On-road Motorcycles - Zambia

Zambia

The On-road Motorcycles market segment in Zambia is projected to achieve a revenue of US$27.44m by 2024.
This market segment is expected to experience an annual growth rate of 3.70% (CAGR 2024-2029), leading to a projected market volume of US$32.90m by 2029.
By that year, the segment's unit sales are estimated to reach 13.46k motorcyles.
In 2024, the volume weighted average price of On-road Motorcycles market in Zambia is expected to be around US$2.40k.
It is worth noting that, on an international scale, India is anticipated to generate the highest revenue in the On-road Motorcycles market segment, amounting to US$21,500.00m in 2024.
Zambia's on-road motorcycle market is experiencing a growing demand for fuel-efficient and affordable models.

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

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Analyst Opinion

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

Customer preferences: Zambian consumers are increasingly opting for on-road motorcycles due to their affordability, fuel efficiency, and versatility. These motorcycles are particularly popular among urban dwellers who use them for daily commuting, as they provide a convenient and cost-effective mode of transportation in congested city streets. Additionally, on-road motorcycles are also favored by delivery services and small businesses for their ability to navigate through narrow roads and deliver goods quickly and efficiently.

Trends in the market: One of the key trends in the on-road motorcycles market in Zambia is the increasing demand for electric motorcycles. As global awareness about environmental issues grows, Zambian consumers are becoming more conscious of their carbon footprint. Electric motorcycles offer a sustainable alternative to traditional gasoline-powered bikes, as they produce zero emissions and have lower operating costs. This trend is expected to continue as the government and international organizations promote the adoption of electric vehicles in order to reduce air pollution and dependence on fossil fuels. Another trend in the market is the rising popularity of larger displacement motorcycles. While smaller motorcycles with engine displacements below 150cc have traditionally dominated the market, there is now a growing demand for larger motorcycles with engine displacements above 250cc. This shift can be attributed to changing consumer preferences and the desire for more powerful and comfortable bikes. Moreover, the availability of financing options and the expanding middle class in Zambia have made larger motorcycles more affordable and accessible to a wider range of consumers.

Local special circumstances: Zambia's road infrastructure and traffic conditions have a significant impact on the on-road motorcycles market. The country's road network is characterized by both well-maintained highways and poorly maintained rural roads. This presents a unique challenge for motorcycle riders, as they need vehicles that can handle different types of road surfaces and conditions. As a result, there is a demand for motorcycles that offer good suspension, durability, and off-road capabilities, in addition to their on-road performance.

Underlying macroeconomic factors: Zambia's economic growth and increasing disposable income levels are driving the development of the on-road motorcycles market. As the country's economy continues to expand, more individuals and businesses are able to afford motorcycles for personal and commercial use. Additionally, the government's efforts to improve access to finance and promote entrepreneurship have further boosted the demand for motorcycles among small business owners and entrepreneurs. These macroeconomic factors, coupled with the favorable demographic profile of Zambia, contribute to the positive growth trajectory of the on-road motorcycles market in the country.

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.