Motorcycles - Iceland

Iceland

Highlights

Revenue in the Motorcycles market in Iceland is projected to reach US$778.20k in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 0.56%, resulting in a projected market volume of US$800.10k by 2029.
The largest segment in the Motorcycles market in Iceland is On-road Motorcycles, with a projected market volume of US$600.10k in 2024.
Motorcycles market unit sales in Iceland are expected to reach 69.00motorcyles in 2029.
The volume weighted average price of Motorcycles market in Iceland is expected to amount to US$11.44k in 2024.
With a motorcycle unit sales share of 16.2% in 2024, Yamaha is expected to have the highest market share in Iceland.
The value market share of Yamaha in Iceland is expected to stand at 15.8% in 2024.
From an international perspective, it is shown that the most revenue will be generated India (US$32.11bn in 2024).
Iceland's motorcycle market is booming, driven by an increasing demand for off-road and adventure motorcycles to explore the country's rugged terrain.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Iceland has been experiencing steady growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: In Iceland, there is a growing preference for motorcycles as a mode of transportation. This can be attributed to several factors, including the compact size of motorcycles, which makes them suitable for navigating through narrow and congested city streets. Additionally, motorcycles offer a more fuel-efficient and cost-effective alternative to traditional cars, which is appealing to consumers in a country where fuel prices are relatively high. Furthermore, motorcycles are seen as a stylish and adventurous mode of transportation, appealing to the younger generation who value individuality and freedom.

Trends in the market: One of the key trends in the Icelandic motorcycles market is the increasing demand for electric motorcycles. As sustainability and environmental consciousness become more important to consumers worldwide, Iceland is no exception. The country's abundant renewable energy resources, such as geothermal and hydroelectric power, make it an ideal market for electric vehicles, including motorcycles. The government has also introduced incentives and subsidies to promote the adoption of electric vehicles, further driving the demand for electric motorcycles. Another trend in the market is the rise of motorcycle rentals and tours. Iceland's stunning landscapes and scenic routes attract a large number of tourists each year, many of whom are looking for unique experiences and adventures. Motorcycle rentals and tours offer an exciting way for tourists to explore the country, providing them with the freedom to travel at their own pace and discover hidden gems. This trend has created opportunities for local businesses to cater to the growing demand for motorcycle rentals and guided tours.

Local special circumstances: Iceland's unique geography and climate present special circumstances that impact the motorcycles market. The country's rugged terrain, with its mountains, glaciers, and volcanic landscapes, makes motorcycles an ideal mode of transportation for adventure enthusiasts and outdoor enthusiasts. Motorcycles provide the agility and maneuverability required to navigate through challenging terrains, allowing riders to explore Iceland's natural wonders. Furthermore, Iceland's relatively short riding season due to its cold climate means that motorcycles are often used as seasonal vehicles. During the summer months, when the weather is more favorable, motorcycle enthusiasts take advantage of the longer daylight hours and pleasant temperatures to enjoy their rides. This seasonality factor influences the purchasing patterns and usage of motorcycles in Iceland.

Underlying macroeconomic factors: The growth of the motorcycles market in Iceland is also influenced by underlying macroeconomic factors. Iceland has experienced steady economic growth in recent years, with a strong tourism industry and a growing population. This has contributed to increased consumer spending power and a higher demand for recreational vehicles, including motorcycles. Additionally, favorable government policies, such as low import duties and taxes on motorcycles, have made them more affordable and accessible to consumers. In conclusion, the motorcycles market in Iceland is developing due to changing customer preferences, including a growing preference for motorcycles as a mode of transportation and the increasing demand for electric motorcycles. The rise of motorcycle rentals and tours also contributes to the market's growth, driven by Iceland's unique landscapes and the demand for unique travel experiences. Local special circumstances, such as Iceland's rugged terrain and short riding season, further influence the market. Underlying macroeconomic factors, such as economic growth and favorable government policies, also play a role in the market's development.

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.