and the limited availability of public transportation have created a need for alternative modes of transportation. Motorcycles offer a practical solution to this problem, providing individuals with a means of transportation that is both affordable and efficient. Underlying macroeconomic factors are also contributing to the growth of the Motorcycles market in Cuba. The country's economy has been undergoing gradual liberalization, leading to increased consumer spending power. As more Cubans have access to disposable income, they are able to afford motorcycles and other consumer goods. Additionally, the government's efforts to attract foreign investment and promote economic development have resulted in improved infrastructure and transportation networks, further supporting the growth of the motorcycles market. In conclusion, the Motorcycles market in Cuba is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As more consumers seek affordable and efficient transportation options, motorcycles are becoming increasingly popular. With the government's support and the improving economic conditions, the motorcycles market in Cuba is expected to continue its positive trajectory 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.