On-road Motorcycles - Armenia

Armenia

Highlights

The On-road Motorcycles market segment in Armenia is expected to generate a revenue of US$14.76m in 2024.
This revenue is projected to experience an annual growth rate (CAGR 2024-2029) of 3.03%, resulting in a market volume of US$17.15m by 2029.
The unit sales of On-road Motorcycles market in this segment are forecasted to reach 1.84k motorcyles in 2029.
Additionally, the volume weighted average price of On-road Motorcycles market in 2024 is expected to be US$9.00k.
It is worth noting that, from an international perspective, India is projected to generate the highest revenue of US$21.50bn in 2024.
Armenia's on-road motorcycle market is thriving, driven by a strong demand for adventure touring bikes among the country's passionate motorcycle enthusiasts.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Armenia has been experiencing significant growth in recent years.

Customer preferences: Armenian customers have shown a strong preference for on-road motorcycles due to their versatility and fuel efficiency. On-road motorcycles are popular among both urban and rural residents, as they provide a convenient and cost-effective mode of transportation. Additionally, the younger generation in Armenia has shown a growing interest in motorcycling as a recreational activity, further driving the demand for on-road motorcycles.

Trends in the market: One of the key trends in the Armenian on-road motorcycles market is the increasing demand for electric motorcycles. As the global push for sustainability and eco-friendly transportation grows, Armenian consumers are also becoming more conscious of their environmental impact. Electric motorcycles offer a cleaner and more sustainable alternative to traditional gasoline-powered motorcycles. This trend is expected to continue as the government and international organizations promote the adoption of electric vehicles in Armenia. Another trend in the market is the rise of online sales channels. E-commerce platforms have gained popularity in Armenia, providing consumers with a convenient way to browse and purchase motorcycles. Online sales channels also allow customers to compare prices and models from different sellers, enabling them to make more informed decisions. This trend has contributed to the overall growth of the on-road motorcycles market in Armenia.

Local special circumstances: Armenia's mountainous terrain and scenic landscapes make it an ideal destination for motorcycle enthusiasts. The country's winding roads and breathtaking views attract both local and international tourists, who often choose to explore Armenia on motorcycles. This unique characteristic of the Armenian market has created a demand for on-road motorcycles that are suitable for long-distance travel and off-road adventures.

Underlying macroeconomic factors: Armenia's improving economy and rising disposable incomes have played a significant role in the growth of the on-road motorcycles market. As the country's economy continues to develop, more individuals are able to afford motorcycles as a means of transportation or as a leisure activity. The increasing purchasing power of consumers has contributed to the overall expansion of the market. Furthermore, government initiatives to improve infrastructure and promote tourism have also had a positive impact on the on-road motorcycles market. The government has invested in road construction and maintenance, making it easier and safer for motorcyclists to navigate the country. Additionally, the promotion of tourism has attracted more visitors to Armenia, leading to an increase in motorcycle rentals and purchases by tourists. In conclusion, the on-road motorcycles market in Armenia is experiencing growth due to customer preferences for versatile and fuel-efficient transportation options. The increasing demand for electric motorcycles and the rise of online sales channels are key trends in the market. Armenia's mountainous terrain and government initiatives to improve infrastructure and promote tourism are local special circumstances that contribute to the market's growth. The improving economy and rising disposable incomes of Armenian consumers are underlying macroeconomic factors driving the expansion of the on-road motorcycles market.

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.