On-road Motorcycles - Albania

Albania

Highlights

The revenue in the On-road Motorcycles market segment in Albania is projected to reach US$20.98m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 2.08%, resulting in a projected market volume of US$23.26m by 2029.
The unit sales in the On-road Motorcycles market segment in Albania are expected to reach 1.67k motorcyles in 2029.
The volume weighted average price of the On-road Motorcycles market segment in Albania in 2024 is expected to amount to US$13.63k.
From an international perspective, it is shown that the most revenue will be generated India, with US$21.50bn in 2024.
Albania's on-road motorcycle market is experiencing a surge in popularity among young urban professionals seeking a thrilling and efficient mode of transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Albania has been experiencing steady growth in recent years, driven by customer preferences for affordable and efficient transportation options.

Customer preferences: Albanian customers have shown a strong preference for on-road motorcycles due to their affordability, fuel efficiency, and versatility. With the increasing traffic congestion in urban areas, motorcycles offer a convenient and time-saving mode of transportation. Additionally, motorcycles are popular among young adults and students who are looking for a cost-effective means of commuting.

Trends in the market: One of the key trends in the on-road motorcycles market in Albania is the rising demand for electric motorcycles. As environmental concerns grow, more customers are opting for electric motorcycles as a greener alternative to traditional fuel-powered bikes. This trend is also fueled by government initiatives and incentives to promote electric vehicles in the country. Another trend in the market is the introduction of more advanced features and technologies in on-road motorcycles. Manufacturers are incorporating features such as ABS (anti-lock braking system), traction control, and digital instrument panels to enhance the safety and convenience of the riders. These technological advancements are attracting customers who value the latest innovations in their motorcycles.

Local special circumstances: Albania's geography with its mountainous terrain and winding roads makes motorcycles a practical choice for many residents. Motorcycles offer better maneuverability and agility, allowing riders to navigate through narrow and challenging roads more easily than larger vehicles. This factor, combined with the relatively low cost of motorcycles, makes them a popular choice among Albanian consumers.

Underlying macroeconomic factors: The growing economy in Albania has contributed to the increasing demand for on-road motorcycles. As disposable incomes rise, more individuals can afford to purchase motorcycles for personal use. Additionally, the expansion of the tourism industry in the country has led to an increase in the number of rental motorcycle services, further driving the market growth. In conclusion, the on-road motorcycles market in Albania is witnessing growth due to customer preferences for affordable and efficient transportation options. The rising demand for electric motorcycles and the incorporation of advanced features are key trends in the market. The local geography and the growing economy in Albania also contribute to the market's development. Overall, the future of the on-road motorcycles market in Albania looks promising, with continued growth expected in the coming years.

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.