On-road Motorcycles - Cyprus

Cyprus

Highlights

The On-road Motorcycles market segment in Cyprus is projected to generate a revenue of US$3.75m in 2024.
This segment is expected to experience an annual growth rate of 0.44% between 2024 and 2029, resulting in a projected market volume of US$3.83m by 2029.
By 2029, the unit sales in the On-road Motorcycles market segment are expected to reach 321.00motorcyles.
In 2024, the volume weighted average price of On-road Motorcycles market in Cyprus is expected to be US$11.86k.
When considering international markets, India is projected to generate the highest revenue in the On-road Motorcycles market segment, with US$21.50bn in 2024.
Despite its small size, Cyprus has a growing market for on-road motorcycles, driven by a strong interest in sports and recreational activities.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Cyprus has been experiencing steady growth in recent years, driven by changing customer preferences and favorable local circumstances. Customer preferences in the On-road Motorcycles market in Cyprus have shifted towards more fuel-efficient and environmentally friendly options. With rising concerns about climate change and the increasing cost of fuel, consumers are seeking motorcycles that offer better fuel efficiency and lower emissions. This has led to a growing demand for electric motorcycles and hybrid models in the country. Additionally, customers are also looking for motorcycles that offer advanced safety features and improved technology, such as integrated navigation systems and smartphone connectivity. Trends in the On-road Motorcycles market in Cyprus also reflect global market trends. One of the key trends is the increasing popularity of adventure motorcycles. Adventure motorcycles offer a combination of on-road and off-road capabilities, making them suitable for a wide range of terrains and riding conditions. This trend is driven by the growing interest in outdoor activities and adventure tourism, as well as the desire for motorcycles that offer versatility and versatility. Another trend in the market is the rise of retro and vintage motorcycles. These motorcycles are characterized by their classic design and styling, reminiscent of motorcycles from the past. The popularity of retro motorcycles can be attributed to a nostalgic appeal and a desire for a unique and distinctive riding experience. Local special circumstances in Cyprus have also contributed to the development of the On-road Motorcycles market. The country's favorable climate and scenic landscapes make it an ideal destination for motorcycle enthusiasts. The availability of well-maintained roads and a variety of terrains further enhance the appeal of motorcycling in Cyprus. Additionally, the relatively small size of the country and the ease of navigation make it convenient for motorcycle riders to explore different parts of the island. These factors have attracted both local and international riders, contributing to the growth of the market. Underlying macroeconomic factors, such as economic growth and disposable income levels, also play a role in the development of the On-road Motorcycles market in Cyprus. As the economy continues to recover from the financial crisis, consumers have more purchasing power and are more willing to spend on recreational activities, including motorcycling. Furthermore, the government has implemented policies to promote tourism and attract foreign investment, which has led to an increase in the number of tourists visiting the country. This has created additional demand for rental motorcycles and motorcycle tours, further boosting the market. In conclusion, the On-road Motorcycles market in Cyprus is developing in response to changing customer preferences, global market trends, favorable local circumstances, and underlying macroeconomic factors. The shift towards fuel-efficient and environmentally friendly motorcycles, the popularity of adventure and retro motorcycles, and the country's favorable climate and landscapes are driving the growth of the market. Additionally, economic growth and government policies to promote tourism are also contributing to the development of the market.

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.