Motorcycles - Uruguay

Uruguay

The Motorcycles market in Uruguay is projected to reach a revenue of US$8.21m in 2024.
This market is expected to show an annual growth rate (CAGR 2024-2029) of 1.65%, resulting in a projected market volume of US$8.91m by 2029.
The largest segment in the Motorcycles market in Uruguay is On-road Motorcycles, with a projected market volume of US$4.82m in 2024.
It is anticipated that Motorcycles market unit sales will reach 2.66k motorcyles by 2029.
The volume weighted average price of Motorcycles market in Uruguay is expected to amount to US$3.27k in 2024.
In the selected region, Other is expected to have the highest market share in 2024, with a motorcycle unit sales share of 48.8%.
The value market share of Other is projected to stand at 54.5% in the selected region in 2024.
From an international perspective, it is shown that the most revenue will be generated India, reaching US$32,110.00m in 2024.
Uruguay's motorcycle market is experiencing a surge in demand for electric motorcycles, driven by the country's commitment to renewable energy and sustainability.

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

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Analyst Opinion

The Motorcycles market in Uruguay has been experiencing steady growth in recent years.

Customer preferences: Uruguayans have shown a growing interest in motorcycles as a mode of transportation. This can be attributed to several factors, including the increasing urbanization and traffic congestion in major cities. Motorcycles offer a more convenient and agile way to navigate through crowded streets, allowing commuters to reach their destinations faster. Additionally, motorcycles are generally more affordable than cars, making them an attractive option for individuals looking for a cost-effective mode of transport.

Trends in the market: One of the noticeable trends in the motorcycle market in Uruguay is the shift towards electric motorcycles. This trend is in line with the global movement towards sustainable and eco-friendly transportation options. Electric motorcycles offer several advantages over traditional gasoline-powered motorcycles, including lower maintenance costs and reduced emissions. As more consumers become aware of the environmental impact of their choices, the demand for electric motorcycles is expected to continue growing. Another trend in the market is the increasing popularity of motorcycles for recreational purposes. Uruguay is known for its beautiful landscapes and scenic routes, making it an ideal destination for motorcycle enthusiasts. The availability of motorcycle rental services and organized motorcycle tours has contributed to the growth of this segment. Tourists and locals alike are drawn to the thrill and freedom that motorcycles offer, leading to an increase in motorcycle sales.

Local special circumstances: Uruguay has a relatively small population compared to other countries in the region, which limits the size of the motorcycle market. However, the country has a high motorcycle ownership rate per capita, indicating the popularity of motorcycles among the population. This can be attributed to the favorable climate and the relatively low cost of motorcycles compared to cars. Additionally, the government has implemented policies to promote the use of motorcycles, such as reducing import tariffs and providing incentives for the purchase of electric motorcycles.

Underlying macroeconomic factors: The steady economic growth in Uruguay has contributed to the development of the motorcycle market. As the economy expands, more individuals have disposable income to spend on vehicles, including motorcycles. Additionally, the government's focus on improving infrastructure and road networks has made motorcycle travel safer and more convenient, further fueling the demand for motorcycles. In conclusion, the motorcycles market in Uruguay is experiencing growth due to customer preferences for convenient and cost-effective transportation options, as well as the increasing popularity of motorcycles for recreational purposes. The shift towards electric motorcycles and the government's favorable policies are also driving the market. The steady economic growth and infrastructure development in the country are underlying macroeconomic factors that support the growth of the motorcycle market in Uruguay.

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.