On-road Motorcycles - Colombia

Colombia

Highlights

The On-road Motorcycles market segment in Colombia is expected to witness substantial revenue growth in the coming years.
By 2024, the projected revenue is estimated to reach US$1.96bn.
This suggests a promising future for the market segment in the country.
Furthermore, the revenue is anticipated to exhibit an annual growth rate, known as CAGR, of 2.48% from 2024 to 2029.
As a result, the market volume is projected to reach US$2.22bn by 2029.
This indicates a significant expansion in the On-road Motorcycles market segment in Colombia.
In terms of unit sales, it is expected that the On-road Motorcycles market segment will experience a surge in demand.
By 2029, the unit sales are projected to reach 612.50k motorcyles units, reflecting the growing popularity and interest in this market segment.
Additionally, the volume weighted average price of On-road Motorcycles market in 2024 is estimated to be US$3.45k.
This metric provides insights into the pricing dynamics within the market, highlighting the average price customers can expect to pay for these motorcycles.
From an international perspective, India is anticipated to generate the highest revenue in the On-road Motorcycles market segment.
In 2024 alone, India is projected to generate a substantial revenue of US$21.50bn.
This showcases the significance of India as a key player in the global market for On-road Motorcycles market.
Overall, the On-road Motorcycles market segment in Colombia exhibits promising growth potential, with increasing revenue, market volume, and unit sales.
This suggests a positive outlook for the industry in the coming years.
Colombia's on-road motorcycle market is experiencing a surge in demand due to the country's mountainous terrain and increasing popularity of adventure tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Colombia has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Colombia have been shifting towards on-road motorcycles due to their versatility and affordability. Many consumers in Colombia are looking for a mode of transportation that is practical for daily commuting and can navigate through congested city streets. On-road motorcycles provide a convenient and cost-effective solution, allowing riders to maneuver through traffic and reach their destinations quickly. Additionally, the affordability of on-road motorcycles makes them an attractive option for price-conscious consumers in Colombia. Trends in the market further support the growth of the On-road Motorcycles market in Colombia. One key trend is the increasing urbanization in the country, with more people moving to cities and requiring efficient transportation options. On-road motorcycles offer a practical solution for urban mobility, allowing riders to navigate through congested streets and reach their destinations faster than traditional cars. Another trend is the growing popularity of motorcycle ride-sharing services in Colombia, which provide an alternative mode of transportation for individuals who do not own a vehicle. These ride-sharing services contribute to the increased demand for on-road motorcycles in the country. Local special circumstances also play a role in the development of the On-road Motorcycles market in Colombia. The country's geographical terrain, with its diverse landscapes and challenging road conditions, makes on-road motorcycles a suitable choice for many Colombians. These motorcycles are designed to handle different types of terrains, including rough roads and mountainous areas, providing riders with the flexibility to travel across the country. Additionally, the Colombian government has implemented policies to promote the use of motorcycles as a means of transportation, such as reducing import taxes and providing incentives for motorcycle manufacturers. These initiatives have further stimulated the market for on-road motorcycles in the country. Underlying macroeconomic factors have also contributed to the growth of the On-road Motorcycles market in Colombia. The country's steady economic growth and rising disposable incomes have increased the purchasing power of consumers, enabling them to afford on-road motorcycles. Additionally, the availability of financing options and favorable interest rates have made it easier for consumers to purchase motorcycles. The Colombian government's efforts to improve infrastructure and road connectivity have also made on-road motorcycles a more attractive option for transportation. In conclusion, the On-road Motorcycles market in Colombia is experiencing growth due to customer preferences for practical and affordable transportation options, market trends such as urbanization and motorcycle ride-sharing, local special circumstances including challenging road conditions and government policies, and underlying macroeconomic factors such as economic growth and improved infrastructure. These factors are driving the demand for on-road motorcycles in Colombia and are expected to continue shaping the market 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.