The African Two-wheeler Market stood at $2020.98 million in 2020 and is anticipated to grow with a CAGR of 4.72% in the forecast period, 2022-2026, to reach $2793.65 million by 2026.
The automotive industry is expanding in the African region and is thus supporting market growth. Major factors like increasing demand for two-wheelers for daily commutes and growing issues of road congestion and traffic are driving the African Two-wheeler Market’s growth in the upcoming five years.
Affordability, easier purchases, lower maintenance cost as compared to four-wheelers, and advantages over more economical fueling further supports the growth of the African Two-wheeler Market in the next five years. The region accommodates most of the developing countries. Due to the lower economy, consumer preferences toward affordable and easy maintenance vehicles sustain and further drives the market growth. Lack of public transportation systems in these developing countries has aided the rapidly growing demands for motorcycle taxis, thus supporting the growing demands for two-wheelers for the same purpose.
Moreover, manufacturing units of the global giants profit well from cheap labor, easier raw material availability, etc., which further substantiates the futuristic growth of the African Two-wheeler Market in future five years. The two-wheeler motorcycles have dynamic engines, and in combination with their low weight, these are suited for higher acceleration than many other vehicles. Two-wheelers without gear, or scooters, as they are particularly known for, make the vehicles light and efficient. Gearless two-wheelers are also easy to ride for all ages of people. These specific advantages of owning two-wheelers also aid to the growing demand and thus the growth of the African Two-wheeler Market. Growing technological advancements, eco-friendly options, and electric vehicles are some of the other factors further driving the growth of the African Two-wheeler Market in the forecast years through 2026.
The African Two-wheeler Market is segmented by vehicle type, engine capacity, country analysis, and competitional landscape. Based on vehicle type, the market is further bifurcated into motorcycles and scooters & mopeds. The motorcycle sub-segment is anticipated to hold the largest revenue shares of the market in the upcoming five years on account of its capacity to carry more fuel and thus has higher efficiency compared to other types. Moreover, the two-wheeler industry is expanding on the basis of increasing technological advancement such that they provide better maneuverability in the rugged road conditions and thus substantiates the growth of the African Two-wheeler Market in the next five years.
Source: Business Wire