Motorcycles - Madagascar

Madagascar

Highlights

The Motorcycles market in Madagascar is expected to generate a revenue of US$25.73m by 2024.
This revenue is projected to grow at an annual rate of 2.23% (CAGR 2024-2029), resulting in a market volume of US$28.72m by 2029.
Among the market segments, On-road Motorcycles is anticipated to be the largest, with a projected market volume of US$13.06m in 2024.
Furthermore, unit sales of Motorcycles market are expected to reach 13.19k motorcyles by 2029.
In 2024, the volume weighted average price of Motorcycles market in Madagascar is forecasted to be US$2.13k.
Honda Motorcycles is projected to have the highest market share in the selected region, with a motorcycle unit sales share of 25.4%.
Additionally, the value market share of Honda Motorcycles is expected to stand at 22.6% in 2024.
On an international scale, India is projected to generate the highest revenue, amounting to US$32.11bn in 2024.
Madagascar's motorcycle market is experiencing a surge in demand due to the country's challenging terrain and limited public transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Madagascar has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: In Madagascar, motorcycles are a popular mode of transportation due to their affordability and efficiency. Many individuals and businesses prefer motorcycles over cars or public transportation due to their lower cost of purchase and maintenance. Additionally, motorcycles are well-suited for navigating the country's often rugged and unpaved roads, making them a practical choice for both urban and rural areas.

Trends in the market: One notable trend in the Motorcycles market in Madagascar is the increasing demand for electric motorcycles. As global concerns about environmental sustainability and energy efficiency continue to grow, more consumers are seeking eco-friendly alternatives to traditional gasoline-powered vehicles. Electric motorcycles offer a cleaner and more sustainable mode of transportation, and their popularity is expected to rise in the coming years. Another trend in the market is the emergence of motorcycle ride-sharing services. Similar to popular ride-sharing platforms in other countries, these services allow individuals to book motorcycle rides through a mobile app. This trend has gained traction in Madagascar due to its convenience and affordability, particularly for those who cannot afford to purchase their own motorcycle. Motorcycle ride-sharing services also provide income opportunities for individuals who own motorcycles and are willing to offer rides to others.

Local special circumstances: Madagascar's unique geography and infrastructure play a significant role in shaping the Motorcycles market. The country's road network is largely underdeveloped, with many areas lacking proper paved roads. This makes motorcycles a practical choice for transportation, as they are more maneuverable and can navigate rough terrains more easily than cars. Furthermore, the high population density in urban areas, combined with limited parking space, makes motorcycles a more convenient mode of transportation. Motorcycles can easily navigate through traffic congestion and find parking in crowded areas, making them a popular choice for daily commuting.

Underlying macroeconomic factors: The economic growth in Madagascar has contributed to the expansion of the Motorcycles market. As the country's economy continues to develop, more individuals have disposable income to spend on transportation options. The affordability of motorcycles, compared to cars, makes them an attractive choice for many consumers. Additionally, the government's efforts to improve infrastructure, particularly road networks, have also supported the growth of the Motorcycles market. The construction and improvement of roads in both urban and rural areas have made it easier for individuals to travel by motorcycle, further driving the demand for motorcycles in the market. In conclusion, the Motorcycles market in Madagascar is experiencing growth due to customer preferences for affordable and efficient transportation options, as well as the emergence of electric motorcycles and ride-sharing services. The country's unique geography and infrastructure, combined with its economic growth and infrastructure development, have also contributed to the expansion 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.