The Motorcycles market in Mongolia has been experiencing significant growth in recent years.
Customer preferences: Mongolian consumers have shown a strong preference for motorcycles due to their affordability, fuel efficiency, and versatility. Motorcycles are particularly popular in rural areas where they are used for transportation and to navigate the challenging terrain. Additionally, motorcycles are often seen as a status symbol in Mongolia, further driving demand.
Trends in the market: One key trend in the Mongolian Motorcycles market is the increasing demand for electric motorcycles. As concerns about environmental sustainability grow, consumers are seeking more eco-friendly transportation options. Electric motorcycles offer a clean and efficient mode of transportation, making them an attractive choice for environmentally conscious consumers. This trend is expected to continue as the government introduces policies and incentives to promote electric vehicles. Another trend in the market is the rise of online sales channels. E-commerce platforms have gained popularity in Mongolia, providing consumers with a convenient way to purchase motorcycles. Online sales offer a wider range of options and competitive prices, attracting a growing number of customers who prefer the convenience of shopping from home.
Local special circumstances: Mongolia's vast and sparsely populated landscape presents unique challenges for transportation. The country's rugged terrain and extreme weather conditions make motorcycles a practical choice for many Mongolians. Motorcycles are able to navigate unpaved roads and withstand the harsh climate, making them an essential mode of transportation in many parts of the country.
Underlying macroeconomic factors: The growing economy and rising disposable incomes in Mongolia have contributed to the expansion of the motorcycles market. As more individuals have the means to purchase vehicles, the demand for motorcycles has increased. Additionally, the government has implemented policies to improve infrastructure and road connectivity, further driving the growth of the motorcycles market. In conclusion, the Motorcycles market in Mongolia is experiencing growth due to customer preferences for affordable and versatile transportation options. The increasing demand for electric motorcycles and the rise of online sales channels are key trends in the market. The unique local circumstances, such as Mongolia's challenging terrain and extreme weather conditions, contribute to the popularity of motorcycles as a practical mode of transportation. The underlying macroeconomic factors, including the growing economy and rising disposable incomes, further support the expansion of the motorcycles market in Mongolia.
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.
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