On-road Motorcycles - Iraq

Iraq

Highlights

In 2024, the projected revenue in the On-road Motorcycles market segment in Iraq is expected to reach US$260.40m.
Looking ahead, a steady annual growth rate (CAGR 2024-2029) of 3.76% is anticipated, resulting in a projected market volume of US$313.20m by 2029.
By that year, the unit sales in the On-road Motorcycles market segment are expected to reach 54.67k motorcyles.
It is worth noting that the volume weighted average price of the On-road Motorcycles market segment in Iraq is projected to be US$5.66k in 2024.
When examining the international perspective, India is expected to generate the highest revenue in this market segment, with US$21.50bn in 2024.
Despite ongoing security concerns, the demand for on-road motorcycles in Iraq continues to grow due to their affordability and practicality in navigating through congested urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: In Iraq, there is a growing demand for on-road motorcycles due to their affordability, fuel efficiency, and convenience. Many consumers in the country prefer motorcycles as a primary mode of transportation, especially in urban areas where traffic congestion is common. On-road motorcycles also offer the flexibility to navigate through narrow streets and crowded areas, making them a popular choice among commuters. Additionally, motorcycles are often seen as a status symbol in Iraq, further driving the demand for these vehicles.

Trends in the market: One of the key trends in the on-road motorcycles market in Iraq is the increasing popularity of electric motorcycles. With the growing concern for environmental sustainability and rising fuel prices, many consumers are opting for electric motorcycles as a greener and more cost-effective alternative. This trend is in line with the global shift towards electric vehicles and is expected to continue driving the growth of the on-road motorcycles market in Iraq. Another trend in the market is the introduction of advanced features and technologies in on-road motorcycles. Manufacturers are incorporating features such as ABS (Anti-lock Braking System), digital instrument clusters, and smartphone connectivity to enhance the riding experience and attract tech-savvy consumers. These advancements not only improve safety and convenience but also cater to the evolving preferences of the younger generation.

Local special circumstances: Iraq has a relatively young population, with a significant portion of the population falling into the working-age group. This demographic factor contributes to the demand for on-road motorcycles as a means of affordable transportation for daily commuting. Additionally, the country's infrastructure is still developing, with limited public transportation options in many areas. This further drives the need for personal transportation, making on-road motorcycles a popular choice.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Iraq can also be attributed to the country's improving economy. As the economy continues to recover from years of conflict and instability, consumers have more disposable income, allowing them to afford motorcycles. Moreover, the government's efforts to attract foreign investments and promote economic development have resulted in job creation and increased purchasing power among the population. In conclusion, the on-road motorcycles market in Iraq is witnessing significant growth due to customer preferences for affordable and convenient transportation options. The increasing popularity of electric motorcycles and the incorporation of advanced features are driving this growth. Local special circumstances, such as a young population and limited public transportation options, further contribute to the demand for on-road motorcycles. Additionally, the improving economy and rising disposable income among consumers are underlying macroeconomic factors that support the market's development.

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.