Off-road Motorcycles - Nigeria

Nigeria

In Nigeria, the Off-road Motorcycles market segment is projected to generate a revenue of €230.80m in 2024.
The market is expected to experience an annual growth rate of 2.32% (CAGR 2024-2029), resulting in a projected market volume of €258.90m by 2029.
By that year, unit sales in the Off-road Motorcycles market segment are expected to reach 113.50k motorcyles.
The volume weighted average price of Off-road Motorcycles market in 2024 is projected to be €2.24k.
It is worth noting that Brazil is expected to generate the highest revenue internationally, with €1,265.00m in 2024.
With the growing popularity of off-road motorcycling in Nigeria, local manufacturers are increasingly focusing on producing high-performance, rugged bikes tailored to the country's unique terrain.

Key regions: Germany, Italy, United States, Portugal, Spain

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Analyst Opinion

The Off-road Motorcycles market in Nigeria has been experiencing significant growth in recent years, driven by customer preferences for adventurous and outdoor activities, as well as the country's unique local special circumstances.

Customer preferences: In Nigeria, there is a growing interest among consumers for outdoor recreational activities, including off-road motorcycling. This can be attributed to the desire for thrill-seeking experiences and the opportunity to explore the country's diverse landscapes. Off-road motorcycles provide an exciting way for individuals to navigate challenging terrains and engage in adrenaline-pumping adventures. Additionally, the affordability and versatility of these motorcycles make them an attractive option for both experienced riders and beginners looking to venture into off-road riding.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Nigeria is the increasing demand for off-road motorcycles with higher engine capacities. As riders gain more experience and confidence in off-road riding, they seek motorcycles that offer greater power and performance. This trend is also influenced by the popularity of off-road racing events and competitions in the country, where riders require motorcycles with superior capabilities to navigate demanding tracks. Another trend in the market is the rise of electric off-road motorcycles. With the global shift towards sustainable and eco-friendly transportation solutions, there is a growing interest in electric motorcycles in Nigeria. These motorcycles offer several advantages, including reduced emissions, lower operating costs, and quieter operation. As the infrastructure for electric vehicle charging continues to develop in the country, the demand for electric off-road motorcycles is expected to increase further.

Local special circumstances: Nigeria's diverse terrain and natural landscapes provide ample opportunities for off-road motorcycling. From the sandy beaches of Lagos to the rugged hills of Jos, riders have a wide range of terrains to explore. The popularity of off-road motorcycling is also influenced by the presence of off-road parks and trails in different parts of the country, which attract enthusiasts and offer a safe environment for riding.

Underlying macroeconomic factors: The growth of the Off-road Motorcycles market in Nigeria is also influenced by several macroeconomic factors. The country's increasing population and rising disposable incomes have contributed to the growing demand for recreational activities, including off-road motorcycling. Additionally, improvements in infrastructure, such as road networks and access to remote areas, have made it easier for riders to explore off-road terrains. In conclusion, the Off-road Motorcycles market in Nigeria is experiencing significant growth due to customer preferences for adventurous activities, the availability of diverse terrains, and the country's improving macroeconomic conditions. With the increasing demand for higher engine capacities and the emergence of electric off-road motorcycles, the market is expected to continue expanding 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.