Motorcycles - El Salvador

El Salvador

The Motorcycles market in El Salvador is projected to reach a revenue of US$23.59m by 2024.
It is expected to show an annual growth rate of 2.35% (CAGR 2024-2029), resulting in a projected market volume of US$26.49m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$12.81m in 2024.
In 2029, the unit sales of Motorcycles market are expected to reach 7.75k motorcyles.
The volume weighted average price of Motorcycles market in 2024 is projected to be US$3.37k.
When it comes to market share, Other is expected to have the highest share in the selected region, with a motorcycle unit sales share of 45.9% in 2024.
The value market share of Other in the selected region is projected to stand at 42.7% in 2024.
From an international perspective, it is shown that the highest revenue will be generated India, with US$32,110.00m in 2024.
The motorcycle market in El Salvador is experiencing a surge in sales due to the country's challenging terrain and increasing demand for affordable transportation options.

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

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Analyst Opinion

The Motorcycles market in El Salvador is experiencing significant growth and development.

Customer preferences: El Salvador has a strong motorcycle culture, with motorcycles being a popular mode of transportation for both urban and rural areas. The affordability and convenience of motorcycles make them an attractive option for many Salvadorans. Additionally, motorcycles are often seen as a status symbol and a way to showcase personal style and individuality. As a result, there is a high demand for motorcycles in the country.

Trends in the market: One of the key trends in the motorcycles market in El Salvador is the increasing demand for electric motorcycles. As the global focus on sustainability and environmental conservation grows, more Salvadorans are opting for electric motorcycles as a greener alternative to traditional gasoline-powered bikes. This trend is also driven by government incentives and initiatives that promote the use of electric vehicles. Another trend in the market is the rising popularity of larger displacement motorcycles. Salvadorans are increasingly opting for motorcycles with higher engine capacities, as they offer more power and better performance. This trend is driven by the desire for a more thrilling and enjoyable riding experience.

Local special circumstances: El Salvador has a unique topography, with a mix of urban areas, rural landscapes, and mountainous regions. This diversity in terrain creates a need for motorcycles that can handle different road conditions. Off-road motorcycles are particularly popular in rural areas and mountainous regions, where they are used for agricultural purposes and transportation on unpaved roads.

Underlying macroeconomic factors: The growing motorcycles market in El Salvador can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power. This has allowed more Salvadorans to afford motorcycles and contribute to the market's growth. Additionally, the government has implemented policies to promote the automotive industry, including the motorcycles sector. These policies include tax incentives and subsidies for motorcycle manufacturers and buyers, making motorcycles more affordable and accessible to the general public. In conclusion, the motorcycles market in El Salvador is witnessing significant growth and development, driven by customer preferences for affordability, convenience, and style. The market is also influenced by trends such as the demand for electric motorcycles and larger displacement bikes. Local special circumstances, such as the diverse terrain in the country, further contribute to the market's dynamics. Overall, the market's growth is supported by underlying macroeconomic factors, including economic growth and government policies.

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.