On-road Motorcycles - Togo

Togo

The projected revenue in the On-road Motorcycles market segment for Togo is estimated to reach US$8.73m in 2024.
This market is expected to grow at an annual rate of -0.30%, resulting in a projected market volume of US$8.60m by 2029.
Furthermore, it is anticipated that unit sales in the On-road Motorcycles market segment will reach 3.64k motorcyles in 2029.
In 2024, the volume weighted average price for On-road Motorcycles market in Togo is expected to be US$2.36k.
It is worth noting that from an international perspective, India is projected to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21,500.00m in 2024.
In Togo, the on-road motorcycle market is experiencing a surge in demand due to its affordability and ability to navigate the country's challenging road conditions.

Key regions: Nigeria, United States, Spain, Vietnam, Indonesia

Market

Region

Region comparison

Currency

Analyst Opinion

The On-road Motorcycles market in Togo is experiencing significant growth and development.

Customer preferences: In Togo, customers have shown a strong preference for on-road motorcycles due to their affordability, fuel efficiency, and ease of maneuverability in congested urban areas. Additionally, the compact size of on-road motorcycles makes them ideal for navigating narrow roads and crowded streets.

Trends in the market: One of the key trends in the on-road motorcycles market in Togo is the increasing demand for motorcycles as a mode of transportation. This can be attributed to the growing urbanization and population density in the country, which has led to a need for efficient and cost-effective means of transportation. Furthermore, the rising disposable income levels in Togo have made motorcycles more affordable for a larger segment of the population, leading to increased sales. Another trend in the market is the introduction of more technologically advanced on-road motorcycles. Manufacturers are incorporating features such as digital displays, GPS navigation systems, and improved fuel efficiency to cater to the evolving needs of customers. These advancements have not only enhanced the overall riding experience but also contributed to the growing popularity of on-road motorcycles in Togo.

Local special circumstances: Togo has a predominantly young population, with a significant portion of the population falling within the working-age group. This demographic factor has contributed to the increasing demand for on-road motorcycles as a means of transportation for daily commutes and delivery services. Additionally, the informal sector plays a significant role in the country's economy, and on-road motorcycles are often used for small-scale businesses such as food delivery and courier services.

Underlying macroeconomic factors: The economic growth and stability in Togo have played a crucial role in the development of the on-road motorcycles market. The government's focus on infrastructure development, particularly road networks, has improved accessibility and connectivity, further driving the demand for motorcycles. Additionally, the low maintenance and operating costs of on-road motorcycles make them an attractive option for individuals and businesses looking for cost-effective transportation solutions. In conclusion, the on-road motorcycles market in Togo is witnessing significant growth and development due to customer preferences for affordable and efficient transportation options. The increasing urbanization, rising disposable income levels, and technological advancements have further fueled the demand for on-road motorcycles. The young population and the prominence of the informal sector have also contributed to the market's expansion. Overall, the favorable macroeconomic factors and the unique circumstances in Togo have created a conducive environment for the growth of the on-road motorcycles market.

Methodology

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.