Off-road Motorcycles - Armenia

Armenia

Highlights

Armenia is projected to see a revenue of US$3.81m in the Off-road Motorcycles market segment by 2024.
This market segment is expected to exhibit an annual growth rate of 3.16% (CAGR 2024-2029), resulting in a projected market volume of US$4.45m by 2029.
In that year, unit sales in the Off-road Motorcycles market segment are expected to reach 501.00motorcyles.
The volume weighted average price of Off-road Motorcycles market in 2024 is estimated to be US$8.54k.
When considering the international perspective, it is worth noting that Brazil is anticipated to generate the highest revenue, amounting to US$1.36bn in 2024.
Despite its limited terrain, Armenia has a growing market for off-road motorcycles due to its rugged landscapes and increasing interest in extreme sports.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Off-road Motorcycles market in Armenia has been experiencing steady growth in recent years, driven by customer preferences for outdoor recreational activities and the country's unique landscape.

Customer preferences: Armenians have a strong affinity for outdoor activities, and off-road motorcycling provides an exciting and adventurous way to explore the country's rugged terrain. The popularity of off-road motorcycles is further fueled by the country's rich history in motorsports and the presence of various off-road racing events. Additionally, the younger population in Armenia is increasingly drawn to extreme sports and outdoor adventures, contributing to the growing demand for off-road motorcycles.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Armenia is the rising popularity of electric off-road motorcycles. As the global shift towards sustainable and eco-friendly transportation continues, more consumers are opting for electric vehicles. This trend is also evident in the off-road motorcycle market, where electric models are gaining traction due to their lower environmental impact and quieter operation. Furthermore, the advancements in battery technology have significantly improved the performance and range of electric off-road motorcycles, making them a viable option for off-road enthusiasts. Another trend in the market is the increasing demand for high-performance off-road motorcycles. With the growing popularity of off-road racing events and competitions in Armenia, consumers are seeking motorcycles that offer superior speed, agility, and durability. Manufacturers are responding to this demand by introducing advanced features and technologies in their off-road motorcycle models, such as improved suspension systems, lightweight materials, and powerful engines. These high-performance motorcycles cater to the needs of professional riders and enthusiasts who seek the thrill of off-road racing.

Local special circumstances: Armenia's unique geography and landscape play a significant role in the development of the Off-road Motorcycles market. The country is known for its diverse terrain, including mountains, forests, and rocky trails, which provide ample opportunities for off-road motorcycling. The availability of off-road tracks and trails, as well as the presence of off-road motorcycle clubs and communities, further contribute to the growth of the market. Additionally, the government's support for the development of tourism and outdoor recreational activities in Armenia has created a favorable environment for the Off-road Motorcycles market.

Underlying macroeconomic factors: The overall economic growth in Armenia has a positive impact on the Off-road Motorcycles market. As the country's economy continues to develop, more individuals have disposable income to spend on leisure activities and hobbies, including off-road motorcycling. The increasing purchasing power of consumers, coupled with the availability of financing options, has made off-road motorcycles more accessible to a wider range of customers. Furthermore, the government's efforts to improve infrastructure and promote tourism in rural areas have led to an increased interest in off-road motorcycling, attracting both domestic and international tourists.

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.