Study Period | 2017 - 2029 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2029 |
Market Size (2025) | USD 9.15 Billion |
Market Size (2029) | USD 11.11 Billion |
CAGR (2025 - 2029) | 4.97 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Africa Two-Wheeler Market Analysis
The Africa Two-Wheeler Market size is estimated at 9.15 billion USD in 2025, and is expected to reach 11.11 billion USD by 2029, growing at a CAGR of 4.97% during the forecast period (2025-2029).
The African two-wheeler market is experiencing a significant transformation driven by changing urban mobility needs and technological advancements. The industry has witnessed substantial evolution in terms of product offerings, with manufacturers increasingly focusing on introducing innovative features and enhanced performance capabilities. The two-wheeler market's competitive landscape has become more dynamic, with established players expanding their presence through strategic partnerships and local assembly operations. The integration of advanced technologies and rising consumer awareness about sustainable transportation options has created new opportunities for market expansion and development.
The market has shown remarkable progress in technology adoption, particularly in the electrification segment, where the penetration rate increased from 2% in 2022 to 4% in 2023, indicating growing acceptance of electric two-wheelers. This transition is supported by expanding infrastructure, evidenced by the significant increase in public charging stations from 167 in 2022 to 324 in 2023. Manufacturers are responding to this trend by introducing new electric models and investing in research and development to improve battery technology and overall vehicle performance. The industry is witnessing a gradual shift towards smart connectivity features and advanced safety systems, enhancing the overall riding experience.
The competitive landscape has evolved significantly, with major players implementing aggressive market strategies to maintain their positions. BMW Motorrad has emerged as the market leader with a 13.2% two-wheeler market share in 2023, demonstrating the success of premium positioning and strong brand value in the African market. Companies are increasingly focusing on localization strategies, establishing assembly plants and distribution networks to better serve regional markets. Strategic partnerships between global manufacturers and local distributors have become more prevalent, enabling better market penetration and after-sales service coverage.
Consumer preferences in the African two-wheeler market are shifting towards more sophisticated and feature-rich products, while maintaining a strong focus on affordability and practicality. Manufacturers are responding by developing products that balance advanced features with cost-effectiveness, particularly in the commuter segment. The industry has seen increased emphasis on customization options and variant offerings to cater to diverse consumer needs across different regions. Market players are also strengthening their after-sales service networks and implementing innovative financing solutions to enhance customer accessibility and satisfaction, contributing to overall market growth.
Africa Two-Wheeler Market Trends
Africa's transport electrification is expanding rapidly, with significant increases across all vehicle types
- Electrification in Africa's transport sector is gaining momentum. In 2022, the electrification rate for passenger cars was 2%, which climbed to 4% in 2023. Light commercial vehicles (LCVs) followed suit, with their electrification rate rising from 0.20% in 2022 to 1.09% in 2023. Buses, a crucial part of public transport in many African countries, saw their electrification rate surge from 0.50% in 2022 to 1.96% in 2023. Even two-wheelers, a popular mode of transport in several regions, witnessed a significant uptick, with their electrification rate leaping from 1.50% in 2022 to 4.65% in 2023.
- Over the past five years, Africa's commitment to greener transportation has been evident. The electrification rate for passenger cars rose from 2% in 2017 to 5% in 2022. LCVs, crucial for goods transport across the continent, saw their electrification rate surge from 0.20% in 2017 to nearly 2% by 2022. Buses, pivotal for mass transit, made notable progress, going from a 0.50% rate in 2017 to 3.42% by 2022. Meanwhile, the electrification percentage for two-wheelers, widely used for daily commutes, climbed from 1.50% in 2017 to 7.81% in 2022.
