Motorcycles - Iraq

Iraq

In 2024, the projected revenue in the Motorcycles market in Iraq is estimated to reach US$319.40m.
It is expected that the revenue will experience an annual growth rate of 3.73% (CAGR 2024-2028), resulting in a projected market volume of US$369.80m by 2028.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$261.70m in 2024.
For 2028, it is expected that the unit sales of Motorcycles market in Iraq will reach 80.48k motorcyles.
The volume weighted average price of Motorcycles market in the market is projected to be US$4.56k in 2024.
In terms of market share, Hero is expected to have the highest share in the selected region, with a motorcycle unit sales share of 0.0% in 2024.
The value market share of Hero is projected to be 0.0% in 2024.
From an international perspective, it is shown that the highest revenue in the Motorcycles market will be generated in India, reaching US$31,140.00m in 2024.
Despite the challenging economic conditions in Iraq, the demand for motorcycles remains strong as they are seen as a cost-effective and efficient mode of transportation in the country's congested urban areas.

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

Market

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Region

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Currency

Analyst Opinion

The Motorcycles market in Iraq has been witnessing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the motorcycles market in Iraq is the increasing demand for affordable and efficient transportation options. Motorcycles are seen as a cost-effective mode of transportation, especially in urban areas where traffic congestion is a major issue. Additionally, motorcycles are also preferred by young people and those with limited financial resources as they offer a more affordable alternative to cars.

Trends in the market: One of the notable trends in the motorcycles market in Iraq is the increasing popularity of electric motorcycles. With growing concerns about environmental pollution and the need for sustainable transportation solutions, electric motorcycles have gained traction among consumers. These motorcycles offer lower emissions and reduced fuel consumption, making them an attractive option for environmentally conscious consumers. Another trend in the market is the growing demand for motorcycles in rural areas. In Iraq, where infrastructure development is still underway in many rural regions, motorcycles provide a convenient mode of transportation for people living in these areas. They offer flexibility and accessibility, allowing individuals to travel to remote locations where other modes of transportation may not be available or practical.

Local special circumstances: The ongoing political stability and economic growth in Iraq have also contributed to the development of the motorcycles market. With improving security conditions and a growing middle class, more people are able to afford motorcycles and are willing to invest in them for personal use or as a means of livelihood, such as for delivery services or transportation businesses.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the growth of the motorcycles market in Iraq. These include favorable government policies and initiatives to promote the automotive industry, such as reducing import tariffs and providing subsidies for motorcycle purchases. Additionally, the availability of financing options and the presence of a well-established distribution network have also facilitated the growth of the market. In conclusion, the motorcycles market in Iraq is experiencing significant growth due to customer preferences for affordable and efficient transportation options, the increasing popularity of electric motorcycles, and the growing demand in rural areas. The local special circumstances, including political stability and economic growth, along with favorable government policies and financing options, have further fueled the market's development. These underlying macroeconomic factors are expected to continue driving the growth of the motorcycles market in Iraq in the coming years.

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.