On-road Motorcycles - Philippines

Philippines

The On-road Motorcycles market segment in the Philippines is expected to achieve a revenue of US$4.08bn in 2024.
Furthermore, it is projected to experience a steady annual growth rate (CAGR 2024-2029) of 3.30%, resulting in a market volume of US$4.80bn by 2029.
In terms of unit sales, it is estimated that the segment will reach 1.14m motorcyles units in 2029.
Additionally, the volume weighted average price of On-road Motorcycles market in the Philippines is anticipated to be US$4.04k in 2024.
When examining the international market, it is evident that India is expected to generate the highest revenue, reaching a staggering US$21,500.00m in 2024.
The motorcycle market in the Philippines is experiencing a surge in demand for smaller, fuel-efficient models due to congested city streets.

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

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Analyst Opinion

The On-road Motorcycles market in Philippines has been experiencing steady growth in recent years, driven by customer preferences for affordable and efficient transportation options.

Customer preferences: In the Philippines, motorcycles are a popular mode of transportation due to their affordability and fuel efficiency. Many Filipinos prefer motorcycles for their daily commute, as they offer a convenient and cost-effective way to navigate the country's congested roads. Additionally, motorcycles are well-suited for navigating narrow streets and crowded urban areas, making them a popular choice among city dwellers.

Trends in the market: One of the key trends in the On-road Motorcycles market in Philippines is the increasing demand for electric motorcycles. As the government and consumers become more environmentally conscious, there has been a growing interest in electric vehicles, including motorcycles. Electric motorcycles offer several advantages, such as lower operating costs, reduced emissions, and quieter operation. This trend is expected to continue as the government implements policies to promote the use of electric vehicles and consumers become more aware of the benefits of electric motorcycles. Another trend in the market is the rise of online motorcycle taxi services. These services, such as GrabBike and Angkas, have gained popularity in recent years as an alternative mode of transportation. They provide convenient and affordable transportation options for both short and long distances, especially in urban areas where traffic congestion is a major issue. This trend is driven by the increasing use of smartphones and the growing popularity of ride-hailing services.

Local special circumstances: The geography and infrastructure of the Philippines also contribute to the growth of the On-road Motorcycles market. The archipelago consists of thousands of islands, and motorcycles are often the most practical mode of transportation in many rural areas where roads are not well-developed. Additionally, the country's warm climate makes motorcycles an attractive choice for commuting, as riders can enjoy the open-air experience.

Underlying macroeconomic factors: The On-road Motorcycles market in Philippines is also influenced by macroeconomic factors such as income levels and economic growth. As the economy continues to expand, more people have disposable income to purchase motorcycles. Additionally, the government's infrastructure development projects, such as road construction and improvement, contribute to the growth of the market by making motorcycle travel more convenient and accessible. In conclusion, the On-road Motorcycles market in Philippines is driven by customer preferences for affordable and efficient transportation options. The increasing demand for electric motorcycles and the rise of online motorcycle taxi services are key trends in the market. The geography and infrastructure of the country, as well as underlying macroeconomic factors, also contribute to the growth of the market.

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.