On-road Motorcycles - Madagascar

Madagascar

The revenue in the On-road Motorcycles market segment in Madagascar is projected to reach US$13.06m in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2029) of 2.46%, resulting in a projected market volume of US$14.75m by 2029.
In Madagascar, the unit sales in the On-road Motorcycles market segment are expected to reach 5.94k motorcyles in 2029.
The volume weighted average price of On-road Motorcycles market segment in 2024 is expected to amount to US$2.41k.
From an international perspective, it is shown that the most revenue will be generated India (US$21,500.00m in 2024).
Madagascar's on-road motorcycle market is experiencing a surge in demand due to its rugged terrain and growing tourism industry.

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

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Analyst Opinion

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

Customer preferences: Customers in Madagascar have shown a strong preference for on-road motorcycles due to their affordability and versatility. On-road motorcycles are popular among both urban and rural dwellers, as they provide a convenient mode of transportation for daily commutes and can navigate through the country's diverse terrain. Additionally, the low maintenance and fuel costs associated with on-road motorcycles make them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the on-road motorcycles market in Madagascar is the increasing demand for electric motorcycles. As the country strives to reduce its carbon footprint and promote sustainable transportation, more consumers are opting for electric motorcycles. These vehicles offer the advantage of being environmentally friendly and cost-effective in the long run, as they require less maintenance and have lower fuel costs. The government has also introduced incentives and subsidies to encourage the adoption of electric motorcycles, further driving their popularity in the market. Another trend observed in the market is the growing popularity of smaller displacement motorcycles. Due to their affordability and fuel efficiency, motorcycles with engine displacements below 150cc are in high demand. These motorcycles are particularly favored by urban commuters who need a nimble and agile vehicle to navigate through congested city streets. The compact size and maneuverability of these motorcycles make them ideal for weaving through traffic and finding parking spaces in crowded areas.

Local special circumstances: Madagascar's unique geography and infrastructure pose certain challenges for the on-road motorcycles market. The country's road network is not well-developed, with many areas lacking proper pavement and maintenance. As a result, customers in Madagascar prefer motorcycles that are durable and can withstand rough terrains. Manufacturers and distributors have responded to this demand by offering motorcycles with sturdy frames, robust suspension systems, and off-road capabilities. Furthermore, the affordability of on-road motorcycles is a crucial factor in the market. The majority of the population in Madagascar has limited purchasing power, and motorcycles serve as a more accessible mode of transportation compared to cars. Manufacturers have recognized this and have introduced entry-level models with competitive pricing to cater to the mass market.

Underlying macroeconomic factors: The economic growth in Madagascar has contributed to the development of the on-road motorcycles market. As the country's GDP continues to rise, more consumers have disposable income to spend on vehicles. The increasing urbanization and population growth also drive the demand for on-road motorcycles, as they offer a cost-effective solution for transportation in congested cities. Additionally, the government's efforts to improve infrastructure and connectivity across the country have positively impacted the on-road motorcycles market. As road conditions improve and transportation becomes more accessible, the demand for motorcycles is expected to grow further. In conclusion, the on-road motorcycles market in Madagascar is experiencing growth due to customer preferences for affordable and versatile transportation options. The increasing demand for electric motorcycles and smaller displacement motorcycles reflects the country's focus on sustainability and urban mobility. The unique geography and infrastructure of Madagascar, along with the affordability of motorcycles, shape the local market dynamics. The underlying macroeconomic factors, such as economic growth and infrastructure development, also contribute to the market's expansion.

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.