On-road Motorcycles - Peru

Peru

Highlights

The On-road Motorcycles market segment in Peru is expected to witness a significant increase in revenue.
By 2024, the projected revenue is estimated to reach US$281.20m.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 4.40%.
As a result, the market volume is projected to reach US$348.80m by 2029.
In terms of unit sales, the On-road Motorcycles market segment is expected to reach 159.10k motorcyles units in 2029.
Furthermore, the volume weighted average price of the On-road Motorcycles market segment in Peru is expected to be US$2.03k in 2024.
When considering the international market, it is evident that India will generate the highest revenue in the On-road Motorcycles market segment.
In 2024, the projected revenue for India is estimated to be US$21.50bn.
Peru's on-road motorcycle market is experiencing a surge in demand due to the country's diverse terrain and increasing popularity of adventure tourism.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Peru has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Peruvian consumers have shown a growing preference for on-road motorcycles due to their affordability, fuel efficiency, and versatility. On-road motorcycles are particularly popular among young adults and urban dwellers who are looking for a convenient and cost-effective mode of transportation. Additionally, the increasing number of women riders in Peru has also contributed to the growth of the on-road motorcycles market.

Trends in the market: One of the major trends in the on-road motorcycles market in Peru is the shift towards electric motorcycles. With the increasing concern for environmental sustainability and rising fuel prices, more consumers are opting for electric motorcycles as a greener and more economical alternative. This trend is expected to continue as the government of Peru introduces incentives and subsidies for electric vehicles. Another trend in the market is the growing demand for higher engine capacity motorcycles. Peruvian consumers are increasingly seeking motorcycles with larger engines, as they offer more power and better performance. This trend is driven by the desire for a more thrilling riding experience and the popularity of long-distance touring among motorcycle enthusiasts.

Local special circumstances: Peru's unique geography and diverse landscapes make it an ideal country for motorcycle tourism. The country offers a wide range of scenic routes and adventurous terrains, attracting both domestic and international motorcycle enthusiasts. This has led to an increase in motorcycle sales, as more riders are purchasing on-road motorcycles to explore Peru's natural beauty.

Underlying macroeconomic factors: Peru's stable economic growth and rising disposable income levels have played a significant role in the development of the on-road motorcycles market. As the economy continues to expand, more Peruvians have the financial means to purchase motorcycles for personal transportation. Additionally, the government's investment in infrastructure development, such as road expansion and improvement, has made it easier for riders to travel across the country. In conclusion, the on-road motorcycles market in Peru is witnessing growth due to customer preferences for affordable and fuel-efficient transportation options. The shift towards electric motorcycles and the demand for higher engine capacity motorcycles are key trends in the market. Peru's unique geography and growing motorcycle tourism industry contribute to the market's development. Finally, the country's stable economic growth and government investment in infrastructure have created a favorable environment for the on-road motorcycles market to thrive.

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.