Motorcycles - Jamaica

Jamaica

Highlights

Revenue in the Motorcycles market in Jamaica is projected to reach US$8.36m in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 1.71%, resulting in a projected market volume of US$9.10m by 2029.
The largest segment in the Jamaican Motorcycles market is On-road Motorcycles with a projected market volume of US$5.66m in 2024.
Unit sales of Motorcycles market in Jamaica are expected to reach 2.24k motorcyles in 2029.
The volume weighted average price of Motorcycles market in Jamaica in 2024 is expected to amount to US$3.98k.
In Jamaica, Honda Motorcycles is expected to have the highest market share in the selected region with a motorcycle unit sales share of 20.7% in 2024.
The value market share of Honda Motorcycles in Jamaica is expected to stand at 22.2% in 2024.
From an international perspective, it is shown that the most revenue will be generated India with US$32.11bn in 2024.
Jamaica's motorcycle market is experiencing a surge in demand for off-road bikes, driven by the country's rugged terrain and popularity of adventure tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Jamaica has been experiencing steady 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 the Jamaican Motorcycles market have been shifting towards more fuel-efficient and environmentally friendly options. With rising fuel prices and increasing awareness of climate change, consumers are looking for motorcycles that offer better fuel efficiency and lower emissions. This has led to a growing demand for electric motorcycles and hybrid models in the market. In addition to fuel efficiency, customers in Jamaica also value motorcycles that offer durability and reliability. Given the country's rough terrain and challenging road conditions, motorcycles that can withstand these conditions are highly sought after. Manufacturers that offer motorcycles with robust build quality and strong suspension systems have been able to capture a significant share of the market. Trends in the Motorcycles market in Jamaica have also been influenced by global and regional trends. One such trend is the increasing popularity of motorcycles as a mode of transportation for urban commuting. With worsening traffic congestion in major cities, motorcycles offer a convenient and cost-effective alternative to cars. This trend has been particularly prominent in developing countries, including Jamaica, where motorcycles are often used for short-distance travel. Another trend in the market is the growing demand for motorcycles among younger consumers. As the youth population in Jamaica continues to grow, so does the demand for motorcycles. Younger consumers are more likely to view motorcycles as a symbol of freedom and independence, driving the demand for stylish and performance-oriented models. Local special circumstances in Jamaica have also contributed to the development of the Motorcycles market. The country's tourism industry, for example, has created a demand for motorcycles among tourists who want to explore the island's scenic landscapes. Rental services and guided motorcycle tours have become popular, providing an additional revenue stream for motorcycle manufacturers and dealers. Underlying macroeconomic factors, such as GDP growth and disposable income levels, have played a significant role in the growth of the Motorcycles market in Jamaica. As the economy continues to improve, more consumers have the financial means to afford motorcycles. This has resulted in increased sales and a broader customer base for motorcycle manufacturers and dealers. In conclusion, the Motorcycles market in Jamaica is developing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and durable motorcycles, coupled with the growing popularity of motorcycles for urban commuting and among younger consumers, has fueled market growth. Additionally, the country's tourism industry and improving economic conditions have further contributed to the development of the market.

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.