On-road Motorcycles - Cuba

Cuba

The On-road Motorcycles market segment in Cuba is expected to generate a revenue of US$40.05m in 2024.
This revenue is projected to experience an annual growth rate of 2.97%, resulting in a market volume of US$46.36m by 2029.
By that year, the unit sales of On-road Motorcycles market in Cuba are expected to reach 10.85k motorcyles.
In 2024, the volume weighted average price of On-road Motorcycles market in Cuba is anticipated to be US$4.10k.
When looking at the international perspective, it is noteworthy that India is projected to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21,500.00m in 2024.
Cuba's on-road motorcycle market is experiencing a surge in demand as the government eases restrictions on private vehicle ownership.

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

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Analyst Opinion

The On-road Motorcycles market in Cuba has been experiencing significant growth in recent years.

Customer preferences: Customers in Cuba have shown a growing preference for On-road Motorcycles due to their affordability and fuel efficiency. With limited public transportation options, motorcycles have become a popular mode of transportation for many Cubans. Additionally, motorcycles are easier to maneuver through the country's narrow streets and congested traffic, making them a convenient choice for daily commuting.

Trends in the market: One of the key trends in the On-road Motorcycles market in Cuba is the increasing demand for electric motorcycles. As the government focuses on promoting sustainable and environmentally friendly transportation, electric motorcycles have gained popularity among consumers. These motorcycles offer lower operating costs and have zero emissions, making them an attractive option for environmentally conscious individuals. Another trend in the market is the introduction of more affordable models. As the Cuban economy continues to face challenges, affordability has become a crucial factor for consumers. Motorcycle manufacturers have responded to this demand by introducing entry-level models that are more accessible to a wider range of customers. This trend has contributed to the growth of the On-road Motorcycles market in Cuba.

Local special circumstances: Cuba's unique political and economic situation has had an impact on the On-road Motorcycles market. The country's socialist government has historically placed restrictions on vehicle ownership, making it difficult for individuals to purchase cars. As a result, motorcycles have become a popular alternative for personal transportation. The government has also implemented policies to promote the use of motorcycles, such as providing tax incentives for motorcycle purchases.

Underlying macroeconomic factors: The growth of the On-road Motorcycles market in Cuba can be attributed to several underlying macroeconomic factors. The country has experienced an increase in tourism in recent years, which has led to a higher demand for transportation options. Motorcycles provide a cost-effective and convenient way for tourists to explore the country. Additionally, the Cuban government has implemented economic reforms aimed at opening up the country to foreign investment and increasing domestic consumption. These reforms have resulted in an increase in disposable income for many Cubans, allowing them to afford motorcycles. In conclusion, the On-road Motorcycles market in Cuba has been growing due to customer preferences for affordable and fuel-efficient transportation options. The market has seen trends such as the increasing demand for electric motorcycles and the introduction of more affordable models. The unique political and economic circumstances in Cuba, along with underlying macroeconomic factors, have also contributed to the growth of the market.

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.