The Motorcycles market in India has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In India, motorcycles are not just a means of transportation but also a symbol of status and style. Customers prefer motorcycles that are not only fuel-efficient and affordable but also offer a powerful performance and attractive design. Additionally, there is a growing demand for motorcycles that are suitable for both urban and rural areas, given the diverse terrain and road conditions in the country.
Trends in the market: One of the key trends in the Indian motorcycles market is the increasing popularity of electric motorcycles. With the government's push towards clean and sustainable transportation, there has been a rise in the demand for electric vehicles, including motorcycles. Manufacturers are focusing on developing electric motorcycles that offer a long range, fast charging capabilities, and competitive pricing to cater to this growing demand. Another trend in the market is the rise of premium motorcycles. As disposable incomes increase and the middle class expands, there is a growing segment of consumers who are willing to spend more on premium motorcycles that offer advanced features, superior performance, and a luxurious riding experience. This trend has led to the entry of several international motorcycle brands in the Indian market, offering a wider range of options for consumers.
Local special circumstances: India's population is predominantly young, with a large percentage of the population falling in the age group of 18-35 years. This young population has a strong affinity towards motorcycles as they are seen as a symbol of freedom and independence. Additionally, the increasing number of women riders in the country has also contributed to the growth of the motorcycles market. Furthermore, India has a vast rural population, which relies heavily on motorcycles for transportation due to the lack of proper road infrastructure. Motorcycles provide a cost-effective and convenient mode of transport for rural areas, leading to a higher demand for motorcycles in these regions.
Underlying macroeconomic factors: India's economic growth, rising disposable incomes, and increasing urbanization have played a significant role in the growth of the motorcycles market. As more people move to urban areas, the demand for motorcycles as a mode of transportation and for leisure purposes has increased. Additionally, the government's initiatives to promote manufacturing and make in India have attracted investments from both domestic and international motorcycle manufacturers, leading to increased production and availability of motorcycles in the market. In conclusion, the motorcycles market in India is witnessing growth due to customer preferences for fuel-efficient and stylish motorcycles, the emergence of electric motorcycles, the demand for premium motorcycles, the young population's affinity towards motorcycles, the reliance on motorcycles in rural areas, and the favorable macroeconomic factors such as economic growth and rising disposable incomes.
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.
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