Motorcycles - South Korea

South Korea

Highlights

In 2024, the Motorcycles market in South Korea is projected to reach a revenue of US$1.23bn.
The market is expected to grow at an annual rate of 1.26% between 2024 and 2029, resulting in a projected market volume of US$1.31bn by 2029.
Among the segments, the largest one is On-road Motorcycles, which is projected to have a market volume of US$986.10m in 2024.
By 2029, the unit sales of Motorcycles market in South Korea are expected to reach 142.20k motorcyles.
The volume weighted average price of Motorcycles market in the market is projected to be US$9.12k in 2024.
When considering market share, Daelim is expected to have the highest share in the selected region, with a motorcycle unit sales share of 39.4% in 2024.
In terms of value market share, Daelim is projected to stand at 10.1% in 2024.
From an international perspective, it is shown that the highest revenue in the Motorcycles market will be generated India, amounting to US$32.11bn in 2024.
South Korea is experiencing a growing trend of electric motorcycles as consumers prioritize eco-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Motorcycles market in South Korea has been experiencing steady growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: South Korean customers have shown a growing interest in motorcycles as a mode of transportation. Motorcycles offer several advantages over traditional cars, including lower costs, easier maneuverability in congested urban areas, and reduced environmental impact. Additionally, motorcycles are often seen as a trendy and stylish means of transportation, especially among younger consumers.

Trends in the market: One of the key trends in the South Korean motorcycles market is the increasing demand for electric motorcycles. As the government continues to promote eco-friendly transportation options, more consumers are opting for electric motorcycles due to their lower carbon emissions and reduced operating costs. This trend is expected to continue as the infrastructure for electric vehicle charging stations improves and the range of electric motorcycles expands. Another trend in the market is the rise of motorcycle sharing services. Similar to bike-sharing programs, motorcycle sharing services provide a convenient and cost-effective alternative to owning a motorcycle. These services are particularly popular among urban dwellers who only need a motorcycle occasionally or for short trips. The convenience and affordability of motorcycle sharing services have contributed to the overall growth of the motorcycles market in South Korea.

Local special circumstances: South Korea has a unique geography and infrastructure that make motorcycles an attractive mode of transportation. The country has a dense population and limited space, especially in major cities like Seoul. Motorcycles offer a practical solution for navigating through traffic congestion and finding parking in crowded areas. Additionally, South Korea has a well-developed road network and a relatively mild climate, which makes riding motorcycles a viable option throughout the year.

Underlying macroeconomic factors: The South Korean motorcycles market has been supported by favorable macroeconomic factors. The country has a strong economy and a high level of disposable income, which allows consumers to afford motorcycles as a luxury item. Additionally, the government has implemented policies to promote the growth of the motorcycles industry, including tax incentives for electric motorcycles and investments in infrastructure for motorcycle sharing services. In conclusion, the Motorcycles market in South Korea is developing due to changing customer preferences, such as the growing demand for electric motorcycles and the popularity of motorcycle sharing services. The local special circumstances, including the country's geography and infrastructure, also contribute to the market's growth. Furthermore, favorable macroeconomic factors, such as a strong economy and government support, have created a conducive environment for the motorcycles industry in South Korea.

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.