Motorcycles - Canada

Canada

In 2024, the projected revenue in the Motorcycles market in Canada is expected to reach US$864.10m.
The market is anticipated to experience a steady annual growth rate (CAGR 2024-2028) of 2.02%, resulting in a projected market volume of US$936.20m by 2028.
The largest segment in this market is On-road Motorcycles, which is projected to have a market volume of US$715.30m in 2024.
Looking ahead to 2028, the expected unit sales for Motorcycles market are estimated to reach 77.49k motorcyles.
In terms of pricing, the volume weighted average price of Motorcycles market in Canada is projected to be US$11.95k in 2024.
As for market share, BMW Motorrad is expected to hold the highest share in the selected region with a motorcycle unit sales share of 0.0% in 2024.
Additionally, the value market share of BMW Motorrad in the selected region is projected to stand at 0.0% in 2024.
From an international perspective, it is worth noting that in India is expected to generate the most revenue in the Motorcycles market, with a projected revenue of US$31,140.00m in 2024.
The Canadian motorcycle market is experiencing a surge in demand for electric motorcycles, driven by increasing environmental consciousness and government incentives.

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

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Analyst Opinion

The Motorcycles market in Canada has been experiencing steady growth in recent years, driven by customer preferences for fuel-efficient and environmentally friendly transportation options.

Customer preferences: In Canada, there is a growing demand for motorcycles as a means of transportation due to their fuel efficiency and lower emissions compared to cars. Motorcycles are also seen as a more affordable option for commuting and navigating through congested urban areas. Additionally, there is a trend among younger consumers to embrace the motorcycle culture and lifestyle, further driving the demand for motorcycles in the country.

Trends in the market: One of the key trends in the Canadian motorcycle market is the increasing popularity of electric motorcycles. With the growing concern for the environment and the need for sustainable transportation solutions, electric motorcycles have gained traction among consumers. The advancements in battery technology and the availability of charging infrastructure have made electric motorcycles a viable alternative to traditional gasoline-powered bikes. Another trend in the market is the rise of adventure motorcycles. These motorcycles are designed to handle various terrains and offer a comfortable riding experience for long-distance travel. With Canada's vast and diverse landscape, adventure motorcycles have become popular among riders who seek to explore the country's scenic routes and off-road trails.

Local special circumstances: Canada's weather conditions play a significant role in shaping the motorcycle market. The country experiences harsh winters, which restrict the usage of motorcycles for a significant portion of the year. As a result, there is a seasonal nature to the motorcycle market in Canada, with sales peaking during the summer months when the weather is more favorable for riding. This seasonality factor impacts the marketing and sales strategies of motorcycle manufacturers and dealers in the country.

Underlying macroeconomic factors: The overall economic stability and disposable income levels in Canada have a direct impact on the motorcycle market. When the economy is thriving, consumers have more purchasing power and are more likely to invest in recreational vehicles such as motorcycles. On the other hand, during economic downturns, consumers may prioritize essential expenses, leading to a decline in motorcycle sales. Government regulations and policies also play a role in shaping the motorcycle market. In Canada, there are specific licensing requirements and safety regulations for motorcycle riders, which can impact the accessibility and affordability of motorcycles. Additionally, government initiatives to promote electric vehicles and reduce greenhouse gas emissions can influence consumer preferences and purchasing decisions in the motorcycle market. In conclusion, the Motorcycles market in Canada is driven by customer preferences for fuel-efficient and environmentally friendly transportation options. The popularity of electric motorcycles and adventure motorcycles reflects the changing needs and preferences of Canadian consumers. However, the seasonal nature of the market and the impact of macroeconomic factors and government regulations pose challenges and opportunities for motorcycle manufacturers and dealers in the country.

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.