On-road Motorcycles - Norway

Norway

Highlights

The On-road Motorcycles market segment in Norway is projected to generate a revenue of US$37.75m in 2024.
This market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 0.30%, resulting in a projected market volume of US$38.32m by 2029.
By 2029, it is estimated that the unit sales in the On-road Motorcycles market segment will reach 2.54k motorcyles.
The volume weighted average price of On-road Motorcycles market in 2024 is expected to be US$14.76k.
When considering the international perspective, it is noteworthy that India is anticipated to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21.50bn in 2024.
Norway's growing interest in electric vehicles is reflected in the increasing demand for electric motorcycles in the on-road motorcycle market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in Norway have shown a strong preference for on-road motorcycles due to their versatility and convenience. On-road motorcycles are particularly popular among urban dwellers who use them for daily commuting. Additionally, Norway's scenic landscapes and well-maintained road infrastructure make it an ideal country for motorcycle enthusiasts to explore.

Trends in the market: One of the key trends in the on-road motorcycles market in Norway is the increasing demand for electric motorcycles. Norway has been at the forefront of promoting electric vehicles, and this trend has extended to the motorcycle sector as well. The government's incentives and subsidies for electric vehicles have encouraged consumers to choose electric motorcycles over traditional gasoline-powered ones. As a result, many motorcycle manufacturers have started introducing electric models to cater to this growing demand. Another trend in the market is the rising popularity of adventure motorcycles. Adventure motorcycles offer a combination of on-road and off-road capabilities, making them suitable for exploring Norway's rugged terrains. These motorcycles are equipped with advanced features such as long-travel suspension, large fuel tanks, and robust engines, making them ideal for long-distance travel. The increasing interest in adventure tourism and outdoor activities has contributed to the growing demand for these motorcycles.

Local special circumstances: Norway's strict regulations and high environmental consciousness have had a significant impact on the on-road motorcycles market. The government has implemented stringent emission standards, which have prompted manufacturers to develop cleaner and more fuel-efficient motorcycles. This has led to the introduction of new technologies such as electric powertrains and hybrid systems in the market. Additionally, Norway's high purchasing power and disposable income levels have made it an attractive market for premium motorcycle brands. Customers in Norway are willing to invest in high-quality motorcycles that offer superior performance and advanced features. This has led to the presence of a wide range of premium motorcycle brands in the country, catering to the demands of affluent customers.

Underlying macroeconomic factors: Norway's strong economy and stable political environment have created a favorable business environment for the on-road motorcycles market. The country has a high standard of living and a well-developed infrastructure, which supports the growth of the motorcycle industry. Additionally, the government's focus on promoting sustainable transportation and reducing carbon emissions has further contributed to the growth of the market. In conclusion, the on-road motorcycles market in Norway is witnessing growth due to customer preferences for versatile and convenient transportation options. The increasing demand for electric motorcycles and adventure motorcycles reflects changing consumer preferences and the influence of local special circumstances such as environmental regulations and high purchasing power. The underlying macroeconomic factors, including a strong economy and stable political environment, have also contributed to the market's growth.

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.