On-road Motorcycles - Myanmar

Myanmar

The revenue in the On-road Motorcycles market segment in Myanmar is projected to reach US$33.90m in 2024.
This market segment is expected to show an annual growth rate of -0.39% (CAGR 2024-2029), resulting in a projected market volume of US$33.24m by 2029.
By 2029, it is estimated that the unit sales in the On-road Motorcycles market segment will reach 4.04k motorcyles.
The volume weighted average price of On-road Motorcycles market in Myanmar in 2024 is expected to be US$8.17k.
From an international perspective, it is shown that the most revenue in this segment will be generated India, with US$21,500.00m in 2024.
The demand for on-road motorcycles in Myanmar has been steadily increasing due to the country's improving infrastructure and rising middle-class population.

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

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Analyst Opinion

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

Customer preferences: Myanmar has a large population, and motorcycles are a popular mode of transportation in both urban and rural areas. Many people prefer motorcycles for their affordability, ease of use, and ability to navigate through congested city streets. Additionally, motorcycles are often used for business purposes, such as food delivery or transportation services, further driving the demand for on-road motorcycles.

Trends in the market: One of the key trends in the on-road motorcycles market in Myanmar is the increasing demand for electric motorcycles. As the country focuses on sustainable development and reducing carbon emissions, there is a growing interest in electric vehicles, including motorcycles. This trend is also driven by the government's efforts to promote electric vehicles through incentives and subsidies. As a result, several manufacturers have introduced electric motorcycle models to cater to this emerging market segment. Another trend in the market is the introduction of more advanced features and technologies in on-road motorcycles. Manufacturers are incorporating features such as digital displays, smartphone connectivity, and advanced safety systems to attract customers. These features not only enhance the riding experience but also cater to the tech-savvy younger generation who value connectivity and convenience.

Local special circumstances: Myanmar has a unique geographical landscape, with both urban and rural areas. In rural areas, motorcycles are often the primary mode of transportation due to limited infrastructure. This creates a strong demand for on-road motorcycles that are durable and capable of navigating rough terrains. Manufacturers have recognized this demand and have introduced models specifically designed for off-road use, catering to the needs of customers in rural areas.

Underlying macroeconomic factors: The economic growth in Myanmar has contributed to the development of the on-road motorcycles market. As the country continues to experience economic progress, more people have disposable income to spend on vehicles. This has led to an increase in motorcycle ownership and a growing market for on-road motorcycles. Furthermore, the government's efforts to improve infrastructure, such as road networks and transportation systems, have also played a role in the market's growth. Better roads and connectivity make motorcycles a more viable option for transportation, further driving the demand for on-road motorcycles. In conclusion, the on-road motorcycles market in Myanmar is witnessing significant growth due to customer preferences for affordable and convenient transportation options. The increasing demand for electric motorcycles and the incorporation of advanced features are key trends in the market. The unique geographical landscape and the government's focus on infrastructure development are local special circumstances that contribute to the market's growth. The overall economic progress in Myanmar also plays a significant role in driving the demand for on-road motorcycles.

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.