Motorcycles - NAFTA

NAFTA

Highlights

The Motorcycles market in NAFTA is projected to reach a revenue of US$11.68bn in 2024.
It is expected to exhibit an annual growth rate of 3.03% (CAGR 2024-2029), resulting in a projected market volume of US$13.56bn by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$8.74bn in 2024.
The unit sales of Motorcycles market in the region are expected to reach 2.32m motorcyles by 2029.
The volume weighted average price of Motorcycles market in 2024 is projected to be US$5.86k.
When considering the international perspective, India is expected to generate the most revenue in the Motorcycles market, with US$32.11bn in 2024.
In Mexico, the motorcycle market is experiencing a surge in demand due to the increasing popularity of motorbike ride-sharing services.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in NAFTA has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market. Customer preferences in the NAFTA region have been shifting towards motorcycles as a mode of transportation. Motorcycles offer a cost-effective and efficient means of travel, especially in urban areas with heavy traffic. Additionally, motorcycles are often seen as a symbol of freedom and adventure, appealing to younger consumers who value these qualities. As a result, there has been an increase in demand for motorcycles across the NAFTA region. Trends in the market have also influenced the growth of the Motorcycles market in NAFTA. One notable trend is the rising popularity of electric motorcycles. With increasing concerns about environmental sustainability, consumers are seeking alternative modes of transportation that are more eco-friendly. Electric motorcycles offer a greener option compared to traditional gasoline-powered motorcycles, and this trend has contributed to the growth of the market. Another trend in the Motorcycles market in NAFTA is the rise of customization and personalization. Consumers are increasingly looking for motorcycles that reflect their individual style and personality. This has led to an increase in demand for aftermarket parts and accessories, as well as customization services. Motorcycle manufacturers and retailers have responded to this trend by offering a wide range of options for customization, further driving the growth of the market. Local special circumstances also play a role in the development of the Motorcycles market in NAFTA. For example, in Mexico, motorcycles are often used as a means of transportation in urban areas with limited public transportation options. This has created a strong demand for motorcycles in the country. In Canada, motorcycles are popular recreational vehicles, particularly in regions with scenic landscapes and favorable weather conditions for riding. These local factors have contributed to the growth of the market in each country within the NAFTA region. Underlying macroeconomic factors have also influenced the Motorcycles market in NAFTA. Economic growth and rising disposable incomes have increased consumers' purchasing power, enabling them to afford motorcycles. Additionally, favorable financing options and low interest rates have made it easier for consumers to finance their motorcycle purchases. These macroeconomic factors have created a conducive environment for the growth of the market. In conclusion, the Motorcycles market in NAFTA has been developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards motorcycles as a mode of transportation, the rise of electric motorcycles, the demand for customization, and favorable local conditions have all contributed to the growth of the market. Additionally, economic growth and favorable financing options have made motorcycles more accessible to consumers.

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.