Key regions: Nigeria, United States, Spain, Vietnam, Indonesia
The On-road Motorcycles market in North Macedonia has been experiencing steady growth in recent years, driven by customer preferences for affordable and efficient transportation options.
Customer preferences: Customers in North Macedonia have shown a strong preference for motorcycles as a means of transportation. This preference is driven by several factors, including the lower cost of motorcycles compared to cars and the ability to navigate through congested urban areas more easily. Additionally, motorcycles are seen as a more fuel-efficient option, which is especially important in a country where fuel prices are relatively high.
Trends in the market: One noticeable trend in the On-road Motorcycles market in North Macedonia is the increasing popularity of electric motorcycles. As environmental concerns become more prominent, customers are seeking greener alternatives to traditional gasoline-powered motorcycles. Electric motorcycles offer a cleaner and more sustainable mode of transportation, and advancements in battery technology have made them a viable option for consumers. This trend is expected to continue as the government and other stakeholders promote the adoption of electric vehicles in the country. Another trend in the market is the growing demand for motorcycles with larger engine capacities. While smaller motorcycles are still popular for their affordability and ease of use, there is a segment of customers who are willing to invest in more powerful motorcycles for recreational purposes. This trend is driven by the desire for a more thrilling and adventurous riding experience, as well as the growing popularity of motorcycle tourism in the region.
Local special circumstances: North Macedonia's geography and road infrastructure also play a role in shaping the On-road Motorcycles market. The country's mountainous terrain and winding roads make motorcycles a practical choice for many residents, as they offer better maneuverability and handling compared to cars. Additionally, the relatively small size of the country makes motorcycles a convenient mode of transportation for both urban and rural areas.
Underlying macroeconomic factors: The growth of the On-road Motorcycles market in North Macedonia is supported by the country's improving economic conditions. As the economy continues to develop, more individuals have the financial means to purchase motorcycles. Additionally, the government has implemented policies to promote domestic manufacturing and attract foreign investment in the automotive sector, which has led to the expansion of the motorcycle industry. Overall, the combination of customer preferences, market trends, local circumstances, and macroeconomic factors has contributed to the positive development of the On-road Motorcycles market in North Macedonia.
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.
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