On-road Motorcycles - Russia

Russia

Highlights

In 2024, the projected revenue in the On-road Motorcycles market segment in Russia is expected to reach US$165.70m.
Looking ahead, the revenue is forecasted to exhibit an annual growth rate of 35.49% (CAGR 2024-2029), resulting in a projected market volume of US$756.30m by 2029.
By that year, the unit sales in the On-road Motorcycles market segment are expected to reach 67.11k motorcyles.
Furthermore, the volume weighted average price of On-road Motorcycles market in Russia is anticipated to be US$11.15k in 2024.
When examining the international landscape, it becomes evident that India is poised to generate the highest revenue in the On-road Motorcycles market segment, with a projected figure of US$21.50bn in 2024.
As a journalist with a deep knowledge about history, facts, and insights, I can provide you with a country-specific statement about current trends in the on-road motorcycle market in Russia: With a growing interest in adventure tourism, Russian motorcyclists are increasingly opting for powerful and rugged off-road motorcycles to explore the vast landscapes of their country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Russian consumers have shown a strong preference for on-road motorcycles, which can be attributed to several factors. Firstly, on-road motorcycles are seen as a convenient mode of transportation, especially in urban areas where traffic congestion is a common problem. Secondly, on-road motorcycles are often more affordable than other types of vehicles, making them an attractive option for budget-conscious consumers. Additionally, on-road motorcycles are also popular among young people who are looking for a stylish and sporty mode of transportation.

Trends in the market: One of the key trends in the on-road motorcycles market in Russia is the increasing demand for electric motorcycles. This trend can be attributed to the growing awareness of environmental issues and the desire to reduce carbon emissions. Electric motorcycles offer a greener alternative to traditional gasoline-powered motorcycles, and they are also quieter and require less maintenance. As a result, many consumers are opting for electric motorcycles as a more sustainable and cost-effective mode of transportation. Another trend in the market is the rising popularity of premium on-road motorcycles. Russian consumers are increasingly willing to invest in high-end motorcycles that offer superior performance, advanced features, and a more luxurious riding experience. This trend can be attributed to the growing affluence of the middle class in Russia and their desire for premium products that showcase their status and lifestyle.

Local special circumstances: One of the unique factors that influence the on-road motorcycles market in Russia is the country's vast territory and diverse climate. Russia experiences extreme weather conditions, with long and harsh winters in many regions. This poses a challenge for on-road motorcycle riders, as the weather conditions can limit their ability to ride for a significant portion of the year. As a result, many consumers opt for motorcycles that are equipped with features such as heated grips and weatherproof storage compartments to make riding in cold and wet conditions more comfortable.

Underlying macroeconomic factors: The growth of the on-road motorcycles market in Russia can be attributed to several underlying macroeconomic factors. Firstly, the improving economic conditions in the country have led to an increase in disposable income, allowing more consumers to afford motorcycles. Secondly, the government has implemented favorable policies and regulations to promote the growth of the motorcycle industry, including tax incentives and subsidies for electric motorcycles. Finally, the increasing urbanization in Russia has resulted in a higher demand for efficient and affordable modes of transportation, driving the growth of the on-road motorcycles market. In conclusion, the on-road motorcycles market in Russia is experiencing significant growth due to customer preferences for convenient and affordable transportation options, as well as the increasing demand for electric and premium motorcycles. The local special circumstances, such as the diverse climate, also play a role in shaping the market. The underlying macroeconomic factors, including improving economic conditions and government support, further contribute to the growth of the market.

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.