On-road Motorcycles - ASEAN

ASEAN

Highlights

The On-road Motorcycles market segment in the ASEAN region is expected to achieve a revenue of US$21.17bn by 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 2.46%, leading to a market volume of US$23.91bn by 2029.
Furthermore, it is anticipated that unit sales in the On-road Motorcycles market segment will reach 5.62m motorcyles by 2029.
The volume weighted average price of On-road Motorcycles market in this segment is estimated to be US$4.09k in 2024.
In terms of revenue generation, India is expected to be the leading country in the region, with a projected revenue of US$21.50bn in 2024.
The demand for on-road motorcycles in ASEAN countries has been increasing steadily, with Thailand leading the market in terms of sales volume.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in ASEAN is experiencing significant growth and development due to the increasing demand for motorcycles in the region.

Customer preferences: Customers in ASEAN countries have shown a strong preference for on-road motorcycles due to their affordability, fuel efficiency, and convenience for urban transportation. Motorcycles are often the primary mode of transportation in densely populated cities, where traffic congestion and limited parking spaces make cars less practical. Additionally, motorcycles offer a cost-effective solution for individuals and families who need to travel short distances or commute to work.

Trends in the market: One of the key trends in the on-road motorcycles market in ASEAN is the shift towards more environmentally friendly and fuel-efficient models. As concerns about air pollution and climate change grow, customers are increasingly looking for motorcycles that have lower emissions and better fuel efficiency. This trend is driving the development and adoption of electric motorcycles and hybrid models in the region. Another trend in the market is the increasing popularity of scooters and mopeds. These smaller and more compact motorcycles are well-suited for urban environments, where maneuverability and ease of parking are important factors. Scooters and mopeds are also favored by younger riders and women due to their lighter weight and user-friendly features.

Local special circumstances: In some ASEAN countries, such as Vietnam and Indonesia, motorcycles are not only used for personal transportation but also for commercial purposes. Motorcycle taxis, known as "ojeks," are a common mode of transportation in these countries, providing a convenient and affordable way for people to get around. This unique local circumstance has contributed to the high demand for motorcycles in these markets.

Underlying macroeconomic factors: The economic growth in ASEAN countries has played a significant role in the development of the on-road motorcycles market. As incomes rise and middle-class populations expand, more people are able to afford motorcycles as their primary mode of transportation. Additionally, the rapid urbanization in the region has created a need for efficient and affordable transportation options, further driving the demand for motorcycles. In conclusion, the on-road motorcycles market in ASEAN is experiencing growth and development due to customer preferences for affordable and fuel-efficient transportation options. The shift towards more environmentally friendly models, the popularity of scooters and mopeds, and the unique local circumstances in some countries are driving the trends in the market. The underlying macroeconomic factors, such as economic growth and urbanization, are also contributing to the increasing demand for motorcycles in the region.

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.