- Looking ahead to the period of 2024-2030, all vehicle categories in Africa are expected to witness consistent growth in electrification. By 2030, passenger cars with electric components are projected to account for 12% of the total. LCVs are anticipated to reach a 6% electrification rate, while buses, crucial for sustainable urban and inter-city travel, are forecasted to hit a 10% electrification rate by the end of the decade. The two-wheelers segment, known for its efficiency and affordability, is set to achieve a significant electrification rate of 22% by 2030.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- South Africa's consumer vehicle population shows signs of stabilization
- The auto interest rates across Africa are influenced by a blend of economic policies, global conditions, and local factors
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Between 2017 and 2022, Africa Witnessed steady increases in diesel and gasoline prices, with a notable spike in diesel prices in 2022. These fluctuations were influenced by global events, regional economic conditions, and potential supply chain disruptions
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- Africa's EV infrastructure is experiencing growth, with a notable increase in fast charging stations from 2022 to 2023
- The launch of new electric vehicle models in South Africa enhances market diversity, incorporates advanced technology, and is supported by government incentives.
Segment Analysis: By Propulsion Type
ICE Segment in Africa Two-Wheeler Market
The Internal Combustion Engine (ICE) segment continues to dominate the Africa two-wheeler market, commanding approximately 98% market share in 2024. This overwhelming dominance can be attributed to several factors, including the well-established infrastructure for conventional fuel vehicles, lower initial purchase costs compared to electric alternatives, and widespread availability of service networks across the continent. The segment's strength is further reinforced by the robust presence of major manufacturers who have invested significantly in ICE technology and distribution networks throughout Africa. Additionally, the reliability and proven performance of ICE two-wheelers in diverse African terrains and weather conditions, coupled with easier access to fuel stations and maintenance facilities, have helped maintain its market leadership. The segment also benefits from consumer familiarity and trust in traditional ICE technology, particularly in regions where electric charging infrastructure is still developing.

Hybrid and Electric Vehicles Segment in Africa Two-Wheeler Market
The Hybrid and Electric Vehicles segment is emerging as the most dynamic sector in Africa's two-wheeler market, projected to grow at approximately 19% CAGR from 2024 to 2029. This remarkable growth trajectory is being driven by increasing environmental consciousness among consumers, government initiatives promoting clean mobility solutions, and gradual improvements in charging infrastructure across major African cities. The segment is witnessing significant technological advancements in battery technology and range capabilities, making electric two-wheelers increasingly viable for daily commuting needs. Manufacturers are introducing new models specifically designed for African conditions, with features like enhanced battery cooling systems and robust construction to handle diverse road conditions. The growing focus on reducing operating costs and maintenance expenses is also attracting commercial fleet operators to consider electric alternatives, particularly in urban delivery services where predictable routes make charging logistics more manageable.
Africa Two-Wheeler Market Geography Segment Analysis
Two-Wheeler Market in South Africa
South Africa stands as a significant player in Africa's two-wheeler market, commanding approximately 1% of the total market value in 2024. The country's two-wheeler sector benefits from its well-developed infrastructure, growing urban population, and increasing consumer preference for cost-effective transportation solutions. The market is characterized by a strong presence of international manufacturers who have established robust distribution networks across major cities. South African consumers show particular interest in premium and mid-range motorcycles, reflecting the country's relatively higher purchasing power compared to other African nations. The government's supportive policies towards the automotive sector, including two-wheelers, have helped create a conducive environment for market growth. Additionally, the rising trend of motorcycle tourism and recreational riding has contributed to the market's expansion, particularly in the adventure and touring segments.
Growth Trajectory in South Africa
South Africa's two-wheeler market is poised for remarkable growth, with a projected CAGR of approximately 18% from 2024 to 2029. This impressive growth trajectory is driven by several key factors transforming the country's mobility landscape. The increasing adoption of two-wheelers for last-mile delivery services, particularly in urban areas, has created new opportunities for market expansion. The growing emphasis on fuel-efficient transportation options, coupled with rising fuel prices, has made two-wheelers an attractive alternative for daily commuting. South Africa's young demographic, with its increasing disposable income and preference for personal mobility, continues to fuel market growth. The emergence of new financing options and innovative ownership models has made two-wheelers more accessible to a broader consumer base. Furthermore, the gradual shift towards electric two-wheelers, supported by improving charging infrastructure and government incentives, is expected to create additional growth opportunities in the coming years.
