Motorcycles - Southeast Asia

Southeast Asia

In 2024, the revenue in the Motorcycles market in Southeast Asia is projected to reach US$31.75bn.
It is expected to show an annual growth rate (CAGR 2024-2028) of 2.37%, resulting in a projected market volume of US$34.87bn by 2028.
The largest segment in this market is On-road Motorcycles, which is projected to have a market volume of US$21.52bn in 2024.
By 2028, the unit sales of Motorcycles market in the region are expected to reach 13,430.00k motorcyles.
The volume weighted average price of Motorcycles market in 2024 is projected to be US$2.53k.
In 2024, Bajaj Motorcycles is expected to have the highest market share among motorcycle manufacturers in Southeast Asia, with a sales share of 0.0%.
The value market share of Bajaj Motorcycles is estimated to be 0.0% in the selected region in the same year.
From an international perspective, it is shown that in India will generate the most revenue in the Motorcycles market, with US$31,140.00m in 2024.
Despite economic challenges, motorcycle sales in Indonesia continue to soar, reflecting the country's reliance on two-wheel transportation.

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

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Analyst Opinion

The Motorcycles market in Southeast Asia has seen significant growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Southeast Asia, motorcycles are a popular mode of transportation due to their affordability, fuel efficiency, and ability to navigate through congested urban areas. Additionally, motorcycles are often preferred for their versatility in rural areas, where road infrastructure may be less developed. The region's large population, especially in countries like Indonesia, Thailand, and Vietnam, also contributes to the high demand for motorcycles.

Trends in the market: One of the key trends in the Southeast Asian motorcycles market is the increasing demand for electric motorcycles. As concerns about pollution and environmental sustainability grow, consumers are looking for greener alternatives to traditional gasoline-powered motorcycles. This trend is further supported by government initiatives and incentives to promote electric vehicles in the region. Another trend in the market is the rise of ride-hailing services that utilize motorcycles. Companies like Grab and Gojek have gained popularity in Southeast Asia, offering affordable and convenient transportation options. This has led to an increase in motorcycle sales, as these companies require a large fleet of motorcycles to meet the growing demand for their services.

Local special circumstances: Each country in Southeast Asia has its own unique set of circumstances that impact the motorcycles market. For example, in Indonesia, motorcycles are not only used for transportation but also for goods delivery due to the country's archipelagic geography. This has led to the development of specialized motorcycles designed for cargo transportation. In Vietnam, motorcycles are a symbol of personal freedom and status, with many consumers aspiring to own larger and more powerful motorcycles. This has created a niche market for premium motorcycles, catering to the demand for high-performance and luxury bikes.

Underlying macroeconomic factors: The motorcycles market in Southeast Asia is influenced by several macroeconomic factors. Economic growth and rising disposable incomes in the region have contributed to increased consumer spending on motorcycles. As more people enter the middle class, they are able to afford motorcycles as a means of personal transportation. Additionally, government policies and regulations play a significant role in shaping the motorcycles market. For example, import taxes and tariffs can affect the affordability of motorcycles, while regulations on emissions and safety standards can influence the types of motorcycles available in the market. In conclusion, the motorcycles market in Southeast Asia is driven by customer preferences for affordable and fuel-efficient transportation, as well as by market trends such as the demand for electric motorcycles and the rise of ride-hailing services. Local special circumstances and underlying macroeconomic factors further shape the market dynamics in each country. As the region continues to experience economic growth and urbanization, the motorcycles market is expected to continue its upward trajectory.

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.