Motorcycles - Mexico

Mexico

Highlights

The Motorcycles market in Mexico is projected to generate a revenue of US$3.87bn by the year 2024.
It is anticipated that the market will experience an annual growth rate of 4.47% (CAGR 2024-2029), resulting in a projected market volume of US$4.82bn by 2029.
The largest segment in this market is On-road Motorcycles, which is expected to reach a market volume of US$2.05bn in 2024.
Furthermore, the unit sales of Motorcycles market are estimated to reach 1.60m motorcyles in 2029.
The volume weighted average price of Motorcycles market in Mexico is expected to be US$2.89k in 2024.
In the selected region, Italika is projected to have the highest market share in 2024, with a motorcycle unit sales share of 68.9%.
Additionally, the value market share of Italika in Mexico is expected to stand at 44.0% in the same year.
From an international perspective, it is evident that India will generate the highest revenue in the Motorcycles market, reaching US$32.11bn in 2024.
Mexico is experiencing a surge in motorcycle sales as more people turn to two-wheel transportation for its affordability and convenience in congested urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Mexico has been experiencing significant growth in recent years.

Customer preferences: Mexican consumers have shown a strong preference for motorcycles due to several factors. Firstly, motorcycles are a cost-effective mode of transportation, especially in urban areas where traffic congestion is a common problem. They offer a convenient and efficient way to navigate through crowded streets and reach destinations quickly. Additionally, motorcycles are more fuel-efficient compared to cars, making them an attractive option for cost-conscious consumers. Furthermore, motorcycles are often seen as a symbol of freedom and adventure, appealing to younger consumers who value individuality and a sense of excitement.

Trends in the market: One of the key trends in the Mexican motorcycles market is the increasing demand for electric motorcycles. As environmental concerns become more prominent, consumers are seeking greener alternatives for transportation. Electric motorcycles offer a clean and sustainable option, reducing carbon emissions and contributing to a cleaner environment. The government 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 growing popularity of high-performance motorcycles. Mexican consumers are increasingly interested in motorcycles with powerful engines and advanced features. This trend can be attributed to the rising disposable income levels and the desire for a more thrilling riding experience. Motorcycle manufacturers are responding to this demand by introducing new models with enhanced performance capabilities and cutting-edge technology.

Local special circumstances: Mexico has a large population and a growing middle class, which has contributed to the expansion of the motorcycles market. The country's urban areas are experiencing rapid urbanization and infrastructure development, leading to increased demand for personal transportation. Motorcycles offer a practical and affordable solution to the transportation needs of urban dwellers. Additionally, Mexico has a rich motorcycle culture, with various motorcycle clubs and events taking place throughout the country. These clubs and events create a sense of community among motorcycle enthusiasts and contribute to the overall popularity of motorcycles in the country.

Underlying macroeconomic factors: The Mexican economy has been growing steadily in recent years, driven by factors such as foreign investment, manufacturing exports, and tourism. This economic growth has resulted in increased consumer spending power, allowing more individuals to afford motorcycles. Additionally, low-interest rates and favorable financing options have made it easier for consumers to purchase motorcycles. Furthermore, the Mexican government has implemented policies to promote the automotive industry, including motorcycles. These policies include tax incentives, trade agreements, and investment in infrastructure. These measures have attracted foreign investment and stimulated the growth of the motorcycles market in Mexico. In conclusion, the motorcycles market in Mexico is experiencing significant growth due to customer preferences for cost-effective transportation, the popularity of electric motorcycles, and the demand for high-performance models. Local special circumstances, such as rapid urbanization and a vibrant motorcycle culture, further contribute to the market's expansion. Underlying macroeconomic factors, such as economic growth, favorable financing options, and government support, have also played a crucial role in the market's development.

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.