The Motorcycles Market provides information about motorcycles and their respective makes. It excludes passenger cars, commercial cars, buses, trucks and large vans as well as utility light utility vehicles. We currently provide information on a make level, but in the future, we would expand our market segmentation to include a segmentation by usage or motorcycle capacity.
Background:
The motorcycle industry’s sales are closely connected to economic stability, and dramatic fluctuations, like the financial crisis of the late 2000s, force manufactures to reexamine their strategies and adapt to new market trends. One additional factor that is currently driving changes in the industry is environmental concerns, and this is influencing an increase in the production and use of electric motorcycles.
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
MARKET_INSIGHTS
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
The Motorcycles market in Philippines has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Motorcycles market in Philippines have been shifting towards more fuel-efficient and cost-effective options. With rising fuel prices and increasing environmental concerns, consumers are opting for motorcycles as a more affordable and sustainable mode of transportation. Additionally, motorcycles provide greater maneuverability in congested urban areas, making them a popular choice for daily commuting. Trends in the market indicate a growing demand for electric motorcycles in the Philippines. As the government promotes renewable energy and sustainable transportation, electric motorcycles offer a clean and efficient alternative to traditional gasoline-powered bikes. The availability of government incentives and subsidies for electric vehicles further encourages consumers to adopt this eco-friendly option. Another trend in the Motorcycles market in Philippines is the rise of online platforms for purchasing motorcycles. E-commerce platforms and mobile apps have made it easier for consumers to compare prices, browse different models, and make informed purchasing decisions. This trend has not only expanded the reach of motorcycle sellers but has also provided convenience to customers, enabling them to buy motorcycles from the comfort of their homes. Local special circumstances also play a role in the development of the Motorcycles market in Philippines. The archipelagic geography of the country, with its numerous islands and diverse terrains, makes motorcycles a practical choice for transportation. Motorcycles are well-suited for navigating through narrow roads, hilly areas, and congested city streets, offering flexibility and convenience to riders. Underlying macroeconomic factors contribute to the growth of the Motorcycles market in Philippines as well. The country's growing population, urbanization, and rising middle class have increased the demand for affordable transportation options. Motorcycles, with their relatively lower cost compared to cars, provide a viable solution for many Filipinos who are looking for a means of transportation that is within their budget. In conclusion, the Motorcycles market in Philippines is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards fuel-efficient and cost-effective options, the growing demand for electric motorcycles, the rise of online platforms for purchasing, the archipelagic geography of the country, and the country's population growth and urbanization all contribute to the development of the market. As these factors continue to shape the market, the future of the Motorcycles industry in Philippines looks promising.
NOTES: Data was converted from local currencies using average exchange rates of the respective year.
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
MOST_RECENT_UPDATE: Oct 2024
SOURCE: Statista Market Insights
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.NOTES: Based on data from IMF, World Bank, UN and Eurostat
MOST_RECENT_UPDATE: Jan 2025
SOURCE: Statista Market Insights