The On-road Motorcycles market in Cambodia has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Cambodia, there is a strong demand for affordable and fuel-efficient transportation options, particularly in urban areas. On-road motorcycles provide a cost-effective solution for daily commuting, allowing people to navigate through traffic congestion and reach their destinations quickly. Additionally, motorcycles are popular among the younger population who value their flexibility and ease of use.
Trends in the market: One of the key trends in the On-road Motorcycles market in Cambodia is the shift towards electric motorcycles. As the country aims to reduce its carbon footprint and promote sustainable transportation, there is a growing interest in electric vehicles. Electric motorcycles offer lower operating costs and are more environmentally friendly compared to traditional gasoline-powered motorcycles. This trend is likely to continue as the government provides incentives and infrastructure support for the adoption of electric vehicles. Another trend in the market is the increasing popularity of higher engine capacity motorcycles. As disposable incomes rise and consumers seek more powerful and comfortable rides, there is a growing demand for motorcycles with engine capacities above 150cc. This trend is driven by the desire for better performance and a more enjoyable riding experience.
Local special circumstances: Cambodia has a relatively young population, with a large percentage of the population falling within the working-age group. This demographic factor contributes to the increasing demand for motorcycles as a means of transportation. Moreover, the country's road infrastructure is still developing, with many areas lacking proper public transportation systems. This further fuels the demand for motorcycles as a convenient and accessible mode of transportation.
Underlying macroeconomic factors: Cambodia has been experiencing steady economic growth in recent years, which has led to an increase in disposable incomes. As people's purchasing power improves, they are more likely to invest in personal transportation, including motorcycles. Additionally, the government has implemented policies to attract foreign direct investment and promote industrialization, leading to job creation and higher incomes. These factors contribute to the growth of the On-road Motorcycles market in Cambodia. In conclusion, the On-road Motorcycles market in Cambodia is developing due to customer preferences for affordable and fuel-efficient transportation options, the trend towards electric motorcycles and higher engine capacity models, local special circumstances such as a young population and underdeveloped road infrastructure, and underlying macroeconomic factors such as steady economic growth and increased disposable incomes.
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.
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