On-road Motorcycles - Nepal

Nepal

In 2024, the projected revenue in the On-road Motorcycles market segment in Nepal is estimated to reach US$93.78m.
This segment is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a projected market volume of US$95.07m by 2029.
By 2029, it is anticipated that the unit sales in the On-road Motorcycles market segment will reach 13.88k motorcyles.
The volume weighted average price of On-road Motorcycles market in Nepal is expected to be US$6.58k in 2024.
When considering the international perspective, it is evident that the highest revenue in the On-road Motorcycles market segment will be generated India, amounting to US$21,500.00m in 2024.
Nepal's on-road motorcycle market has experienced a significant surge in popularity, driven by the country's rugged terrain and growing interest in adventure tourism.

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

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Analyst Opinion

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

Customer preferences: In Nepal, there is a strong demand for on-road motorcycles due to their affordability and convenience. Motorcycles are a popular mode of transportation in the country, especially in rural areas where road infrastructure is limited. Customers prefer motorcycles that are fuel-efficient, durable, and easy to maintain. Additionally, there is a growing interest in motorcycles with higher engine capacities for those who seek more power and performance.

Trends in the market: One of the key trends in the on-road motorcycles market in Nepal is the increasing popularity of electric motorcycles. As the country focuses on sustainability and reducing carbon emissions, more customers are opting for electric motorcycles as a greener alternative to traditional fuel-powered bikes. This trend is also driven by the availability of government subsidies and incentives for electric vehicles. Another trend in the market is the introduction of advanced features in motorcycles. Manufacturers are incorporating technologies such as ABS (Anti-lock Braking System), digital instrument clusters, and LED lighting to enhance the safety and convenience of riders. These features are becoming increasingly important to customers who are looking for a more modern and sophisticated riding experience.

Local special circumstances: Nepal's challenging terrain and diverse climate present unique challenges for motorcycles. The country is known for its mountainous regions and rough roads, which require motorcycles with good suspension, ground clearance, and off-road capabilities. Additionally, the monsoon season brings heavy rainfall, making it essential for motorcycles to have good grip and water-resistant components.

Underlying macroeconomic factors: The growing economy and rising disposable income in Nepal have contributed to the growth of the on-road motorcycles market. As people's purchasing power increases, they are more likely to invest in personal transportation, including motorcycles. Additionally, the government's focus on infrastructure development has resulted in improved road connectivity, making motorcycles a more viable mode of transport for many Nepalese. In conclusion, the on-road motorcycles market in Nepal is witnessing growth due to customer preferences for affordable and convenient transportation. The market is also influenced by the increasing popularity of electric motorcycles and the introduction of advanced features. The local special circumstances, such as challenging terrain and climate, play a significant role in shaping the market. Overall, the market's development is driven by underlying macroeconomic factors such as the growing economy and rising disposable income.

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.