A positive response within the domestic motorcycle market since the beginning of 2008 has helped spur motorcycle sales in 5M08 to grow 10 percent over-year. This increase was attributable to two factors, being higher farming income due to a bumper harvest and an increasing switch to motorcycles as means of economical transportation as high oil prices and the government's unclear policies toward alternative fuels are deepening consumers' worries.
During the remainder of 2008, however, overall motorcycle sales may be hampered by several negative factors, including eroding purchasing power due to an expected decline in farm produce prices. Moreover, higher installment payment burdens due to higher interest rates and a downward trend in oil prices may influence purchase decisions on the types of vehicles most suited their needs. For KResearch, all these factors will slow down sales of motorcycles in the latter half and the yearly sales record will be 7.7 percent.
In this situation, manufacturers should place more emphasis on energy-efficient motorcycles, or use of alternative fuels such as gasohol in an attempt to stimulate sales. Production of electric motorcycles and hybrid motorcycles should present a feasible option to appeal to consumers in the future, as well.
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