Key regions: Nigeria, United States, Spain, Vietnam, Indonesia
The On-road Motorcycles market in Bangladesh has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: In Bangladesh, there is a growing demand for on-road motorcycles due to various factors. Firstly, motorcycles are an affordable mode of transportation for many people in the country. With limited public transportation options and increasing traffic congestion in urban areas, motorcycles provide a convenient and cost-effective way for individuals to navigate through the city. Additionally, motorcycles are also popular among the younger population as they offer a sense of freedom and independence.
Trends in the market: One of the key trends in the on-road motorcycles market in Bangladesh is the increasing popularity of commuter bikes. These motorcycles are designed for everyday commuting and are known for their fuel efficiency and reliability. With rising fuel prices and a greater emphasis on environmental sustainability, more consumers are opting for commuter bikes that offer better mileage and lower emissions. This trend is expected to continue as consumers prioritize cost-effectiveness and eco-friendliness in their transportation choices. Another trend in the market is the growing demand for motorcycles with advanced features and technology. As the standard of living improves in Bangladesh, consumers are willing to invest in motorcycles that offer better performance, comfort, and safety features. This includes motorcycles with more powerful engines, better suspension systems, and advanced braking systems. Manufacturers are responding to this demand by introducing models with these features, thereby driving the growth of the market.
Local special circumstances: Bangladesh has a large population and a rapidly growing middle class, which has contributed to the increasing demand for on-road motorcycles. The country's infrastructure is also improving, with the construction of new roads and highways, making it easier for people to travel by motorcycle. Additionally, the government has implemented favorable policies and regulations to promote the use of motorcycles as a means of transportation. These factors have created a conducive environment for the growth of the on-road motorcycles market in Bangladesh.
Underlying macroeconomic factors: The growth of the on-road motorcycles market in Bangladesh is also influenced by underlying macroeconomic factors. The country's economy has been growing steadily, leading to an increase in disposable income and purchasing power among consumers. As a result, more people are able to afford motorcycles and are willing to spend on them. Furthermore, Bangladesh has a young population, with a significant portion of the population in the working age group. This demographic dividend has contributed to the growth of the market, as young individuals seek affordable and convenient transportation options. In conclusion, the on-road motorcycles market in Bangladesh is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for commuter bikes and motorcycles with advanced features is on the rise, driven by factors such as affordability, convenience, and improving infrastructure. With a growing middle class and favorable government policies, the market is expected to continue its upward trajectory 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.
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