Motorcycles - Russia

Russia

In 2024, the projected revenue in the Motorcycles market in Russia is estimated to reach US$88.18m.
It is expected that the revenue will experience an annual growth rate of 9.42% (CAGR 2024-2028), resulting in a projected market volume of US$126.40m by 2028.
The largest segment in the market is On-road Motorcycles, with a projected market volume of US$54.48m in 2024.
Furthermore, it is anticipated that the unit sales of Motorcycles market will reach 11.88k motorcyles by 2028.
The volume weighted average price of Motorcycles market in the market is expected to be US$10.48k in 2024.
In terms of market share, Bajaj Motorcycles is projected to have the highest share in the selected region, with a motorcycle unit sales share of 0.0% in 2024.
Additionally, the value market share of Bajaj Motorcycles in the selected region is expected to be 0.0% in 2024.
From an international perspective, it is evident that the highest revenue will be generated in India, amounting to US$31,140.00m in 2024.
Russia's motorcycle market is experiencing a surge in demand for off-road bikes, driven by the country's vast and diverse terrain.

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

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Analyst Opinion

The Motorcycles market in Russia is experiencing significant growth and development. Customer preferences in Russia are shifting towards motorcycles as a mode of transportation due to their cost-effectiveness and versatility. In addition, there are several trends in the market that are contributing to this growth.

Customer preferences: In Russia, customer preferences for motorcycles are driven by factors such as affordability, fuel efficiency, and ease of maneuverability in congested urban areas. Motorcycles offer a more cost-effective alternative to cars, as they require less maintenance and have lower fuel consumption. Furthermore, motorcycles are easier to park and navigate through traffic, making them an attractive option for commuters in busy cities.

Trends in the market: One of the key trends in the Russian motorcycle market is the increasing demand for electric motorcycles. As concerns about environmental sustainability and rising fuel prices grow, consumers are looking for greener and more fuel-efficient transportation options. Electric motorcycles provide a clean and efficient alternative to traditional gasoline-powered bikes, and their popularity is expected to continue to rise in the coming years. Another trend in the market is the growing popularity of off-road motorcycles. Russia is known for its vast and diverse landscapes, including forests, mountains, and deserts, which make it an ideal destination for off-road enthusiasts. The demand for off-road motorcycles has been steadily increasing as more people seek adventure and exploration in these rugged terrains.

Local special circumstances: Russia has a unique geography and climate, which presents both challenges and opportunities for the motorcycle market. The country's vast size and diverse landscapes offer a wide range of riding experiences, from long-distance touring to off-road adventures. However, the harsh winter conditions in many parts of Russia can limit the usability of motorcycles, particularly during the colder months. This has led to a higher demand for motorcycles that are suitable for all-season riding, including models with heated grips and weatherproof features.

Underlying macroeconomic factors: The growth of the motorcycle market in Russia is also influenced by underlying macroeconomic factors. The improving economic conditions in the country have resulted in increased disposable income, allowing more people to afford motorcycles. Additionally, the government has implemented policies and initiatives to promote the use of motorcycles as a means of transportation, such as providing tax incentives and improving infrastructure for motorcycles. In conclusion, the Motorcycles market in Russia is experiencing significant growth and development. Customer preferences are shifting towards motorcycles due to their cost-effectiveness and versatility. The market is witnessing trends such as the increasing demand for electric motorcycles and the growing popularity of off-road bikes. Russia's unique geography and climate present both challenges and opportunities for the market, while underlying macroeconomic factors such as improving economic conditions and government initiatives are also driving the growth of the market.

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.