On-road Motorcycles - Senegal

Senegal

Highlights

The On-road Motorcycles market segment in Senegal is expected to generate a revenue of US$18.73m in 2024.
This market segment is projected to experience an annual growth rate (CAGR 2024-2029) of 2.33%, leading to a market volume of US$21.01m by 2029.
By that year, it is anticipated that unit sales in the On-road Motorcycles market segment will reach 10.10k motorcyles.
The volume weighted average price of On-road Motorcycles market in Senegal is projected to be US$2.04k in 2024.
When considering the international market, India is expected to generate the highest revenue in the On-road Motorcycles market segment, with an estimated US$21.50bn in 2024.
Senegal's on-road motorcycle market is experiencing a surge in demand due to the country's growing urban population and increasing need for affordable transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Senegal has been experiencing steady growth in recent years, driven by several key factors. Customer preferences in the market are shifting towards more affordable and fuel-efficient motorcycles, while local special circumstances and underlying macroeconomic factors are also contributing to the market's development. Customer preferences in Senegal's On-road Motorcycles market are primarily driven by affordability and fuel efficiency. As the cost of living continues to rise, consumers are increasingly looking for more cost-effective transportation options. Motorcycles offer a more affordable alternative to cars, with lower upfront costs, lower maintenance costs, and better fuel efficiency. Additionally, motorcycles are easier to maneuver in traffic and can navigate through narrow streets, making them a practical choice for urban areas. In addition to affordability and fuel efficiency, customers in Senegal also value durability and reliability in their motorcycles. Many consumers in the country rely on motorcycles as their primary mode of transportation, and they need vehicles that can withstand the demands of daily use. As a result, there is a growing demand for motorcycles that are built to last and require minimal maintenance. Trends in the On-road Motorcycles market in Senegal are also influenced by local special circumstances. The country's road infrastructure is still developing, with many areas lacking paved roads. This creates a need for motorcycles that can handle rough terrain and provide a smooth ride. As a result, there is a demand for motorcycles with robust suspension systems and off-road capabilities. Another local special circumstance that is impacting the market is the growing popularity of motorcycle taxis, known as "moto-taxis," in Senegal. These moto-taxis provide an affordable and efficient mode of transportation in urban areas, where traffic congestion is a major issue. The demand for motorcycles used as moto-taxis has contributed to the overall growth of the On-road Motorcycles market in the country. Underlying macroeconomic factors also play a role in the development of the On-road Motorcycles market in Senegal. The country's economic growth has been relatively stable in recent years, leading to an increase in disposable income for many Senegalese consumers. This has allowed more individuals to afford motorcycles and contribute to the market's expansion. Additionally, the government of Senegal has implemented policies to support the growth of the motorcycle industry. These policies include reducing import duties on motorcycles and providing incentives for local manufacturing. These measures have helped to stimulate the market and attract investment from both domestic and international motorcycle manufacturers. In conclusion, the On-road Motorcycles market in Senegal is developing due to customer preferences for affordable and fuel-efficient transportation options, local special circumstances such as the need for motorcycles that can handle rough terrain and the growing popularity of moto-taxis, and underlying macroeconomic factors such as stable economic growth and government support for the motorcycle industry.

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.