Motorcycles - Montenegro

Montenegro

Highlights

The Motorcycles market in Montenegro is projected to generate a revenue of US$1.91m by 2024.
This market is expected to experience an annual growth rate (CAGR 2024-2029) of 2.19%, resulting in a projected market volume of US$2.13m by 2029.
Among the market segments, the largest one is On-road Motorcycles, which is anticipated to reach a market volume of US$1.31m in 2024.
In terms of unit sales, Motorcycles market is expected to reach 312.00motorcyles by 2029.
The volume weighted average price of Motorcycles market in Montenegro is expected to be US$6.80k in 2024.
Honda Motorcycles is projected to have the highest market share in the region, with a motorcycle unit sales share of 12.1% in 2024.
Furthermore, the value market share of Honda Motorcycles is expected to stand at 13.8% in 2024.
From an international perspective, India is forecasted to generate the highest revenue in the Motorcycles market, amounting to US$32.11bn in 2024.
Montenegro's motorcycle market is experiencing a surge in demand for off-road bikes due to its rugged terrain and growing interest in adventure tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in Montenegro has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: In Montenegro, there has been a shift in customer preferences towards motorcycles as a mode of transportation. This can be attributed to several factors, including the increasing urbanization and traffic congestion in major cities, the affordability and fuel efficiency of motorcycles compared to cars, and the growing popularity of recreational activities such as motorcycle touring and off-road riding. Additionally, motorcycles are seen as a stylish and convenient means of transportation, particularly among the younger generation.

Trends in the market: One of the key trends in the Montenegrin motorcycle market is the growing demand for electric motorcycles. As sustainability and environmental concerns gain prominence, more consumers are opting for electric vehicles, including motorcycles. This trend is also supported by government initiatives and incentives to promote the adoption of electric vehicles. The availability of a wide range of electric motorcycle models and the improving infrastructure for charging stations further contribute to the increasing popularity of electric motorcycles in Montenegro. Another trend in the market is the rise of motorcycle rental services. Montenegro, with its beautiful landscapes and scenic routes, has become a popular tourist destination for motorcycle enthusiasts. As a result, there is a growing demand for motorcycle rental services, allowing tourists to explore the country on two wheels. This trend is also fueled by the increasing popularity of motorcycle tourism and the desire for unique travel experiences.

Local special circumstances: Montenegro's geography and road infrastructure also play a significant role in the development of the motorcycle market. The country's mountainous terrain and winding roads make motorcycles a practical and efficient mode of transportation, especially in rural areas where public transportation options may be limited. Additionally, the relatively small size of the country makes motorcycles a convenient choice for commuting and navigating through congested city streets.

Underlying macroeconomic factors: The growth of the motorcycle market in Montenegro is also influenced by underlying macroeconomic factors. The country's stable economic growth and rising disposable incomes have increased consumer purchasing power, making motorcycles more affordable and accessible. Furthermore, the government's efforts to improve road infrastructure and promote tourism have contributed to the growth of the motorcycle market, as they enhance the overall riding experience and attract both domestic and international motorcycle enthusiasts. In conclusion, the Motorcycles market in Montenegro is experiencing growth due to changing customer preferences, emerging trends such as the demand for electric motorcycles and motorcycle rental services, local special circumstances such as the country's geography and road infrastructure, and underlying macroeconomic factors including stable economic growth and government initiatives. These factors combined have created a favorable environment for the development of the motorcycle market in Montenegro.

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.