Motorcycles - Turkey

Turkey

In 2024, the projected revenue in the Motorcycles market in Turkey is expected to reach US$1.16bn.
The market is anticipated to grow at an annual growth rate of 4.99% from 2024 to 2029, resulting in a projected market volume of US$1.48bn by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$0.82bn in 2024.
By 2029, the unit sales of Motorcycles market in Turkey are expected to reach 310.60k motorcyles.
The volume weighted average price of Motorcycles market in the market is projected to be US$4.70k in 2024.
Other is expected to have the highest market share in the selected region, with a motorcycle unit sales share of 67.5% in 2024.
The value market share of Other is projected to be 76.5% in 2024.
From an international perspective, it is evident that India will generate the highest revenue in the Motorcycles market, with US$32,110.00m in 2024.
Turkey's motorcycle market is experiencing a surge in demand due to the country's growing urban population and increasing interest in alternative transportation options.

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

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Analyst Opinion

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

Customer preferences: One of the key reasons for the growth in the market is the changing customer preferences in Turkey. Motorcycles are becoming increasingly popular among urban dwellers as a more convenient and cost-effective mode of transportation. With the worsening traffic congestion in major cities, many people are turning to motorcycles as a way to navigate through the gridlock more easily. Additionally, motorcycles are seen as a stylish and trendy mode of transportation, particularly among the younger generation.

Trends in the market: The market is also being driven by a number of trends. One of the major trends is the increasing demand for electric motorcycles. As concerns about environmental sustainability and air pollution grow, more consumers are opting for electric motorcycles as a greener alternative to traditional gasoline-powered bikes. This trend is expected to continue as the government introduces more incentives and subsidies for electric vehicles. Another trend in the market is the rise of online motorcycle sales. With the increasing popularity of e-commerce in Turkey, more consumers are purchasing motorcycles online. Online platforms offer a wide range of options, competitive prices, and convenient delivery options, making it easier for consumers to buy motorcycles from the comfort of their homes.

Local special circumstances: Turkey's unique geography and climate also contribute to the growth of the motorcycles market. The country has a diverse landscape, with mountainous regions and coastal areas that are popular among tourists and adventure enthusiasts. Motorcycles provide an ideal mode of transportation for exploring these areas, as they offer flexibility and the ability to navigate through narrow and winding roads. Additionally, Turkey has a relatively mild climate, with long summers and mild winters, making it conducive for year-round motorcycle riding.

Underlying macroeconomic factors: Several macroeconomic factors have also played a role in the growth of the motorcycles market in Turkey. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income levels. As a result, more consumers are able to afford motorcycles and are willing to spend on recreational vehicles. Furthermore, the government has implemented policies to promote the development of the automotive industry, including the motorcycles sector. These policies include tax incentives and subsidies for manufacturers, as well as infrastructure development to support the growth of the sector. These measures have attracted both domestic and foreign investment, leading to the expansion of production capacities and the introduction of new models in the market. In conclusion, the motorcycles market in Turkey is growing due to changing customer preferences, the emergence of new trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected to offer new opportunities for manufacturers, retailers, and consumers alike.

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.