Motorcycles - Kuwait

Kuwait

Highlights

The Motorcycles market in Kuwait is projected to generate a revenue of US$18.69m by 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 0.82%, leading to a projected market volume of US$19.46m by 2029.
Among the market segments, On-road Motorcycles is expected to be the largest with a projected market volume of US$12.54m in 2024.
The unit sales of Motorcycles market are anticipated to reach 2.63k motorcyles by 2029.
In 2024, the volume weighted average price of Motorcycles market in Kuwait is expected to be US$7.38k.
With a motorcycle unit sales share of 24.4% in 2024, Yamaha is projected to have the highest market share in Kuwait.
The value market share of Yamaha is expected to be 37.4% in 2024.
From an international perspective, India is projected to generate the highest revenue in the Motorcycles market with US$32.11bn in 2024.
Kuwait's motorcycle market is experiencing a surge in demand for luxury and high-performance bikes, reflecting the country's affluent and adventurous consumer base.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Kuwait is experiencing steady growth due to the increasing popularity of motorcycles as a mode of transportation and leisure activity.

Customer preferences: Customers in Kuwait are increasingly opting for motorcycles as a means of transportation due to their affordability, fuel efficiency, and ability to navigate through the city's congested roads. Motorcycles also offer a sense of freedom and flexibility, allowing riders to easily maneuver through traffic and find parking spaces. Additionally, motorcycles are favored by younger consumers who are looking for a more adventurous and thrilling mode of transportation.

Trends in the market: One of the key trends in the motorcycle market in Kuwait is the growing demand for electric motorcycles. As consumers become more environmentally conscious, there is a shift towards electric vehicles, including motorcycles. Electric motorcycles offer several advantages such as lower maintenance costs, reduced emissions, and a quieter ride. The government of Kuwait 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 increasing popularity of high-performance motorcycles. Kuwaiti consumers are showing a growing interest in motorcycles with more powerful engines and advanced features. This trend is driven by the desire for a more thrilling riding experience and the prestige associated with owning a high-performance motorcycle. Manufacturers are responding to this demand by introducing new models with improved performance and cutting-edge technology.

Local special circumstances: The hot climate in Kuwait is a unique factor that influences the motorcycle market. Motorcycles are particularly well-suited for the hot weather as they offer better ventilation and cooling compared to enclosed vehicles. Additionally, motorcycles are easier to park and maneuver in crowded areas, which is beneficial in urban areas with limited parking spaces. These factors contribute to the preference for motorcycles as a mode of transportation in Kuwait.

Underlying macroeconomic factors: The stable economic growth in Kuwait is a key driver of the motorcycle market. As the economy continues to expand, consumers have more disposable income to spend on recreational activities and personal transportation. The government's focus on diversifying the economy and reducing dependence on oil also contributes to the overall growth of the motorcycle market. In conclusion, the motorcycles market in Kuwait is growing steadily due to customer preferences for affordable and fuel-efficient transportation options, the trend towards electric motorcycles, the popularity of high-performance motorcycles, the local special circumstances of the hot climate, and the underlying macroeconomic factors of stable economic growth.

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.