Key regions: Germany, Italy, United States, Portugal, Spain
The Off-road Motorcycles market in BRICS is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the BRICS countries have shown a strong preference for off-road motorcycles due to their versatility and durability. Off-road motorcycles are well-suited for navigating rugged terrains, making them popular among outdoor enthusiasts and adventure seekers. Additionally, these motorcycles offer a sense of freedom and excitement that appeals to a wide range of customers. As a result, there is a growing demand for off-road motorcycles in the BRICS countries.
Trends in the market: One of the key trends in the off-road motorcycles market in BRICS is the increasing popularity of electric off-road motorcycles. As environmental concerns continue to rise, customers are seeking more sustainable transportation options. Electric off-road motorcycles offer a cleaner and quieter alternative to traditional gasoline-powered bikes. This trend is particularly evident in countries like China and India, where the government is actively promoting the adoption of electric vehicles. Another trend in the market is the growing demand for off-road motorcycles in rural areas. In many BRICS countries, rural communities rely on motorcycles as a primary mode of transportation. Off-road motorcycles are especially valued in these areas due to their ability to navigate rough terrains and provide access to remote locations. This trend is driven by the need for reliable transportation in agricultural and mining industries, as well as the desire for recreational activities in rural areas.
Local special circumstances: Each BRICS country has its own unique set of circumstances that contribute to the development of the off-road motorcycles market. For example, in Brazil, off-road motorcycles are popular among motocross enthusiasts and are often used in competitive racing events. In Russia, off-road motorcycles are sought after for their ability to handle the country's vast and diverse landscapes. In India, off-road motorcycles are commonly used for recreational purposes and as a means of transportation in rural areas.
Underlying macroeconomic factors: The growth of the off-road motorcycles market in BRICS is also influenced by underlying macroeconomic factors. Rapid urbanization and rising disposable incomes in these countries have led to an increase in leisure activities and recreational spending. As a result, more individuals are able to afford off-road motorcycles and participate in outdoor adventures. Additionally, government initiatives and investments in infrastructure development have improved accessibility to off-road trails and tracks, further fueling the demand for off-road motorcycles. In conclusion, the Off-road Motorcycles market in BRICS is developing at a rapid pace due to customer preferences for versatile and durable vehicles, trends such as the rise of electric off-road motorcycles and the growing demand in rural areas, local special circumstances in each country, and underlying macroeconomic factors such as urbanization and rising incomes. This market is expected to continue expanding as more individuals seek adventure and explore the great outdoors.
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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