On-road Motorcycles - Canada

Canada

The On-road Motorcycles market segment in Canada is anticipated to generate a revenue of US$0.72bn by the year 2024.
It is expected that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of 2.38%, leading to a projected market volume of US$0.81bn by 2029.
The unit sales in the On-road Motorcycles market segment are estimated to reach 56.13k motorcyles in 2029.
In 2024, the volume weighted average price of On-road Motorcycles market in Canada is projected to be US$14.25k.
Analyzing the international market, it is evident that the highest revenue will be generated India, amounting to INR US$21,500.00m in 2024.
Canada's on-road motorcycle market is experiencing a shift towards eco-friendly electric models, driven by government incentives and increasing environmental consciousness.

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

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Analyst Opinion

The On-road Motorcycles market in Canada has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Canada, customer preferences for on-road motorcycles have been shifting towards more fuel-efficient and environmentally friendly options. With increasing awareness about climate change and the need for sustainable transportation, consumers are opting for motorcycles that offer better fuel efficiency and lower emissions. This has led to a rise in the demand for electric motorcycles and hybrid models in the Canadian market.

Trends in the market: One of the key trends in the on-road motorcycles market in Canada is the growing popularity of adventure touring motorcycles. These motorcycles are designed for long-distance travel and offer a combination of on-road and off-road capabilities. The rugged design, comfortable seating, and advanced features make them appealing to adventure-seeking riders. Additionally, the rise of motorcycle touring clubs and organized group rides has further fueled the demand for adventure touring motorcycles in Canada. Another trend in the market is the increasing adoption of advanced safety features in motorcycles. Canadian consumers are becoming more conscious about safety and are looking for motorcycles that offer features such as ABS (Anti-lock Braking System), traction control, and advanced rider assistance systems. Manufacturers are responding to this demand by integrating these safety features into their motorcycle models, thus driving the growth of the market.

Local special circumstances: The vast and diverse geography of Canada presents unique challenges and opportunities for the on-road motorcycles market. The country offers a wide range of terrains, from urban cityscapes to rugged mountains and scenic coastal roads. This diversity attracts motorcycle enthusiasts who seek different riding experiences. Manufacturers are catering to these preferences by offering motorcycles specifically designed for different terrains, such as sport bikes for city riding and adventure touring bikes for off-road adventures. Furthermore, Canada has a strong motorcycle culture, with numerous motorcycle events, rallies, and clubs across the country. These events create a sense of community among riders and contribute to the growth of the market. Additionally, the presence of scenic routes and motorcycle-friendly destinations in Canada attracts riders from both domestic and international markets, further boosting the demand for on-road motorcycles.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Canada is also influenced by underlying macroeconomic factors. The country has a stable economy and a high disposable income, which enables consumers to afford luxury items such as motorcycles. Additionally, low interest rates and favorable financing options make it easier for consumers to purchase motorcycles. The strong performance of the Canadian automotive industry, including the motorcycle sector, also contributes to the growth of the market. In conclusion, the on-road motorcycles market in Canada is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards fuel-efficient and environmentally friendly motorcycles, the popularity of adventure touring bikes, the demand for advanced safety features, and the country's diverse geography and strong motorcycle culture all contribute to the growth of the market. With a stable economy and favorable financing options, Canada presents a lucrative market for on-road motorcycles.

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.