Mongolia Motorcycles Market hit new record sales in 2023. The motorcycles industry is fast growing and our forecast for the next decade is very interesting with a market projected to increase over 5 time from the 2023 level.
Mongolia Motorcycles Industry Trend and Perspectives
The large central Asian nation of Mongolia is rapidly developing its economy with a to grow from 5.8 percent in 2023 to 6.2 percent in 2024 as the mining sector expands, private consumption recovers, and fiscal expansion stays strong, according to the World Bank.
In the medium term, economic growth is expected to accelerate, averaging above 6 percent in 2025-2026, driven by a substantial increase in mineral production as Oyu Tolgoi’s 2023 mining production is anticipated to more than double by 2025.
Yet, significant downside risks persist. These risks encompass lower mineral exports prompted by slower-than-expected growth in China, as well as uncertainties on coal offtake agreements. Additional risks include inflationary pressures stemming from both further domestic fiscal expansion and heightened geopolitical tension in the Middle East, potentially resulting in higher oil prices.
In the country there are 4 million citizens with a nominal GDP of US$4.947, the half of world’s average and the road infrastructures still need to be developed, while the main private transportation within the only existing metropolitan area, the capital, Ulaanbaatar, where over 1.25 million people live, is based on 2-wheelers.
The motorcycles industry is fast growing and our forecast for the next decade is very interesting with a market projected to increase over 5 time from the 2023 level.
In 2023 the market hit the record with 21.494 sales (+8.5%) driven by imported vehicles from China.
We can provide actual figures for all brands and models sold in the country, plus forecasts up to 2030. If interested, use the contact form to send a message
