Motorcycles - Latvia

Latvia

The Motorcycles market in Latvia is projected to generate a revenue of US$8.13m in 2024.
This is expected to result in an annual growth rate (CAGR 2024-2029) of 4.35%, leading to a projected market volume of US$10.06m by 2029.
Among the market segments, the largest one is On-road Motorcycles, which is anticipated to reach a market volume of US$6.10m in 2024.
In terms of unit sales, the Motorcycles market is expected to reach 1.19k motorcyles units in 2029.
The volume weighted average price of the Motorcycles market in Latvia is projected to be US$8.40k in 2024.
With a motorcycle unit sales share of 21.8% in 2024, Other is expected to have the highest market share in the country.
Furthermore, the value market share of Other in Latvia is anticipated to be 20.5% in 2024.
From an international perspective, it is evident that India will generate the highest revenue, amounting to US$32,110.00m in 2024.
Latvia's motorcycle market is experiencing a surge in popularity, with an increasing number of enthusiasts embracing the thrill of riding on its picturesque roads.

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

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Analyst Opinion

The Motorcycles market in Latvia has been experiencing steady growth over the past few years.

Customer preferences: In Latvia, motorcycles are becoming increasingly popular among young people and urban dwellers. Many individuals are opting for motorcycles as a mode of transportation due to their affordability, fuel efficiency, and convenience in navigating congested city streets. Additionally, motorcycles are also favored by adventure enthusiasts who enjoy exploring the country's scenic landscapes and rural areas.

Trends in the market: One of the key trends in the Latvian motorcycles market is the rising demand for electric motorcycles. With the growing awareness of environmental issues and the need for sustainable transportation options, more consumers are turning to electric motorcycles as a greener alternative to traditional combustion engine bikes. The availability of government incentives and subsidies for electric vehicles has further contributed to the increasing adoption of electric motorcycles in Latvia. Another trend in the market is the emergence of online platforms for buying and selling motorcycles. Online marketplaces have made it easier for consumers to browse and compare different motorcycle models, as well as connect with sellers directly. This has led to a more efficient and transparent buying process, benefiting both buyers and sellers in the market.

Local special circumstances: Latvia's relatively small population and limited road infrastructure have influenced the dynamics of the motorcycles market. With a population of just over 2 million people, the market size for motorcycles is inherently smaller compared to larger countries. However, this also means that there is a niche market for motorcycles, particularly in urban areas where motorcycles offer a practical and cost-effective transportation solution.

Underlying macroeconomic factors: The overall economic stability and increasing disposable incomes in Latvia have played a significant role in the growth of the motorcycles market. As the country's economy continues to develop, more individuals are able to afford motorcycles as a means of personal transportation or for recreational purposes. Additionally, the relatively lower cost of motorcycles compared to cars makes them an attractive option for budget-conscious consumers. In conclusion, the motorcycles market in Latvia is experiencing steady growth driven by customer preferences for affordable and convenient transportation options, as well as the emergence of new trends such as electric motorcycles and online marketplaces. The local special circumstances, including the small population and limited road infrastructure, have shaped the dynamics of the market. Furthermore, underlying macroeconomic factors such as economic stability and increasing disposable incomes have contributed to the growth of the motorcycles market in Latvia.

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.