Motorcycles - Turkmenistan

Turkmenistan

The Motorcycles market in Turkmenistan is projected to reach a revenue of €24.60m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of -0.36%, resulting in a projected market volume of €24.16m by 2029.
Among the different segments, the largest one is On-road Motorcycles, which is projected to have a market volume of €14.48m in 2024.
The unit sales of Motorcycles market in Turkmenistan are expected to reach 5.08k motorcyles by 2029.
The volume weighted average price of Motorcycles market in 2024 is projected to be €4.74k.
In 2024, Other is expected to have the highest market share in the selected region with a motorcycle unit sales share of 59.6%.
The value market share of Other in Turkmenistan is expected to be 63.8% in 2024.
From an international perspective, it is evident that the highest revenue will be generated India, with an estimated amount of €29,470.00m in 2024.
Turkmenistan's motorcycle market is experiencing a surge in demand for off-road bikes due to the country's vast desert landscapes.

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

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Analyst Opinion

The Motorcycles market in Turkmenistan has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Turkmenistan have been shifting towards motorcycles for several reasons. First, motorcycles are often seen as a more affordable and convenient mode of transportation compared to cars. With the rising costs of fuel and maintenance, many consumers are opting for motorcycles as a cost-effective alternative. Additionally, motorcycles are well-suited for navigating the country's urban areas, where traffic congestion is a common issue. The compact size and maneuverability of motorcycles make them a popular choice for commuting in Turkmenistan's cities. In terms of market trends, the increasing popularity of motorcycles in Turkmenistan can be attributed to the growing urbanization and modernization of the country. As more people move to cities and adopt a more fast-paced lifestyle, the demand for motorcycles as a mode of transportation has increased. Furthermore, the availability of a wide range of motorcycle models and brands in the market has also contributed to the growth of the industry. Consumers now have more options to choose from, allowing them to find a motorcycle that suits their specific needs and preferences. Local special circumstances in Turkmenistan have also played a role in the development of the motorcycles market. The country's geographical landscape, with its vast deserts and rugged terrains, makes motorcycles an ideal choice for off-road adventures and exploration. This has led to an increase in the demand for off-road motorcycles, as well as the development of specialized motorcycle tours and rental services in the country. Underlying macroeconomic factors have also contributed to the growth of the motorcycles market in Turkmenistan. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and consumer spending. As a result, more people are able to afford motorcycles and are willing to invest in them as a means of transportation or leisure. In conclusion, the motorcycles market in Turkmenistan is developing due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards motorcycles as a mode of transportation, the growing urbanization and modernization of the country, the availability of a wide range of motorcycle models, the unique geographical landscape, and the steady economic growth all contribute to the growth of the market. As these factors continue to drive demand, the motorcycles market in Turkmenistan 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.