Off-road Motorcycles - Colombia

Colombia

Highlights

Colombia is projected to see a significant growth in revenue within the Off-road Motorcycles market segment.
By 2024, the revenue is estimated to reach a substantial amount of US$283.50m.
This growth is expected to continue with an annual growth rate of 2.44% (CAGR 2024-2029), resulting in a projected market volume of US$319.80m by 2029.
Furthermore, the unit sales within the Off-road Motorcycles market segment are anticipated to reach 64.98k motorcyles units by 2029.
In terms of pricing, the volume weighted average price of Off-road Motorcycles market in Colombia in 2024 is expected to be approximately US$4.83k.
This indicates a competitive market within the country.
When looking at the international landscape, it is worth noting that Brazil is projected to generate the highest revenue in the Off-road Motorcycles market segment.
In 2024, Brazil is expected to generate an impressive revenue of US$1.36bn.
This showcases the potential of the market Brazil compared to other countries in the region.
Colombia's off-road motorcycle market is experiencing a surge in demand due to the country's diverse terrain and growing interest in adventure sports.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Off-road Motorcycles market in Colombia has experienced significant growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Colombian consumers have shown a growing interest in off-road motorcycles, as they offer a thrilling and adventurous riding experience. Off-road motorcycles are particularly popular among young adults and outdoor enthusiasts who enjoy exploring Colombia's diverse terrain, including mountains, jungles, and deserts. The versatility and durability of off-road motorcycles make them well-suited for navigating these challenging landscapes.

Trends in the market: One of the key trends in the off-road motorcycles market in Colombia is the increasing demand for electric models. As global concerns about environmental sustainability grow, Colombian consumers are becoming more conscious of their carbon footprint. Electric off-road motorcycles offer a greener alternative to traditional gasoline-powered bikes, as they produce zero emissions and have lower operating costs. This trend is expected to continue as technology advances and the availability of charging infrastructure improves. Another trend in the market is the rise of off-road motorcycle tourism. Colombia's natural beauty and diverse landscapes have made it an attractive destination for adventure tourism. Tourists from both domestic and international markets are seeking unique experiences, and off-road motorcycle tours provide an exciting way to explore the country's hidden gems. Tour operators are capitalizing on this trend by offering guided off-road motorcycle tours, complete with expert guides and top-of-the-line bikes.

Local special circumstances: Colombia's geographical characteristics contribute to the growth of the off-road motorcycles market. The country's varied terrain, including mountains, rainforests, and deserts, provides ample opportunities for off-road riding. Additionally, Colombia's tropical climate allows for year-round riding, making it an ideal location for off-road motorcycle enthusiasts.

Underlying macroeconomic factors: Colombia's improving economic conditions have also played a role in the development of the off-road motorcycles market. As disposable incomes rise and the middle class expands, more consumers have the financial means to purchase recreational vehicles such as off-road motorcycles. Additionally, the government's efforts to improve infrastructure, including road networks and off-road trails, have made it easier for riders to access remote areas and enjoy off-road adventures. In conclusion, the Off-road Motorcycles market in Colombia is experiencing growth due to changing customer preferences, including the demand for electric models and off-road motorcycle tourism. The country's diverse terrain and favorable climate provide ideal conditions for off-road riding, while improving economic conditions and infrastructure development further support market expansion.

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.