Motorcycles - Norway

Norway

In 2024, the projected revenue for the Motorcycles market in Norway is expected to reach €44.05m.
This revenue is projected to experience an annual growth rate (CAGR 2024-2029) of 0.61%, resulting in a projected market volume of €45.41m by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of €35.00m in 2024.
By 2029, the unit sales of Motorcycles market in Norway are expected to reach 3.85k motorcyles.
The volume weighted average price of Motorcycles market in the market is projected to be €11.49k in 2024.
In terms of market share, Honda Motorcycles is expected to have the highest share in the selected region with a motorcycle unit sales share of 21.0% in 2024.
The value market share of Honda Motorcycles in the selected region is projected to be 18.2% in 2024.
From an international perspective, it is shown that the highest revenue will be generated India, with a projected revenue of €29,780.00m in 2024.
Norway's growing demand for electric motorcycles is driven by the country's commitment to sustainability and green energy.

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

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Analyst Opinion

The Motorcycles market in Norway has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Motorcycles market in Norway have been shifting towards more eco-friendly and sustainable options. With growing concerns about climate change and environmental sustainability, consumers are increasingly opting for electric motorcycles over traditional gasoline-powered ones. This shift in preference is driven by the desire to reduce carbon emissions and contribute to a cleaner environment. Additionally, customers are also looking for motorcycles that offer better fuel efficiency and lower maintenance costs. Trends in the market indicate a growing demand for electric motorcycles in Norway. The country has been at the forefront of promoting electric vehicles and has implemented various incentives and policies to encourage their adoption. This includes tax exemptions, toll discounts, and free parking for electric motorcycles. As a result, the market for electric motorcycles has seen significant growth, with more manufacturers introducing electric models to cater to the increasing demand. Local special circumstances in Norway, such as the country's geography and climate, also play a role in the development of the Motorcycles market. Norway's rugged terrain and long coastline make motorcycles a practical and convenient mode of transportation, especially in rural areas. Motorcycles provide flexibility and maneuverability, allowing riders to navigate through narrow roads and congested city streets with ease. Additionally, the country's cold climate and harsh winters make motorcycles a popular choice for commuting during the warmer months. Underlying macroeconomic factors further contribute to the growth of the Motorcycles market in Norway. The country has a strong economy with high disposable income levels, enabling consumers to afford motorcycles as a recreational vehicle or alternative mode of transportation. Additionally, the government's focus on infrastructure development, including the construction of new roads and bike lanes, has made motorcycle commuting safer and more convenient. In conclusion, the Motorcycles market in Norway is developing in response to customer preferences for eco-friendly and sustainable options, the growing demand for electric motorcycles, local special circumstances such as the country's geography and climate, and underlying macroeconomic factors such as a strong economy and infrastructure development. These factors collectively contribute to the steady growth of the market and indicate a positive outlook for the future of the Motorcycles industry in Norway.

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.