Dublin, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The "Colombia Two Wheeler Market (2021-2027): Market Forecast by Product Types, by Battery Type,Non-Electric Two-Wheeler, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Colombian Two-Wheeler Market witnessed significant growth in 2017-2019 owing to improvement in lifestyles, a rise in the purchasing power of the middle class, and a preference for fast and efficient means of transport for commuting to workplaces.
Additionally, the two-wheelers market size increased in 2018-19 due to a rise in demand for electric two-wheelers owing to government efforts to promote e-vehicles such as the Electric Mobility Law, passed in 2018 which reduced the tax rate on e-vehicles to 1%, and the National Strategy for Electric Mobility launched in 2019 aimed at reducing vehicle emissions.
However, on account of the outbreak of COVID-19 and subsequent lockdown in 2020, the two-wheeler market in Colombia experienced a setback leading to a decline in volume size by nearly 14%, due to a fall in demand and halt in manufacturing, assembly, and dealership operations and disruptions in the supply chain in the country.
Colombia's Two-Wheeler Market size is projected to grow at a CAGR of 7.0% during 2021-27. The rising working population and increasing use of two-wheelers in the police force, delivery and taxi service, and growing popularity of two-wheelers among the youth, especially motorcycles and automatic scooters would fuel the demand for two-wheeler in the country in coming years.
Additionally, government initiatives like bilateral growth initiative between the Colombian government and US International Finance Corporation to strengthen economic development and Fourth Generation (4G) road infrastructure program 2014-2024, would contribute to the increase in demand for two-wheeler in the country in the forthcoming years.
Market Analysis by Components
By components, cameras accounted for the highest revenue share in the market in 2020 owing to the surging use of cameras by the law enforcement agencies and deployment of CCTV cameras across vertical like transportation with advanced intelligent functionalities like AI and machine learning solutions which enables facial recognition, thermal scanning and monitoring in order to combat COVID- 19 limitations.
Furthermore, with the growing development of smart cities and smart home applications in the country along with the strengthening IT infrastructure due to National Digital Communication Policy-2018, it is expected that IP surveillance cameras would remain the largest revenue shareholder, by type, during the forecast period.
Key Attractiveness of the Report:
COVID-19 Impact on the Market
10 Years Market Numbers
Historical Data Starting from 2017 to 2020
Base Year: 2020
Forecast Data until 2027
Key Performance Indicators Impacting the Market
Major Upcoming Developments and Projects
Key Highlights of the Report:
Colombia Two-Wheeler Market Overview
Colombia Two-Wheeler Market Outlook
Colombia Two-Wheeler Market Forecast
Historical data and Forecast of Colombia Two-Wheeler Market Revenues and Volume, for the Period, 2017-2027F.
Historical data and Forecast of Revenues and Volume, By Product Types, for the Period, 2017-2027F
Historical data and Forecast of Revenues and Volume, By Regions, for the Period, 2017-2027F
Market Drivers and Restraints
Colombia Two-Wheeler Market Trends
Industry Life Cycle
Porter's Five Forces Analysis
Market Opportunity Assessment
Colombia Two-Wheeler Market Share, By Brands
Key Strategic Recommendations
Auteco Mobility SAS
Bajaj Auto Ltd.
Colombiana De Comercio SA
Hero Motocorp Limited
Honda Motor Co. Ltd.
Suzuki Motor Corporation
TVS Motor Company Ltd.
Yamaha Motor Co. Ltd
Sanyang Motor Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/nti2ep
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