On-road Motorcycles - Bhutan

Bhutan

The revenue in the On-road Motorcycles market segment is estimated to reach US$1.15m in 2024.
This market segment is expected to display an annual growth rate of 3.86% (CAGR 2024-2029), leading to a projected market volume of US$1.39m by 2029.
In Bhutan, the country under consideration, the unit sales of On-road Motorcycles market segment are anticipated to reach 166.00motorcyles by 2029.
The volume weighted average price of the On-road Motorcycles market segment in 2024 is projected to be US$8.19k.
From an international perspective, it is evident that India will generate the highest revenue in this segment, amounting to US$21,500.00m in 2024.
Bhutan's growing interest in eco-friendly transportation has led to a surge in demand for electric motorcycles in the on-road motorcycle market.

Key regions: Nigeria, United States, Spain, Vietnam, Indonesia

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Analyst Opinion

The On-road Motorcycles market in Bhutan is experiencing significant growth and development in recent years.

Customer preferences: Customers in Bhutan have shown a strong preference for on-road motorcycles. This can be attributed to several factors, including the country's unique geography and infrastructure. Bhutan is known for its mountainous terrain and winding roads, making motorcycles a practical and convenient mode of transportation. Additionally, motorcycles are more fuel-efficient and cost-effective compared to other vehicles, which is particularly appealing to the price-conscious consumers in Bhutan.

Trends in the market: One of the key trends in the on-road motorcycles market in Bhutan is the increasing demand for electric motorcycles. With a growing emphasis on sustainability and reducing carbon emissions, consumers in Bhutan are opting for electric motorcycles as an eco-friendly alternative to traditional gasoline-powered bikes. This trend is in line with the global shift towards electric vehicles and reflects Bhutan's commitment to environmental conservation. Another trend in the market is the rising popularity of sport bikes and adventure motorcycles. Bhutan is known for its scenic landscapes and offers ample opportunities for adventure tourism. As a result, there is a growing demand for motorcycles that are capable of handling off-road terrains and providing an exhilarating riding experience. This trend is driven by the country's thriving tourism industry and the desire for unique and memorable experiences among both domestic and international tourists.

Local special circumstances: One of the unique aspects of the on-road motorcycles market in Bhutan is the government's restriction on the import of vehicles. In an effort to preserve Bhutan's pristine environment and reduce traffic congestion, the government has imposed strict regulations on vehicle imports. This has created a market where motorcycles are the preferred mode of transportation for many individuals. The limited availability of cars and the high cost of importing them have further contributed to the popularity of motorcycles in Bhutan.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Bhutan can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among consumers. This, coupled with the relatively low cost of motorcycles compared to cars, has made motorcycles more affordable and accessible to a larger segment of the population. Furthermore, the government's focus on promoting tourism and improving infrastructure has also played a role in the development of the on-road motorcycles market. The construction of new roads and the improvement of existing ones have made it easier for individuals to travel within the country, further driving the demand for motorcycles. In conclusion, the on-road motorcycles market in Bhutan is witnessing significant growth and development due to customer preferences for motorcycles, the increasing demand for electric and adventure motorcycles, the government's restrictions on vehicle imports, and underlying macroeconomic factors such as economic growth and infrastructure development.

Methodology

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.