Off-road Motorcycles - Iceland

Iceland

In Iceland, the Off-road Motorcycles market segment is anticipated to achieve a projected revenue of US$110.90k in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of 2.50%, resulting in a projected market volume of US$122.40k by 2028.
By 2028, the unit sales of Off-road Motorcycles market segment are estimated to reach 13.00motorcyles.
The volume weighted average price of Off-road Motorcycles market segment in 2024 is projected to be US$9.24k.
From an international perspective, it is evident that in Brazil will generate the highest revenue in this segment, amounting to US$1,359.00m in 2024.
Off-road motorcycles are increasingly popular in Iceland, where the rugged terrain and abundance of natural landscapes make it the perfect destination for adventure enthusiasts.

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

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Analyst Opinion

The Off-road Motorcycles market in Iceland has been experiencing significant growth in recent years.

Customer preferences: Customers in Iceland have shown a strong preference for off-road motorcycles due to their versatility and ability to navigate through rugged terrains. The country's unique landscape, with its vast areas of untouched wilderness, makes off-road motorcycles a popular choice among outdoor enthusiasts and adventure seekers. Additionally, the compact size and maneuverability of these motorcycles make them suitable for navigating Iceland's narrow and winding roads.

Trends in the market: One of the key trends in the Off-road Motorcycles market in Iceland is the increasing demand for electric off-road motorcycles. As sustainability and environmental consciousness become more important to consumers worldwide, Iceland is no exception. The country's commitment to renewable energy and its abundance of clean electricity make it an ideal market for electric vehicles, including off-road motorcycles. This trend is expected to continue as advancements in battery technology lead to longer ranges and improved performance of electric off-road motorcycles. Another trend in the market is the growing popularity of off-road motorcycle tours and rentals. Iceland's stunning natural landscapes, including its glaciers, volcanoes, and waterfalls, attract tourists from around the world. Many of these tourists are seeking unique experiences and are eager to explore Iceland's wilderness on off-road motorcycles. As a result, tour operators and rental companies have emerged to cater to this demand, providing guided tours and rental services for off-road motorcycles.

Local special circumstances: Iceland's unique geography and climate present special circumstances for the Off-road Motorcycles market. The country's challenging terrains, such as lava fields and gravel roads, require motorcycles with excellent off-road capabilities. Manufacturers and retailers in Iceland need to ensure that their products are suitable for these conditions, with features such as robust suspension systems, durable tires, and reliable engines. Furthermore, the relatively small population of Iceland presents both challenges and opportunities for the Off-road Motorcycles market. While the market size may be limited compared to larger countries, the close-knit community in Iceland allows for strong word-of-mouth recommendations and a sense of camaraderie among off-road motorcycle enthusiasts. This tight-knit community often organizes events and gatherings, fostering a sense of belonging and further driving the market.

Underlying macroeconomic factors: Iceland's strong economy and high disposable income levels contribute to the growth of the Off-road Motorcycles market. The country has experienced steady economic growth in recent years, with a thriving tourism industry and a well-developed infrastructure. This economic stability provides consumers with the financial means to invest in off-road motorcycles and related accessories. Additionally, Iceland's favorable government policies, such as low import tariffs and tax incentives for electric vehicles, further support the growth of the Off-road Motorcycles market. These policies make off-road motorcycles more affordable and attractive to consumers, encouraging market expansion. In conclusion, the Off-road Motorcycles market in Iceland is thriving due to customer preferences for versatile vehicles, the growing demand for electric motorcycles, the popularity of off-road motorcycle tours, the unique local circumstances, and the country's strong economy and supportive government policies. As Iceland continues to attract outdoor enthusiasts and adventure seekers, the market is expected to witness 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.