Motorcycles - Thailand

Thailand

The Motorcycles market in Thailand is projected to reach a revenue of €9.14bn in 2024.
It is expected to experience an annual growth rate of 2.72% from 2024 to 2029, resulting in a projected market volume of €10.45bn by 2029.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of €7.67bn in 2024.
The unit sales of Motorcycles market in Thailand are expected to reach 2.06m motorcyles by 2029.
The volume weighted average price of Motorcycles market in 2024 is projected to be €4.89k.
In terms of market share, Honda Motorcycles is expected to have the highest share with 77.3% in 2024.
Moreover, the value market share of Honda Motorcycles in Thailand is projected to stand at 63.7% in 2024.
From an international perspective, it is evident that the highest revenue in the Motorcycles market will be generated India, reaching €29,780.00m in 2024.
Thailand's motorcycle market has experienced significant growth due to the country's favorable climate and dense urban areas.

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

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Analyst Opinion

The Motorcycles market in Thailand has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Thai consumers have shown a strong preference for motorcycles due to their affordability, fuel efficiency, and convenience. Motorcycles provide an efficient mode of transportation in the country's congested urban areas, where traffic can be a major issue. Additionally, motorcycles are often seen as a symbol of freedom and independence, appealing to the younger generation.

Trends in the market: One of the key trends in the Thai motorcycle market is the growing demand for electric motorcycles. As environmental concerns become more prominent, consumers are increasingly looking for eco-friendly alternatives. Electric motorcycles offer lower emissions and reduced noise pollution, making them an attractive option for environmentally conscious consumers. Another trend in the market is the increasing popularity of sport and leisure motorcycles. Thai consumers are increasingly interested in motorcycles that offer a thrilling riding experience and are suitable for recreational activities such as weekend trips and off-road adventures. This trend is driven by the growing middle-class population with higher disposable incomes and a desire for leisure activities.

Local special circumstances: Thailand has a well-developed motorcycle manufacturing industry, with several major manufacturers operating in the country. This has led to a wide range of motorcycle models being available in the market, catering to different customer preferences and budgets. The presence of local manufacturers also helps to keep prices competitive, making motorcycles more affordable for the average consumer. Furthermore, the Thai government has implemented policies to promote the use of motorcycles as a means of transportation. This includes the development of infrastructure such as dedicated motorcycle lanes and parking facilities. These initiatives have further encouraged the adoption of motorcycles as a primary mode of transportation in the country.

Underlying macroeconomic factors: Thailand's strong economic growth and rising disposable incomes have played a significant role in the growth of the motorcycle market. As more people enter the middle-class bracket, they have the financial means to purchase motorcycles for personal use. Additionally, the increasing urbanization in Thailand has led to a higher demand for motorcycles as a convenient mode of transportation in crowded cities. In conclusion, the Motorcycles market in Thailand is experiencing growth due to customer preferences for affordable and convenient transportation options, as well as the increasing popularity of electric and leisure motorcycles. Local special circumstances such as a well-developed manufacturing industry and government support for motorcycle use have also contributed to the market's growth. The underlying macroeconomic factors of strong economic growth and rising disposable incomes have further fueled the demand for motorcycles in Thailand.

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.