On-road Motorcycles - Gambia

Gambia

The On-road Motorcycles market segment in Gambia is expected to witness significant growth in the coming years.
According to projections, the revenue in this segment is set to reach US$1.41m in 2024.
This indicates a positive trend in the market.
Furthermore, the revenue is predicted to experience a Compound Annual Growth Rate (CAGR) of -0.14% between 2024 and 2029.
As a result, the market volume is estimated to reach US$1.40m by 2029.
In terms of unit sales, the On-road Motorcycles market segment is anticipated to reach 0.58k motorcyles by 2029.
This indicates a steady demand for motorcycles in Gambia.
Additionally, the volume weighted average price of motorcycles in this segment is projected to be US$2.39k in 2024.
This suggests that the market is likely to offer a range of motorcycles at different price points to cater to the diverse preferences of consumers.
When considering the international perspective, it is interesting to note that India is expected to generate the highest revenue in the On-road Motorcycles market segment.
In 2024, India is projected to generate a substantial revenue of US$21,500.00m.
This highlights the significance of the Indian market in the global motorcycle industry.
Overall, the On-road Motorcycles market segment in Gambia shows promising growth potential, with projections indicating a steady increase in revenue, market volume, and unit sales.
The presence of a strong international market, such as India, further adds to the potential opportunities for growth and development in this segment.
In Gambia, the on-road motorcycle market is experiencing a surge in demand due to its affordability and suitability for navigating the country's diverse terrain.

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

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Analyst Opinion

The On-road Motorcycles market in Gambia is experiencing steady growth due to increasing customer preferences for affordable and efficient transportation options.

Customer preferences: Customers in Gambia are increasingly opting for on-road motorcycles as their primary mode of transportation. This is mainly driven by the affordability and fuel efficiency of motorcycles compared to other vehicles. On-road motorcycles are also popular among young adults and students who are looking for a cost-effective means of commuting. Additionally, the compact size and maneuverability of motorcycles make them well-suited for navigating through the country's narrow and congested roads.

Trends in the market: One of the key trends in the On-road Motorcycles market in Gambia is the increasing demand for motorcycles with higher engine capacities. This can be attributed to the growing popularity of long-distance travel and recreational riding among motorcycle enthusiasts. As the economy continues to grow and disposable incomes increase, more individuals are able to afford motorcycles with larger engines, which provide a more powerful and thrilling riding experience. Another trend in the market is the rising demand for electric motorcycles. With the global shift towards sustainable and eco-friendly transportation, Gambia is also witnessing a growing interest in electric vehicles, including motorcycles. Electric motorcycles offer several advantages such as lower operating costs, reduced emissions, and quieter operation. As the infrastructure for electric vehicle charging continues to improve, the demand for electric motorcycles is expected to increase further.

Local special circumstances: Gambia's geographical characteristics, with its diverse landscapes and scenic routes, make it an ideal destination for motorcycle tourism. The country attracts motorcycle enthusiasts from both domestic and international markets who are looking to explore its natural beauty and cultural heritage. This has led to an increase in motorcycle rentals and guided tours, contributing to the growth of the On-road Motorcycles market in Gambia.

Underlying macroeconomic factors: The steady economic growth in Gambia has played a significant role in the development of the On-road Motorcycles market. As the country's GDP continues to rise, more individuals have the purchasing power to afford motorcycles. This, coupled with the availability of financing options, has made motorcycles more accessible to a larger segment of the population. Furthermore, the government's focus on infrastructure development, including road expansions and improvements, has made it easier for motorcycles to navigate through the country. The ongoing investments in road infrastructure have not only improved connectivity but also enhanced the overall safety and convenience of motorcycle travel. In conclusion, the On-road Motorcycles market in Gambia is witnessing growth driven by customer preferences for affordable and efficient transportation options. The increasing demand for motorcycles with higher engine capacities and the rising interest in electric motorcycles are notable trends in the market. Additionally, Gambia's unique geographical characteristics and steady economic growth contribute to the development 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.