On-road Motorcycles - NAFTA

NAFTA

Highlights

The On-road Motorcycles market segment in NAFTA is projected to generate a revenue of US$8.74bn in 2024.
It is expected to experience an annual growth rate of 2.74% (CAGR 2024-2029), resulting in a projected market volume of US$10.00bn by 2029.
In 2029, unit sales in the On-road Motorcycles market segment are expected to reach 1.45m motorcyles.
The volume weighted average price of On-road Motorcycles market in 2024 is projected to be US$6.97k.
From an international perspective, India is expected to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21.50bn in 2024.
The demand for electric motorcycles in NAFTA countries, particularly the United States, is steadily increasing due to growing environmental concerns and government incentives.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in the NAFTA region have shown a strong preference for on-road motorcycles due to their versatility and fuel efficiency. On-road motorcycles are popular among both urban and rural residents, as they provide a convenient and cost-effective mode of transportation. Additionally, the increasing popularity of recreational activities such as motorcycle touring and racing has contributed to the growing demand for on-road motorcycles.

Trends in the market: One major trend in the on-road motorcycles market in NAFTA is the increasing demand for electric motorcycles. With the rising concerns about environmental sustainability and the need to reduce carbon emissions, many customers are opting for electric motorcycles as a greener alternative to traditional gasoline-powered bikes. This trend is expected to continue as governments in the NAFTA region implement stricter emissions regulations and provide incentives for the adoption of electric vehicles. Another trend in the market is the growing popularity of adventure touring motorcycles. These motorcycles are designed for long-distance travel on both paved and unpaved roads, making them suitable for exploring various terrains. Adventure touring motorcycles offer enhanced suspension, larger fuel tanks, and additional storage capacity, making them ideal for customers who enjoy off-road adventures or long-distance touring.

Local special circumstances: In the United States, the on-road motorcycles market is driven by a combination of factors such as a strong economy, favorable credit conditions, and a large population of motorcycle enthusiasts. The country has a well-developed infrastructure and a vast network of highways and scenic routes, making it an attractive destination for motorcycle touring. Additionally, the popularity of motorcycle rallies and events, such as Sturgis Motorcycle Rally in South Dakota, further boosts the demand for on-road motorcycles. In Canada, the on-road motorcycles market is influenced by the country's diverse geography and climate. The vast wilderness and scenic landscapes attract adventure-seeking customers who are interested in off-road riding and exploring remote areas. Moreover, the popularity of motorcycle touring in Canada is fueled by the country's extensive network of scenic routes, such as the Cabot Trail in Nova Scotia and the Icefields Parkway in Alberta.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in NAFTA can be attributed to several underlying macroeconomic factors. These include a stable economic environment, rising disposable incomes, and favorable demographic trends. As the economy continues to recover from the global financial crisis, consumers in the NAFTA region have more discretionary income to spend on recreational activities such as motorcycle riding. Additionally, the aging population in the region has led to an increase in the number of retirees who have the time and resources to pursue hobbies such as motorcycle touring.

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.