On-road Motorcycles - South Korea

South Korea

Highlights

The South Korean On-road Motorcycles market market is set to achieve a remarkable revenue of US$986.10m in 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 1.19%.
As a result, the market volume is expected to reach an impressive US$1.05bn by 2029.
Looking specifically at unit sales, the On-road Motorcycles market segment is expected to reach 90.00k motorcyles in 2029.
This indicates a positive trend in the market's performance.
In terms of pricing, the volume weighted average price of On-road Motorcycles market in 2024 is projected to be US$11.49k.
This figure reflects the average price across the South Korean market.
From a global perspective, it is worth noting that India is expected to generate the highest revenue in the On-road Motorcycles market segment, with a staggering US$21.50bn in 2024.
This highlights the significant market potential India for this particular segment.
Despite a growing interest in electric motorcycles globally, South Korea's on-road motorcycle market continues to be dominated by traditional gasoline-powered bikes.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in South Korea has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, and local special circumstances. Customer preferences in South Korea have been shifting towards more environmentally friendly and fuel-efficient modes of transportation, which has led to an increased demand for motorcycles. Motorcycles are seen as a cost-effective and convenient alternative to cars, especially in congested urban areas. Additionally, motorcycles offer a sense of freedom and flexibility that appeals to younger consumers. Trends in the market also contribute to the growth of the On-road Motorcycles market in South Korea. The rise of ride-sharing and delivery services has created a need for efficient and agile vehicles, making motorcycles an attractive option. Furthermore, advancements in technology have led to the development of electric motorcycles, which are gaining popularity due to their lower carbon emissions and quieter operation. Local special circumstances in South Korea have also played a role in the growth of the On-road Motorcycles market. The government has implemented policies to promote the use of motorcycles as a means of reducing traffic congestion and improving air quality. These policies include the expansion of motorcycle lanes and the provision of incentives for purchasing electric motorcycles. Additionally, the high cost of car ownership, including fuel, parking, and insurance expenses, has made motorcycles a more affordable option for many consumers. Underlying macroeconomic factors further support the growth of the On-road Motorcycles market in South Korea. The country has a strong economy and a growing middle class, which has increased disposable income and purchasing power. This has allowed more consumers to afford motorcycles and embrace them as a mode of transportation. Furthermore, South Korea has a well-developed infrastructure and road network, making it conducive for motorcycle usage. In conclusion, the On-road Motorcycles market in South Korea is developing due to customer preferences for environmentally friendly and cost-effective transportation, market trends such as the rise of ride-sharing and electric vehicles, local special circumstances including government policies and the high cost of car ownership, and underlying macroeconomic factors such as a strong economy and well-developed infrastructure. As these factors continue to drive the market, the On-road Motorcycles industry in South Korea is expected to experience further growth in the coming years.

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.