On-road Motorcycles - Iceland

Iceland

Highlights

The projected revenue for the On-road Motorcycles market segment in Iceland is expected to reach US$600.10k in 2024.
It is anticipated that the revenue will show an annual growth rate of 0.36% from 2024 to 2029, resulting in a projected market volume of US$610.90k by 2029.
In line with this growth, unit sales in the On-road Motorcycles market segment are expected to reach 44.00motorcyles in 2029.
The volume weighted average price of On-road Motorcycles market in Iceland is projected to be US$13.64k in 2024.
When considering the international perspective, India is expected to generate the highest revenue in the On-road Motorcycles market segment, with a projected revenue of US$21.50bn in 2024.
Iceland's rugged terrain and adventurous spirit have fueled a growing demand for off-road motorcycles in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Iceland has been experiencing significant growth in recent years, driven by changing consumer preferences and local special circumstances.

Customer preferences: In Iceland, there is a growing demand for on-road motorcycles as a means of transportation, especially in urban areas. This is due to several factors, including the high cost of fuel and the desire for a more environmentally friendly mode of transportation. On-road motorcycles offer a convenient and cost-effective way to navigate through the city, avoiding traffic congestion and reducing travel time. Additionally, the popularity of recreational activities such as motorcycle touring and off-road adventures has also contributed to the increasing demand for on-road motorcycles in Iceland.

Trends in the market: One of the key trends in the on-road motorcycles market in Iceland is the shift towards electric motorcycles. As the country aims to reduce its carbon footprint and promote sustainable transportation, there has been a growing interest in electric vehicles, including motorcycles. Electric motorcycles offer lower operating costs and reduced emissions compared to traditional gasoline-powered motorcycles, making them an attractive option for environmentally conscious consumers. The availability of charging infrastructure and government incentives for electric vehicle adoption have further fueled the demand for electric motorcycles in Iceland. Another trend in the market is the increasing popularity of smaller displacement motorcycles. With the rising cost of living and limited storage space in urban areas, consumers are opting for smaller, more agile motorcycles that are easier to maneuver and park. These motorcycles are not only practical for daily commuting but also provide a thrilling riding experience. Manufacturers have responded to this trend by introducing a wide range of lightweight and compact models tailored to the needs of urban riders in Iceland.

Local special circumstances: Iceland's unique geography and climate also play a role in shaping the on-road motorcycles market. The country's rugged terrain and unpredictable weather conditions make motorcycles a suitable choice for navigating through challenging landscapes. Motorcycles offer better maneuverability and agility compared to larger vehicles, allowing riders to explore Iceland's scenic routes and off-road trails. Additionally, the short riding season in Iceland, due to harsh winters, has led to a higher demand for motorcycles during the summer months when the weather is more favorable for outdoor activities.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Iceland is also influenced by underlying macroeconomic factors. The country's strong economy and high disposable income levels have contributed to increased consumer spending on recreational vehicles and luxury goods, including motorcycles. Furthermore, favorable financing options and easy access to credit have made it easier for consumers to purchase motorcycles, driving market growth. In conclusion, the on-road motorcycles market in Iceland is experiencing growth due to changing customer preferences, including the demand for electric and smaller displacement motorcycles. The country's unique geography and climate also contribute to the popularity of motorcycles as a means of transportation and recreational activity. Additionally, favorable macroeconomic factors, such as a strong economy and high disposable income levels, have further fueled market growth.

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.