India Premium Motorcycles Market to exhibit CAGR ~30% till 2021
Rising
purchasing power, expanding high net worth individual population base, coupled
with growing number of domestic assembly plants and declining average selling prices
of premium motorcycles to drive India premium motorcycle market through 2021
According to recently released TechSci
Research report, “India Premium Motorcycles Market By Segment, Competition Forecast & Opportunities, 2011-2021”, the premium motorcycle market in India
is forecast to exhibit a CAGR of ~30% during 2016-2021, growing trend of CKD and SKD assembly, launch of
new model, coupled with declining average selling price and rising number of
high net worth individual. Moreover, number of HNWI
in India increased from 1,56,000 in 2013, to around 200,000 in 2015, and according
to World Wealth Report 2016, India ranks 12th in the list of
countries across the world with highest number of HNWI population. Furthermore,
growing trend of premium motorcycle rider’s communities like Harley Owners
Group, G.O.D.S, etc., coupled with rising penetration of various international
brands in the market and growing young HNWI population to drive the premium
motorcycle market in India in the coming years.
India premium motorcycle
market can be broadly classified on the basis of engine capacity into 500cc to
800cc, 800cc to 1600cc, and >1600cc segments. In 2015, 500cc to 800cc premium motorcycle
segment dominated India premium motorcycle market and is further expected to
continue dominate the market during the forecast period, owing to competitive pricing, large number of
options available in this segment, coupled with new models launched in
CKD assembly plants, thereby
reducing its average selling price. India premium motorcycle market was dominated by southern and northern
regions in 2015, and they are further expected to continue to dominate the
market during forecast period as well, owing to growing demand for premium
motorcycles, coupled with increasing number of motorcycle clubs and groups in
cities like Hyderabad, Chennai, Bangalore, Delhi, Chandigarh, etc.
Customers can also
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“Over
the past few years, inclination of people towards purchasing premium
motorcycles increased significantly, owing to growing number of international
brands entering the market, coupled with improving road infrastructure, rising
purchasing power, increasing availability of premium motorcycles. Moreover,
demand for premium motorcycles in India is further anticipated increase during
the forecast period, on account of rising number of CKD and SKD assembly plants
in the country, thereby reducing the average selling price of premium
motorcycles, coupled with expanding HNWI population base.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Premium Motorcycles Market By
Segment, Competition Forecast
& Opportunities, 2011-2021”, evaluates the future growth potential
of premium motorcycles market in India, and provides statistics and information
on market structure, consumer behavior and trends. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
available in the India premium motorcycles market.
About TechSci Research
TechSci
Research is a leading global market research firm publishing premium
market research reports.
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TechSci Research is serving clients across 11 different industrial verticals.
TechSci Research specializes in research based consulting assignments in high
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