Mongolia 2024. Motorcycles Market Is Booming

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KTM-Duke-390
KTM-Duke-390

Mongolia Motorcycles Market hit new record sales in 2024. The market keeps growing very fast and YTD April sales have been 12.449 (70.7%), one of the best performance worldwide. Shineray is market leader.

 

Mongolia Motorcycles Industry Trend and Perspectives

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.

As expected, in 2024 the market keeps growing very fast and year to date April sales have been 12.449 (70.7%), one of the best performance worldwide.

Most of sales are concentrated within the motorcycle segment, which is growing 58.5% this year. However, scooter segment is fast growing (+199.8%) due to the rapid urbanization in place.

All top manufacturers are Chinese, with Shineray market leader and growing 120.8%.

In second place there is Dayun (+105.5%) followed by Haojue (-2.8%) and Sanya (+0.2%). The top Japanese manufacturer is Yamaha, while the best European is Husqvarna.

 

Mongolia Overview

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.