Motorcycles - Cyprus

Cyprus

Highlights

In 2024, the projected revenue in the Motorcycles market in Cyprus is expected to reach US$4.81m.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 0.58%, resulting in a projected market volume of US$4.95m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$3.75m in 2024.
The unit sales of Motorcycles market are expected to reach 520.00motorcyles by 2029.
The volume weighted average price of the Motorcycles market in Cyprus in 2024 is estimated to be US$9.48k.
In 2024, Honda Motorcycles is projected to have the highest market share in the selected region, with a motorcycle unit sales share of 12.2%.
The value market share of Honda Motorcycles in the selected region is expected to be 11.0% in 2024.
From an international perspective, it is evident that the most revenue in the Motorcycles market will be generated India, with an estimated revenue of US$32.11bn in 2024.
Cyprus has seen a rise in demand for electric motorcycles, driven by the country's commitment to sustainable transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: In Cyprus, motorcycles are becoming increasingly popular among both young and older consumers. One of the main reasons for this is the convenience and cost-effectiveness that motorcycles offer. Many consumers prefer motorcycles for their daily commute due to their smaller size and ability to navigate through traffic easily. Additionally, motorcycles are also popular among adventure enthusiasts who enjoy exploring the island's scenic routes and off-road trails.

Trends in the market: One of the key trends in the motorcycles market in Cyprus is the growing demand for electric motorcycles. As environmental concerns continue to rise, more consumers are opting for electric vehicles, including motorcycles. Electric motorcycles offer a cleaner and quieter alternative to traditional gasoline-powered bikes. With advancements in battery technology, the range and performance of electric motorcycles have significantly improved, making them a viable option for many consumers in Cyprus. Another trend in the market is the increasing popularity of retro-style motorcycles. These motorcycles draw inspiration from classic designs of the past while incorporating modern technology. The retro-style motorcycles appeal to consumers who value both aesthetics and performance. The vintage look combined with the latest features and technology make these motorcycles highly desirable among the younger generation.

Local special circumstances: Cyprus is known for its warm climate and beautiful landscapes, which makes it an ideal location for motorcycle enthusiasts. The island's winding roads and scenic routes attract both locals and tourists who enjoy motorcycle riding. Additionally, the relatively small size of the island makes it easier for riders to explore different regions and discover new destinations.

Underlying macroeconomic factors: The growing motorcycles market in Cyprus can be attributed to several macroeconomic factors. Firstly, the improving economic conditions in the country have resulted in increased disposable income among consumers. This has allowed more individuals to afford motorcycles and other recreational vehicles. Furthermore, the government has implemented policies and initiatives to promote the use of electric vehicles, including motorcycles. This includes incentives such as tax breaks and subsidies for electric vehicle purchases. These measures have encouraged consumers to consider electric motorcycles as a viable option, contributing to the growth of the market. In conclusion, the motorcycles market in Cyprus is experiencing growth due to customer preferences for convenience and cost-effectiveness, as well as the increasing popularity of electric and retro-style motorcycles. The local special circumstances, such as the island's scenic routes and warm climate, further contribute to the market's development. The underlying macroeconomic factors, including improving economic conditions and government initiatives, have also played a significant role in driving the growth of the motorcycles market in Cyprus.

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.