Two-Wheeler Market in Other African Countries
The African two-wheeler market across other African countries presents a diverse and dynamic landscape, with each region exhibiting unique characteristics and growth patterns. Countries like Nigeria, Kenya, and Morocco have emerged as significant markets, driven by their large populations and increasing urbanization rates. Egypt's market is characterized by a strong demand for affordable commuting solutions, while Tanzania and Uganda show growing acceptance of two-wheelers for commercial purposes. The West African region, including Ghana and Senegal, demonstrates increasing adoption of two-wheelers for both personal and commercial use. East African nations like Ethiopia and Rwanda are witnessing growth in their two-wheeler markets, supported by improving road infrastructure and rising consumer purchasing power. North African countries are seeing a gradual shift towards premium segments, while Central African nations are experiencing growth in the utility segment. The varying economic conditions, regulatory frameworks, and consumer preferences across these regions continue to shape the evolution of their respective two-wheeler markets. Notably, the Nigerian motorcycle market is one of the largest markets in Africa, reflecting the widespread use of motorcycles in Africa for both personal and commercial transportation.
Africa Two-Wheeler Industry Overview
Top Companies in Africa Two-Wheeler Market
The African two-wheeler market is characterized by intense competition and continuous innovation among major players, including BMW Motorrad, SYM, Honda Motor Co., KTM Motorcycles, and Harley-Davidson. Companies are focusing on expanding their product portfolios through the introduction of new models tailored specifically for African markets, ranging from entry-level commuter bikes to premium motorcycles. Manufacturers are increasingly investing in local assembly facilities and distribution networks to enhance their market presence and reduce operational costs. Strategic partnerships with local distributors and dealers have become crucial for establishing strong market positions. Companies are also emphasizing after-sales service networks and spare parts availability to build customer loyalty. The market has seen a growing trend towards electric and hybrid models, with several manufacturers introducing eco-friendly alternatives to traditional internal combustion engines. Additionally, the market share of two-wheelers in Africa is being influenced by the introduction of these innovative models.
Market Structure Shows Dynamic Competitive Environment
The African two-wheeler market exhibits a fragmented structure with a mix of global manufacturers and regional players competing for market share. Global conglomerates like Honda and BMW bring their international expertise and advanced technology, while regional specialists focus on understanding local market needs and preferences. The market demonstrates moderate consolidation, with the top players collectively holding a significant market share while leaving room for smaller, specialized manufacturers. Market dynamics are shaped by a combination of established premium brands and value-focused manufacturers catering to different consumer segments.
The competitive landscape is evolving through strategic alliances and partnerships rather than traditional mergers and acquisitions. Companies are forming joint ventures with local partners to strengthen their distribution networks and enhance market penetration. Manufacturing collaborations between global and local players are becoming more common, allowing companies to share technological expertise while maintaining their individual brand identities. The market also sees increasing participation from Asian manufacturers who bring cost-effective solutions and manufacturing expertise to serve the growing demand for affordable two-wheelers. Notably, Bajaj's presence in Africa and TVS bikes' popularity in Africa are gaining traction by offering competitive pricing and robust models suited for local conditions.
Innovation and Localization Drive Future Success
Success in the African two-wheeler market increasingly depends on companies' ability to balance innovation with affordability while adapting to local conditions. Manufacturers need to focus on developing products that specifically address African road conditions, climate challenges, and maintenance infrastructure limitations. Building strong dealer networks and after-sales service capabilities remains crucial for market success. Companies must also invest in local manufacturing facilities to reduce costs and improve market responsiveness while developing strong relationships with local stakeholders and understanding regional regulatory requirements.
