Off-road Motorcycles - Singapore

Singapore

The Off-road Motorcycles market segment in Singapore is expected to generate a projected revenue of €14.40m in 2024.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 8.73%, leading to a projected market volume of €21.88m by 2029.
Furthermore, it is projected that unit sales in the Off-road Motorcycles market segment will reach 2.89k motorcyles by 2029.
In 2024, the volume weighted average price of Off-road Motorcycles market in Singapore is expected to be €7.35k.
It is worth noting that, from an international perspective, Brazil is anticipated to generate the highest revenue in the Off-road Motorcycles market segment, amounting to €1,265.00m in 2024.
Despite its small size and limited off-road terrain, Singapore has seen a growing interest in off-road motorcycles among adventure enthusiasts.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Off-road Motorcycles market in Singapore has been experiencing significant growth in recent years. Customer preferences for off-road motorcycles have shifted towards more adventurous and outdoor activities, leading to an increased demand for these vehicles. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: In Singapore, there has been a growing interest in outdoor recreational activities, including off-road motorcycling. This can be attributed to several factors, such as the desire for adventure and the need to escape from the fast-paced urban lifestyle. Off-road motorcycles provide an opportunity for individuals to explore nature and engage in thrilling experiences. As a result, customer preferences have shifted towards off-road motorcycles, driving the growth of the market.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Singapore is the increasing popularity of off-road motorcycle tours and events. Tour operators and event organizers have recognized the demand for off-road motorcycle experiences and have started offering guided tours and adventure events. These tours and events provide enthusiasts with the opportunity to explore off-road trails and participate in challenging activities. The growing number of such tours and events indicates the rising interest in off-road motorcycling in Singapore. Another trend in the market is the introduction of electric off-road motorcycles. With the increasing focus on sustainability and environmental consciousness, electric vehicles have gained popularity worldwide. This trend has also influenced the Off-road Motorcycles market in Singapore, with the introduction of electric off-road motorcycles. These vehicles offer a quieter and more environmentally friendly alternative to traditional gasoline-powered motorcycles. The availability of electric off-road motorcycles has attracted a new segment of customers who prioritize sustainability.

Local special circumstances: Singapore's geographical location and climate present unique circumstances for the Off-road Motorcycles market. The country is known for its tropical climate, which allows for year-round riding opportunities. The presence of off-road trails and parks in Singapore further enhances the accessibility and attractiveness of off-road motorcycling. These local special circumstances contribute to the growth of the market by providing favorable conditions for enthusiasts to engage in the sport.

Underlying macroeconomic factors: The growth of the Off-road Motorcycles market in Singapore can also be attributed to underlying macroeconomic factors. Singapore has a strong economy and a high level of disposable income among its population. This enables individuals to afford off-road motorcycles and related accessories. Additionally, the government's support for recreational activities and tourism further stimulates the market. Investments in infrastructure and the promotion of Singapore as a tourist destination contribute to the growth of the Off-road Motorcycles market. In conclusion, the Off-road Motorcycles market in Singapore is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing interest in outdoor activities, the popularity of off-road motorcycle tours, and the introduction of electric off-road motorcycles are driving the growth of the market. Singapore's favorable climate, the presence of off-road trails, and the country's strong economy also contribute to the development of the market. Overall, the Off-road Motorcycles market in Singapore is poised for further growth 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.