Motorcycles - Sri Lanka

Sri Lanka

In 2024, the projected revenue in the Motorcycles market in Sri Lanka is expected to reach US$363.00m.
This is projected to grow at an annual growth rate of 0.86%, resulting in a projected market volume of US$378.90m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$325.50m in 2024.
By 2029, the unit sales of Motorcycles market in Sri Lanka are expected to reach 38.93k motorcyles.
The volume weighted average price of Motorcycles market in the market is projected to be US$9.61k in 2024.
In terms of market share, Other is expected to have the highest share with 62.9% of motorcycle unit sales in Sri Lanka in 2024.
The make Other is projected to have a value market share of 73.3% in the selected region in the same year.
From an international perspective, it is shown that the most revenue in the Motorcycles market will be generated India, with an estimated revenue of US$32,110.00m in 2024.
The trend of electric motorcycles is gaining traction in Sri Lanka as the government promotes sustainable transportation.

Key regions: Thailand, Italy, Indonesia, Spain, Germany

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The Motorcycles market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing demand for affordable and efficient transportation options. Motorcycles are a popular choice among Sri Lankans due to their affordability and low maintenance costs. Additionally, motorcycles are well-suited for navigating the country's congested roads and narrow streets, making them a practical choice for daily commuting.

Trends in the market: In recent years, there has been a shift towards more fuel-efficient and environmentally friendly motorcycles. This trend is driven by both consumer demand for greener transportation options and government regulations aimed at reducing carbon emissions. As a result, manufacturers are focusing on developing motorcycles with improved fuel efficiency and lower emissions. Another trend in the market is the growing popularity of electric motorcycles. With advancements in battery technology, electric motorcycles are becoming a viable alternative to traditional gasoline-powered bikes. These electric motorcycles offer several advantages, including lower operating costs and reduced environmental impact. As a result, we are seeing an increasing number of electric motorcycle models being introduced into the Sri Lankan market.

Local special circumstances: Sri Lanka is a country with a large rural population, and motorcycles play a crucial role in providing transportation in these areas. Many rural communities rely on motorcycles for various purposes, including transportation of goods and accessing essential services. This unique circumstance creates a steady demand for motorcycles in these areas, contributing to the overall growth of the market.

Underlying macroeconomic factors: The overall economic growth in Sri Lanka has also contributed to the development of the motorcycles market. As the country's economy continues to expand, more individuals are joining the middle class and seeking affordable transportation options. Motorcycles provide an accessible means of transportation for these individuals, driving the demand for motorcycles in the market. Furthermore, the government's efforts to improve infrastructure, such as road networks and public transportation systems, have also contributed to the growth of the motorcycles market. As transportation becomes more accessible and convenient, more individuals are opting for motorcycles as their preferred mode of transportation. In conclusion, the Motorcycles market in Sri Lanka is experiencing significant growth due to customer preferences for affordable and efficient transportation options, the trend towards fuel-efficient and electric motorcycles, the special circumstances of the country's rural areas, and the underlying macroeconomic factors such as economic growth and infrastructure development.

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.