On-road Motorcycles - Iran

Iran

Iran is projected to experience a significant revenue growth in the On-road Motorcycles market segment.
In 2024, it is estimated that the revenue will reach US$0.57bn.
This projection is based on the expected annual growth rate (CAGR 2024-2029) of 1.37%.
As a result, the market volume is projected to reach US$0.61bn by 2029.
Furthermore, the unit sales in the On-road Motorcycles market segment are expected to reach 90.86k motorcyles by 2029.
In 2024, the volume weighted average price of On-road Motorcycles market in Iran is projected to amount to US$6.58k.
It is worth noting that, from an international perspective, India is expected to generate the highest revenue in the On-road Motorcycles market segment.
In 2024 alone, India is projected to generate a total revenue of US$21,500.00m.
Iran's on-road motorcycle market is experiencing a surge in demand due to the country's growing middle class and increasing interest in leisure activities.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The On-road Motorcycles market in Iran is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Iran are increasingly opting for on-road motorcycles due to their affordability, fuel efficiency, and convenience. On-road motorcycles provide a cost-effective means of transportation, especially in congested urban areas where traffic can be a major issue. Additionally, the relatively low maintenance costs and easy maneuverability of on-road motorcycles make them an attractive choice for many consumers.

Trends in the market: One major trend in the On-road Motorcycles market in Iran is the increasing popularity of electric motorcycles. As concerns about environmental sustainability and rising fuel prices grow, more customers are turning to electric motorcycles as a greener and more cost-effective alternative. This trend is also driven by government initiatives and incentives to promote electric vehicles, including motorcycles, in order to reduce air pollution and dependence on fossil fuels. Another trend in the market is the rising demand for higher-powered motorcycles. As the economy in Iran continues to grow, there is an increasing number of consumers who can afford more expensive and powerful motorcycles. This trend is particularly evident among younger consumers who are looking for a more thrilling and adventurous riding experience.

Local special circumstances: One of the unique factors influencing the On-road Motorcycles market in Iran is the country's strict regulations and restrictions on vehicle imports. Due to economic sanctions and trade barriers, Iran has limited access to international markets, making it difficult for foreign motorcycle manufacturers to enter the market. As a result, the domestic motorcycle industry has flourished, with local manufacturers catering to the growing demand for on-road motorcycles.

Underlying macroeconomic factors: The growth of the On-road Motorcycles market in Iran is also influenced by macroeconomic factors such as population growth, urbanization, and income levels. With a young and growing population, there is a larger consumer base for motorcycles. Moreover, rapid urbanization in Iran has led to increased congestion and traffic issues, driving the demand for more efficient and agile modes of transportation. Additionally, as income levels rise, more consumers are able to afford motorcycles, further fueling the growth of the market. In conclusion, the On-road Motorcycles market in Iran is experiencing significant growth and development due to customer preferences for affordability and convenience, as well as the rising popularity of electric motorcycles and higher-powered models. The local special circumstances, including strict import regulations, have also contributed to the growth of the domestic motorcycle industry. Furthermore, underlying macroeconomic factors such as population growth, urbanization, and income levels have played a significant role in driving the demand for on-road motorcycles in Iran.

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.