Motorcycles - Lithuania

Lithuania

Highlights

The Motorcycles market in Lithuania is projected to reach a revenue of US$6.72m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.61%, resulting in a projected market volume of US$8.82m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$5.20m in 2024.
The unit sales of Motorcycles market are expected to reach 706.00motorcyles in 2029.
The volume weighted average price of Motorcycles market in Lithuania in 2024 is expected to be US$12.30k.
KTM Motorcycles is anticipated to have the highest market share in the selected region in 2024, with a motorcycle unit sales share of 13.0%.
The value market share of KTM Motorcycles in Lithuania is expected to be 15.0% in 2024.
From an international perspective, it is evident that India will generate the most revenue, amounting to US$32.11bn in 2024.
Lithuania's motorcycle market is experiencing a surge in demand for electric motorcycles, fueled by the country's commitment to sustainability and green transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Lithuania has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Lithuania, motorcycles are not just a means of transportation but also a popular recreational vehicle. Many people enjoy the thrill and freedom that riding a motorcycle provides, especially during the summer months when the weather is favorable. Additionally, motorcycles are often seen as a more affordable alternative to cars, making them attractive to budget-conscious consumers.

Trends in the market: One of the key trends in the Lithuanian motorcycles market is the increasing demand for electric motorcycles. As environmental concerns and the need for sustainable transportation solutions grow, more consumers are opting for electric motorcycles that produce zero emissions. This trend is in line with the global shift towards electric vehicles and is expected to continue driving growth in the Lithuanian market. Another trend in the market is the rising popularity of adventure motorcycles. These motorcycles are designed for off-road adventures and long-distance travel, offering a combination of comfort, durability, and performance. With Lithuania's diverse terrain and scenic landscapes, adventure motorcycles have gained traction among adventure enthusiasts and tourists looking to explore the country on two wheels.

Local special circumstances: Lithuania's relatively small population and compact size contribute to the growth of the motorcycles market. With shorter commuting distances and less traffic congestion compared to larger countries, motorcycles are a practical and efficient mode of transportation for many Lithuanians. Additionally, the country's well-maintained road infrastructure and scenic routes make it an attractive destination for motorcycle enthusiasts.

Underlying macroeconomic factors: Lithuania's strong economic growth and rising disposable incomes have played a significant role in the development of the motorcycles market. As people's purchasing power increases, they are more likely to invest in recreational vehicles like motorcycles. Furthermore, the availability of financing options and favorable interest rates have made motorcycles more accessible to a wider range of consumers. In conclusion, the Motorcycles market in Lithuania is growing steadily due to customer preferences for recreational vehicles, including electric motorcycles and adventure motorcycles. The country's small population and well-maintained road infrastructure contribute to the market's growth, while strong economic growth and rising disposable incomes make motorcycles more affordable for consumers. Looking ahead, the market is expected to continue expanding as more Lithuanians embrace the thrill and practicality of motorcycles.

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.