Motorcycles - Hong Kong

Hong Kong

The Motorcycles market in Hong Kong is projected to generate revenue of HK US$37.82m in 2024.
This revenue is expected to experience a compound annual growth rate (CAGR 2024-2028) of 1.63%, leading to a projected market volume of HK US$40.34m by 2028.
Among the various segments in this market, the largest is the On-road Motorcycles segment, which is anticipated to reach a market volume of HK US$30.48m in 2024.
Looking ahead to 2028, the unit sales of Motorcycles market are expected to reach 6.02k motorcyles.
The volume weighted average price of Motorcycles market in 2024 is projected to be HK US$6.64k.
With a motorcycle unit sales share of 0.0% in 2024, Honda Motorcycles is expected to have the highest market share in Hong Kong.
Furthermore, the value market share of Honda Motorcycles in Hong Kong is anticipated to stand at 0.0% in 2024.
On an international scale, it is evident that in India will generate the most revenue, amounting to INR US$31,140.00m in 2024.
Hong Kong's motorcycle market is booming due to the city's compact size and traffic congestion, making motorcycles a practical and efficient mode of transportation.

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

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Analyst Opinion

The Motorcycles market in Hong Kong has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Hong Kong has a unique transportation landscape, with a dense population and limited space. As a result, many residents prefer motorcycles as a convenient and efficient mode of transportation. Motorcycles offer the advantage of maneuverability in congested city streets, allowing riders to navigate through traffic more easily than larger vehicles. Additionally, motorcycles are often more affordable than cars, making them a popular choice for budget-conscious consumers.

Trends in the market: One major trend in the Hong Kong motorcycles market is the increasing demand for electric motorcycles. As the city strives to reduce air pollution and promote sustainable transportation, there has been a growing interest in electric vehicles, including motorcycles. Electric motorcycles offer a cleaner and quieter alternative to traditional gasoline-powered bikes, making them an attractive option for environmentally conscious consumers. The government has also implemented various incentives and subsidies to encourage the adoption of electric vehicles, further driving the demand for electric motorcycles in Hong Kong. Another trend in the market is the rise of online motorcycle sales. With the increasing popularity of e-commerce platforms, more consumers are turning to online channels to purchase motorcycles. Online platforms provide a convenient and efficient way for consumers to compare prices, models, and features, enabling them to make informed decisions. This trend has also opened up opportunities for motorcycle manufacturers and retailers to reach a wider customer base, including those in remote areas.

Local special circumstances: Hong Kong's unique geography and infrastructure have also contributed to the development of the motorcycles market. The city is known for its hilly terrain and winding roads, which make motorcycles a practical choice for navigating these challenging landscapes. Additionally, Hong Kong has a well-developed network of motorcycle dealerships, service centers, and repair shops, providing consumers with easy access to maintenance and support services.

Underlying macroeconomic factors: The strong economic growth in Hong Kong has also played a role in the development of the motorcycles market. As the city's economy continues to expand, more individuals have the financial means to purchase motorcycles. Additionally, the rising middle class in Hong Kong has led to an increase in disposable income, allowing consumers to afford larger and more expensive motorcycles. In conclusion, the Motorcycles market in Hong Kong has experienced significant growth due to customer preferences for convenient and affordable transportation options, the increasing demand for electric motorcycles, the rise of online sales channels, and the unique local circumstances such as hilly terrain and a well-developed support network. The underlying macroeconomic factors, including strong economic growth and a rising middle class, have also contributed to the market's 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.