On-road Motorcycles - Singapore

Singapore

Highlights

The On-road Motorcycles market segment in Singapore is projected to generate a revenue of US$83.18m in 2024.
This market segment is expected to experience an annual growth rate of 8.43% from 2024 to 2029, resulting in a projected market volume of US$124.60m by 2029.
In terms of unit sales, the On-road Motorcycles market segment is anticipated to reach 10.58k motorcyles by 2029.
The volume weighted average price of On-road Motorcycles market in Singapore in 2024 is expected to be US$11.68k.
From an international perspective, it is evident that India will generate the most revenue in the On-road Motorcycles market segment, with a projected revenue of US$21.50bn in 2024.
Singapore has seen a rise in the popularity of electric motorcycles, as the government pushes for a greener and more sustainable transportation system.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Singapore has witnessed significant growth in recent years.

Customer preferences: Customers in Singapore have shown a growing interest in on-road motorcycles due to their convenience, cost-effectiveness, and versatility. On-road motorcycles provide a practical mode of transportation in a densely populated city like Singapore, where traffic congestion is a common issue. Additionally, the compact size and maneuverability of on-road motorcycles make them ideal for navigating narrow streets and finding parking spaces in crowded areas.

Trends in the market: One of the key trends in the on-road motorcycles market in Singapore is the increasing demand for electric motorcycles. With the government's focus on sustainability and reducing carbon emissions, there has been a push towards promoting electric vehicles, including motorcycles. The availability of charging infrastructure and government incentives for electric vehicle adoption have further fueled the demand for electric motorcycles in Singapore. Another trend in the market is the rise of ride-sharing services that utilize on-road motorcycles. These services provide an affordable and convenient transportation option for commuters, especially for short distances. The popularity of ride-sharing platforms has contributed to the overall growth of the on-road motorcycles market in Singapore.

Local special circumstances: Singapore's strict regulations and high cost of vehicle ownership have also played a role in shaping the on-road motorcycles market. The Certificate of Entitlement (COE) system, which limits the number of vehicles on the road, has made car ownership expensive and led many individuals to opt for on-road motorcycles as a more affordable alternative. Additionally, the availability of public transportation options and the compact size of the city have made on-road motorcycles a practical choice for many Singaporeans.

Underlying macroeconomic factors: The strong economic growth and increasing affluence in Singapore have also contributed to the development of the on-road motorcycles market. As disposable incomes rise, more individuals are able to afford personal transportation, and on-road motorcycles offer a cost-effective option compared to cars. Furthermore, the urbanization and population growth in Singapore have created a greater need for efficient and flexible modes of transportation, further driving the demand for on-road motorcycles. In conclusion, the on-road motorcycles market in Singapore is experiencing growth due to customer preferences for convenient and cost-effective transportation options, the rise of electric motorcycles and ride-sharing services, local special circumstances such as strict vehicle regulations and high cost of car ownership, and underlying macroeconomic factors such as strong economic growth and urbanization.

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.