On-road Motorcycles - Turkey

Turkey

Highlights

The On-road Motorcycles market segment in Turkey is expected to achieve a revenue of US$820.30m in 2024.
With an annual growth rate (CAGR 2024-2029) of 4.96%, the revenue is projected to increase, resulting in a market volume of US$1.04bn by 2029.
Furthermore, the unit sales in the On-road Motorcycles market segment are anticipated to reach 187.00k motorcyles in 2029.
In 2024, the volume weighted average price of On-road Motorcycles market segment in Turkey is estimated to be US$5.51k.
It is interesting to note that from an international perspective, India is predicted to generate the highest revenue of US$21.50bn in 2024.
Turkey's on-road motorcycle market is experiencing a surge in demand, driven by the country's growing middle class and increasing interest in recreational activities.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The On-road Motorcycles market in Turkey has been experiencing significant growth in recent years.

Customer preferences: One of the key reasons for this growth is the increasing demand for motorcycles among Turkish consumers. Motorcycles are becoming a popular mode of transportation due to their affordability, fuel efficiency, and ability to navigate through traffic congestion. Additionally, motorcycles are seen as a stylish and convenient option for commuting in urban areas.

Trends in the market: Another trend in the market is the growing popularity of electric motorcycles. As environmental concerns continue to rise, more consumers are opting for electric vehicles, including motorcycles. Electric motorcycles offer a clean and sustainable mode of transportation, making them an attractive choice for environmentally conscious consumers. The government's efforts to promote electric vehicles through incentives and subsidies have also contributed to the growth of the electric motorcycle market in Turkey.

Local special circumstances: Turkey's geographic location and diverse terrain also play a role in the development of the on-road motorcycles market. The country offers a variety of landscapes, including mountainous regions and coastal areas, which make motorcycles a popular choice for recreational activities such as off-road riding and touring. Additionally, Turkey has a strong motorcycle culture, with numerous motorcycle clubs and events that attract enthusiasts from all over the country.

Underlying macroeconomic factors: The overall economic growth in Turkey has also contributed to the development of the on-road motorcycles market. As the economy continues to expand, more individuals have disposable income to spend on recreational activities and personal transportation. This has led to an increase in motorcycle sales as consumers seek to fulfill their desire for mobility and freedom. In conclusion, the on-road motorcycles market in Turkey is experiencing growth due to customer preferences for affordable and fuel-efficient transportation, the increasing popularity of electric motorcycles, the country's diverse terrain and motorcycle culture, and the overall economic growth in the country.

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.