On-road Motorcycles - Montenegro

Montenegro

In 2024, the projected revenue in the On-road Motorcycles market segment in Montenegro is expected to reach US$1.31m.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of 1.91%, leading to a projected market volume of US$1.44m by 2029.
By 2029, the unit sales in the On-road Motorcycles market segment are expected to reach 179.00motorcyles.
The volume weighted average price of the On-road Motorcycles market segment in Montenegro is estimated to be US$8.04k in 2024.
When considering the international market, it is evident that India will generate the highest revenue, amounting to US$21,500.00m in 2024.
Montenegro's on-road motorcycle market is experiencing a surge in demand due to its scenic coastal roads and mountainous terrain, attracting adventure-seeking tourists and locals.

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

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Analyst Opinion

The On-road Motorcycles market in Montenegro has been experiencing steady growth in recent years. Customer preferences for this type of vehicle have been a driving force behind this trend. Additionally, local special circumstances and underlying macroeconomic factors have played a role in shaping the market. Customer preferences in Montenegro have shifted towards on-road motorcycles due to their versatility and convenience. These vehicles are popular among both urban and rural residents, as they provide an efficient mode of transportation in congested cities and offer the freedom to explore the country's scenic landscapes. Furthermore, the relatively lower cost of on-road motorcycles compared to cars makes them an attractive option for budget-conscious consumers. One of the key trends in the market is the increasing demand for electric on-road motorcycles. As sustainability becomes a global priority, Montenegrin consumers are also embracing eco-friendly transportation options. Electric motorcycles offer a clean and efficient alternative to traditional gasoline-powered vehicles, and their popularity is expected to continue growing in the coming years. Another trend in the market is the rising popularity of adventure motorcycles. Montenegro's diverse terrain, including mountains and coastal areas, makes it an ideal destination for adventure enthusiasts. These motorcycles are designed to handle off-road conditions while still providing comfort and performance on paved roads. The demand for adventure motorcycles is driven by the country's growing tourism industry, as more visitors seek thrilling experiences and explore Montenegro's natural beauty. Local special circumstances also contribute to the development of the on-road motorcycles market in Montenegro. The country's compact size and well-maintained road infrastructure make it conducive for motorcycle travel. Additionally, the favorable climate allows for year-round riding, further increasing the appeal of on-road motorcycles. Underlying macroeconomic factors also play a role in the market's growth. Montenegro's improving economy has led to an increase in disposable income, allowing more consumers to afford on-road motorcycles. Furthermore, the government's efforts to promote tourism and attract foreign investment have resulted in an influx of visitors and expatriates, creating a potential customer base for the on-road motorcycles market. In conclusion, the on-road motorcycles market in Montenegro is developing due to customer preferences for versatile and cost-effective transportation options. The increasing demand for electric and adventure motorcycles, along with local special circumstances and favorable macroeconomic factors, are driving the growth of this market. As Montenegro continues to attract tourists and improve its infrastructure, the on-road motorcycles market is expected to thrive in the coming years.

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.