Off-road Motorcycles - South Korea

South Korea

Highlights

The Off-road Motorcycles market segment in South Korea is expected to achieve a revenue of US$168.20m by the year 2024.
This projection indicates a steady annual growth rate of 1.20% (CAGR 2024-2029), resulting in a market volume of US$178.50m by 2029.
Moreover, unit sales in the Off-road Motorcycles market segment are anticipated to reach 24.35k motorcyles in 2029.
The volume weighted average price of Off-road Motorcycles market in South Korea is projected to be US$7.20k in 2024.
In terms of global market revenue, Brazil is expected to generate the highest amount, reaching US$1.36bn in 2024.
South Korea has seen a surge in the popularity of off-road motorcycles, with a growing number of enthusiasts exploring the country's diverse and challenging terrain.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Off-road Motorcycles market in South Korea is experiencing steady growth due to several factors. Customer preferences for outdoor recreational activities, the increasing popularity of motorsports, and the development of off-road riding facilities are driving the demand for off-road motorcycles in the country.

Customer preferences: South Korean customers have shown a growing interest in outdoor recreational activities, including off-road riding. This can be attributed to the country's beautiful natural landscapes and the desire for adventure and adrenaline. Off-road motorcycles provide an exciting and thrilling experience for riders, attracting customers who seek an escape from their daily routines.

Trends in the market: One of the key trends in the South Korean Off-road Motorcycles market is the increasing popularity of motorsports. The country has seen a rise in motorsports events and competitions, which has created a demand for off-road motorcycles among enthusiasts and professional riders. This trend is further fueled by the media coverage and sponsorship opportunities associated with motorsports, attracting more individuals to participate in off-road riding. Another trend in the market is the development of off-road riding facilities. South Korea has witnessed the establishment of dedicated off-road parks and tracks, providing riders with safe and controlled environments to enjoy their off-road motorcycles. These facilities offer various terrains and challenges, catering to riders of different skill levels and preferences. The availability of such facilities encourages more individuals to engage in off-road riding, driving the demand for off-road motorcycles.

Local special circumstances: South Korea's geographical landscape plays a significant role in the development of the Off-road Motorcycles market. The country is known for its mountainous regions and diverse natural landscapes, making it an ideal destination for off-road riding. The availability of off-road trails and tracks in these areas further enhances the appeal of off-road motorcycles for both locals and tourists.

Underlying macroeconomic factors: The growing Off-road Motorcycles market in South Korea can also be attributed to the country's stable economic growth and rising disposable income. As the economy continues to prosper, more individuals have the financial means to pursue recreational activities such as off-road riding. This has led to an increase in the demand for off-road motorcycles as a form of leisure and entertainment. In conclusion, the Off-road Motorcycles market in South Korea is experiencing growth due to customer preferences for outdoor recreational activities, the increasing popularity of motorsports, the development of off-road riding facilities, the country's geographical landscape, and underlying macroeconomic factors. These factors have created a favorable environment for the market to expand, attracting more individuals to engage in off-road riding and driving the demand for off-road motorcycles.

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.