Off-road Motorcycles - Cuba

Cuba

The Off-road Motorcycles market segment in Cuba is expected to generate a revenue of US$28.65m by the year 2024.
This revenue is projected to have an annual growth rate (CAGR 2024-2029) of 2.53%, leading to a market volume of US$32.46m by 2029.
In that same year, unit sales in the Off-road Motorcycles market segment are expected to reach 3.23k motorcyles.
The volume weighted average price of Off-road Motorcycles market in 2024 is projected to be US$9.82k.
When looking at the international market, it is evident that Brazil will generate the highest revenue, with an estimated amount of US$1,364.00m in 2024.
In Cuba, the off-road motorcycle market is experiencing a resurgence as the government relaxes restrictions on recreational activities.

Key regions: Germany, Italy, United States, Portugal, Spain

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Analyst Opinion

The Off-road Motorcycles market in Cuba is experiencing steady growth due to increasing customer preferences for adventurous outdoor activities and the availability of local special circumstances that support the development of this market.

Customer preferences: Customers in Cuba are increasingly seeking adventurous outdoor activities, and off-road motorcycling provides them with the opportunity to explore the country's diverse landscapes and natural beauty. The rugged terrains and off-road trails in Cuba attract adventure enthusiasts who enjoy the thrill of riding off-road motorcycles. Additionally, off-road motorcycling is seen as a way to escape the hustle and bustle of city life and connect with nature.

Trends in the market: The Off-road Motorcycles market in Cuba is witnessing a trend of increasing sales and demand. This can be attributed to the growing popularity of off-road motorcycling as a recreational activity among both locals and tourists. The market is also benefiting from the rising number of off-road motorcycle clubs and events that promote the sport and attract enthusiasts. Furthermore, the availability of a wide range of off-road motorcycle models and accessories in the market is contributing to the growth of the market.

Local special circumstances: Cuba's unique geography and natural landscapes provide ideal conditions for off-road motorcycling. The country is known for its diverse terrain, including mountains, forests, and coastal areas, which offer a variety of off-road trails for riders to explore. The warm climate throughout the year allows for year-round off-road motorcycling, making it an attractive destination for enthusiasts. Moreover, the Cuban government has been promoting tourism and outdoor activities, including off-road motorcycling, as part of its efforts to boost the economy.

Underlying macroeconomic factors: The growth of the Off-road Motorcycles market in Cuba is also influenced by underlying macroeconomic factors. The country has been experiencing positive economic growth in recent years, which has led to an increase in disposable income among the population. This has made off-road motorcycles more affordable and accessible to a larger segment of the population. Additionally, the government's focus on developing the tourism sector has attracted more tourists to Cuba, creating a potential customer base for off-road motorcycle rentals and tours. In conclusion, the Off-road Motorcycles market in Cuba is developing due to increasing customer preferences for adventurous outdoor activities, the availability of diverse off-road trails, and the government's efforts to promote tourism and outdoor sports. The market is expected to continue growing as more people in Cuba and tourists visiting the country embrace off-road motorcycling as a recreational activity.

Methodology

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.