Future market leadership will require companies to address emerging trends such as increasing urbanization and growing environmental consciousness. Manufacturers need to develop strategies for introducing electric and hybrid models while maintaining their traditional product lines. Success will also depend on companies' ability to navigate regulatory changes, particularly regarding emissions standards and safety requirements. Building strong brand recognition through targeted marketing campaigns and customer engagement programs will become increasingly important. Companies must also focus on developing financing solutions to make their products more accessible to a broader customer base while maintaining profitability. In this context, the market share of Hero MotoCorp and Hero's market share are expected to play a pivotal role as they expand their footprint in the region.
Africa Two-Wheeler Market Leaders
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BMW Motorrad
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Harley-Davidson
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Honda Motor Co. Ltd.
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KTM Motorcycles
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Sym
- *Disclaimer: Major Players sorted in no particular order
Africa Two-Wheeler Market News
- September 2023: KTM India launched the two all-new, single-cylinder Duke 390 and 250 motorcycles priced at USD 3,788.34 (INR 310,520) and USD 2,915.80 (INR 239,000), respectively.
- August 2023: KTM has agreed on a new deal with Brad Binder to retain him as a factory MotoGP rider through the end of 2026.
- July 2023: Harley-Davidson spinoff LiveWire unveiled its second motorcycle that can achieve speeds of 103 MPH.
Free With This Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Africa Two-Wheeler Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Impact Of Electrification
- 4.7 EV Charging Station
- 4.8 Battery Pack Price
- 4.9 New Xev Models Announced
- 4.10 Fuel Price
- 4.11 Regulatory Framework
- 4.12 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
- 5.1 Propulsion Type
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5.2 Country
- 5.2.1 South Africa
- 5.2.2 Rest-of-Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Bajaj Auto Ltd.
- 6.4.2 BMW Motorrad
- 6.4.3 Harley-Davidson
- 6.4.4 Hero MotoCorp Ltd.
- 6.4.5 Honda Motor Co. Ltd.
- 6.4.6 KTM Motorcycles
- 6.4.7 Lifan Technology (Group) Co. Ltd.
- 6.4.8 Suzuki Motor Corporation
- 6.4.9 Sym
- 6.4.10 TVS Motor Company Limited
- 6.4.11 Yamaha Motor Company Limited
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, AFRICA, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, AFRICA, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, AFRICA, 2017 - 2022
- Figure 6:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, AFRICA, 2017 - 2030
- Figure 7:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, AFRICA, 2017 - 2022
- Figure 8:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 9:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, AFRICA, 2017 - 2022
- Figure 10:
- AFRICA TWO-WHEELER MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 11:
- AFRICA TWO-WHEELER MARKET, VALUE IN USD, 2017 - 2030
- Figure 12:
- AFRICA TWO-WHEELER MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 13:
- AFRICA TWO-WHEELER MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 14:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 15:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 16:
- AFRICA TWO-WHEELER MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- AFRICA TWO-WHEELER MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 19:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 20:
- AFRICA TWO-WHEELER MARKET, BY SOUTH AFRICA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- AFRICA TWO-WHEELER MARKET, BY SOUTH AFRICA, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 23:
- AFRICA TWO-WHEELER MARKET, BY REST-OF-AFRICA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- AFRICA TWO-WHEELER MARKET, BY REST-OF-AFRICA, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- AFRICA TWO-WHEELER MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 26:
- AFRICA TWO-WHEELER MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 27:
- AFRICA TWO-WHEELER MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 28:
- AFRICA TWO-WHEELER MARKET SHARE(%), BY MAJOR PLAYERS
Africa Two-Wheeler Industry Segmentation
are covered as segments by Propulsion Type. South Africa, Rest-of-Africa are covered as segments by Country.Country | South Africa |
Rest-of-Africa |
Market Definition
- Vehicle Type - The category covers motorized two-wheelers.
- Vehicle Body Type - This includes Scooters and Motorcycles, while Kick-scooters and Bicycles are excluded.
- Fuel Category - Coverage extends to vehicles powered by Internal Combustion Engines (ICE) and electric propulsion systems.
Keyword | Definition |
---|---|
Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.