Key regions: Nigeria, United States, Spain, Vietnam, Indonesia
The On-road Motorcycles market in Sri Lanka has been experiencing significant growth in recent years.
Customer preferences: In Sri Lanka, there is a growing demand for on-road motorcycles due to their affordability and practicality. Many consumers are looking for cost-effective transportation options, and on-road motorcycles provide a convenient and economical solution. Additionally, the compact size and maneuverability of on-road motorcycles make them well-suited for navigating the country's congested roads and narrow streets.
Trends in the market: One trend in the on-road motorcycles market in Sri Lanka is the increasing popularity of electric motorcycles. As the country seeks to reduce its dependence on fossil fuels and mitigate environmental concerns, there has been a growing interest in electric vehicles, including motorcycles. The government has also introduced incentives and subsidies to encourage the adoption of electric motorcycles, further driving their demand in the market. Another trend is the rise of motorcycle ride-sharing services. Similar to other countries, Sri Lanka has seen the emergence of ride-sharing platforms that connect motorcycle riders with passengers in need of transportation. These services provide a convenient and affordable alternative to traditional taxis and public transportation, particularly in congested urban areas. The convenience and cost-effectiveness of motorcycle ride-sharing have contributed to the increasing demand for on-road motorcycles in the country.
Local special circumstances: Sri Lanka's geography and infrastructure also play a role in the development of the on-road motorcycles market. The country has a large rural population, and motorcycles are often the most practical mode of transportation in these areas. The lack of well-developed public transportation systems in many rural areas further drives the demand for on-road motorcycles as a means of transportation.
Underlying macroeconomic factors: The growing economy of Sri Lanka has also contributed to the development of the on-road motorcycles market. As the country's middle class expands and disposable incomes rise, more individuals are able to afford personal transportation. On-road motorcycles offer an affordable and accessible option for those seeking to own a vehicle. Additionally, the growth of the tourism industry in Sri Lanka has increased the demand for on-road motorcycles as tourists seek to explore the country independently. In conclusion, the on-road motorcycles market in Sri Lanka is experiencing significant growth due to customer preferences for affordable and practical transportation options, as well as the rise of electric motorcycles and motorcycle ride-sharing services. The country's geography, infrastructure, and expanding economy also contribute to the development 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.
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