On-road Motorcycles - Mexico

Mexico

Highlights

The projected revenue for the On-road Motorcycles market segment in Mexico is estimated to reach US$2.05bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.25%, leading to a projected market volume of US$2.53bn by 2029.
Furthermore, the unit sales in the On-road Motorcycles market segment are anticipated to reach 923.20k motorcyles in 2029.
In 2024, the volume weighted average price of the On-road Motorcycles market segment in Mexico is expected to be approximately US$2.65k.
It is worth noting that, from an international perspective, India is projected to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21.50bn in 2024.
Mexico's on-road motorcycle market is experiencing a surge in demand due to the country's vibrant motorcycle culture and the need for efficient urban transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Mexico has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Mexican consumers have shown a strong preference for on-road motorcycles, which are designed for use on paved roads. This preference can be attributed to several factors. Firstly, on-road motorcycles are often more affordable than other types of vehicles, making them an attractive option for budget-conscious consumers. Additionally, the compact size and maneuverability of on-road motorcycles make them well-suited for navigating the often congested city streets of Mexico. Finally, the growing popularity of motorcycle tourism in Mexico has also contributed to the increased demand for on-road motorcycles.

Trends in the market: One of the key trends in the Mexican on-road motorcycles market is the increasing demand for electric motorcycles. As consumers become more environmentally conscious, there has been a shift towards cleaner and more sustainable modes of transportation. Electric motorcycles offer several advantages over their traditional counterparts, including lower emissions, reduced noise pollution, and lower operating costs. This trend is expected to continue as the technology behind electric motorcycles improves and becomes more affordable. Another trend in the market is the growing popularity of smaller displacement motorcycles. These motorcycles, typically with engine sizes below 250cc, are favored by urban commuters due to their fuel efficiency and ease of maneuverability. With increasing urbanization and traffic congestion in Mexico, smaller displacement motorcycles offer a practical and economical solution for daily commuting.

Local special circumstances: Mexico's geography and climate also play a role in the development of the on-road motorcycles market. The country's diverse landscapes, ranging from coastal regions to mountainous areas, provide ample opportunities for motorcycle enthusiasts to explore and enjoy their bikes. Additionally, Mexico's warm climate allows for year-round motorcycle riding, further fueling the demand for on-road motorcycles.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the on-road motorcycles market in Mexico. Firstly, the country's expanding middle class has led to an increase in disposable income, allowing more consumers to afford motorcycles. Additionally, favorable government policies and regulations, such as reduced import tariffs and incentives for electric vehicles, have encouraged the growth of the market. Lastly, the presence of a well-established network of dealerships and service centers has made it easier for consumers to purchase and maintain their motorcycles. In conclusion, the on-road motorcycles market in Mexico is experiencing growth due to customer preferences for affordable and maneuverable vehicles, as well as the increasing demand for electric motorcycles and smaller displacement bikes. Mexico's geography, climate, and favorable macroeconomic factors have also contributed to the development of the market.

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.