On-road Motorcycles - Jamaica

Jamaica

Highlights

The On-road Motorcycles market segment in Jamaica is expected to generate revenue of US$5.66m in 2024.
This revenue is projected to experience an annual growth rate of 1.70% from 2024 to 2029, resulting in a market volume of US$6.16m by 2029.
Furthermore, it is anticipated that unit sales in the On-road Motorcycles market segment will reach 1.25k motorcyles in 2029.
In 2024, the volume weighted average price of On-road Motorcycles market in Jamaica is expected to be US$4.78k.
From an international perspective, it is noteworthy that India is predicted to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21.50bn in 2024.
Jamaica's on-road motorcycle market is experiencing a surge in demand due to the country's growing tourism industry and increasing interest in exploring the island's scenic routes.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Jamaica is experiencing significant growth and development in recent years.

Customer preferences: Jamaican customers have shown a strong preference for on-road motorcycles due to their convenience and affordability. On-road motorcycles provide a cost-effective mode of transportation, especially in urban areas where traffic congestion is a major issue. Additionally, the compact size and maneuverability of on-road motorcycles make them ideal for navigating through narrow streets and crowded roads.

Trends in the market: One of the key trends in the On-road Motorcycles market in Jamaica is the increasing demand for electric motorcycles. As the global push for sustainability and environmental consciousness grows, Jamaican consumers are also becoming more aware of the impact of traditional gasoline-powered motorcycles on the environment. Electric motorcycles offer a cleaner and greener alternative, with zero emissions and lower operating costs. This trend is expected to continue as the government promotes renewable energy and sustainable transportation initiatives. Another trend in the market is the rise of motorcycle ride-sharing services. Similar to other parts of the world, Jamaica has seen the emergence of ride-sharing platforms that connect motorcycle owners with passengers in need of transportation. This trend is fueled by the growing popularity of on-demand services and the desire for flexible and affordable transportation options. Motorcycle ride-sharing services provide an efficient and convenient way for Jamaicans to travel short distances, especially in congested urban areas.

Local special circumstances: Jamaica's unique geography and infrastructure play a significant role in the development of the On-road Motorcycles market. The country's mountainous terrain and narrow roads make motorcycles a practical and efficient mode of transportation, especially in rural areas where public transportation options may be limited. Additionally, the warm and sunny climate of Jamaica makes riding motorcycles a popular recreational activity, attracting both locals and tourists.

Underlying macroeconomic factors: The strong economic growth and increasing disposable income in Jamaica have contributed to the growth of the On-road Motorcycles market. As more Jamaicans have access to higher incomes, they are able to afford personal vehicles, including motorcycles. The government's efforts to improve the country's road infrastructure and promote tourism have also created a favorable environment for the growth of the On-road Motorcycles market. Additionally, the availability of financing options and the presence of international motorcycle manufacturers in the country have made motorcycles more accessible to a wider range of consumers.

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.