Pakistan – Fastest Growing Motorcycle Market
The youth of Pakistan like to buy bikes since forever. There is particular liking in youngsters for the motorcycles. Helping motorcycle market in the country. Earlier generation such as baby boomers was not so sure to buy motorcycles. In fact, they liked to travel in public transports. However, the bad condition of public transport can be the reason for growing motorcycle market. As the millennial generation is now earning and aging. The motorcycle market in Pakistan is resulting to grow. As a result, making Pakistan the fastest growing motorcycle market in the world.
Moreover, one of the reasons for this increase can be the change in attitude. Earlier generations wanted to save money for their children. However, today’s youth like to live in present. As a result, they like to spend on themselves and make their own life better. Instead of worrying about future and saving for the unknown. Due to this factor, today’s adult not only asks for high salary but believe in spending more.
On the other hand, in the recent year, the economy of Pakistan has been stable. Roughly the economy of Pakistan increased by 5%. Followed by another factor which is security reasons. There has been decreasing in snatching incidence or burning of motorcycles in protests and strikes. Therefore, it acts as the support for people to make an investment. Also, approximately 208 million population is under 30 years old in Pakistan. Indicating that almost 2/3rd of the population is youth. The spending power at this age is low and sense of independence is high. Therefore, most of the youngsters turn to motorcycles as the desirable mode of transport.
In conclusion, it is wise to say motorcycle market is not going to decline anywhere soon in Pakistan. The motorcycle market is going to be fruitful for both international and local manufacturers. However, one needs to get prepared as this may give rise to several issues within the country.