![](data:image/png;base64,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2. ECONOMIC ENVIRONMENT AND MARKET DEVELOPMENT
1 Related to the key sales markets of the KTM Group: DE, FR, IT, UK, ES, SE, BE, NL, AT, CH, FL, DK, NO, GR, PL, SL, HU, BALTIC, USA, CAN, AUS, NZ, JP, SA, TH, CN, AR, BR, CO.
2 Motorcycles = 120 cc excluding motocross, scooters, and ATVs, including electric motorcycles in the markets DE, FR, IT, UK, ES, SE, BE, NL, AT, CH, FI, NO, BALTIC.
The prospects for the global economy remain gloomy. The impact
of the Russian-Ukrainian war, which has been going on since 2022,
as well as significantly higher rates of inflation caused by this war,
among other factors, have led to a significant slowdown in the global
economy. Although the forecasts improved substantially over the
course of the 2023 financial year, they are still restrained as a result
of this.
As part of this, there is evidence of a largely positive normalization of
business and consumer sentiment, raw material prices are dropping
and the disruption to the supply chain seen in the last financial year
appears to have largely been overcome as logistics costs and delivery
times for the resources the company needs are generally returning
to the level they were at before the COVID pandemic. Significant
financial and macroeconomic risks exist, on the one hand as a result
of the simmering real estate crisis in China, and on the other from
the continued development in rates of inflation. While both overall
inflation and core inflation, which excludes volatile energy and food
components, are declining, both are expected to remain high at
least in the short and medium term. Looking at the overall picture,
economic risks are generally more balanced than they were in the
last financial year, but there is still a risk of a downward trend. This
illustrates the continuing level of uncertainty, particularly regarding
the course of the war in Ukraine, its wider consequences and the
recent uncertainties about the outcome of the war that has erupted
in the Middle East.
Ultimately, the situation that has been outlined means that the global
growth forecasts from the leading organizations in this field, such as
the International Monetary Fund (IMF), the Organization for Economic
Cooperation and Development (OECD), and the World Bank, are more
uncertain than usual and are constantly being adjusted. The IMF's
latest estimates suggest that the forecast for global economic growth
remains broadly unchanged at 3.1 % for 2024 and 3.2 % for 2025,
compared to previous estimates. These broadly unchanged forecasts
indicate that the biggest risks to global economic development are
now balanced and stabilized, but there are still downside risks given
the issues described above. The estimates published are based
on numerous assumptions about a wide range of macroeconomic
factors, in particular the trend in the prices of fossil fuels and other
resources and the general level of interest rates.
For industrialized countries, the IMF expects growth of 1.5 % in 2024
and 1.8 % in 2025. For the euro zone, growth of 0.9 % is forecast for
2024. For 2025, the IMF expects growth of 1.7 % for the euro zone,
while growth in Germany in particular is forecast to be below
average at 0.5 % for 2024 and 1.6 % for 2025.
For emerging markets and developing countries, the IMF forecasts
economic growth of 4.1 % for 2024 and 4.2 % for 2025. A growth rate
of 4.6 % is forecast for China in 2024 and 4.1 % in 2025. For India,
economic output is forecast to increase by 5.7 % in 2024 and by
6.8 % in 2025.
The IMF forecasts rates of inflation of 5.8 % for 2024 and 4.4 % for
2025. The future development of the global economy will depend in
particular on the successful calibration of monetary policy, taking
stock of the cumulative effects of previous interest rate hikes, which
could otherwise have serious detrimental effects for the financial
sector. Moreover, the course of the war in Ukraine and, more recently,
also in the Middle East, and not least the level of economic recovery
and demand from China represent key factors that will affect how the
global economy develops going forward. This assessment is largely
shared by the OECD and the World Bank. The IMF, in particular, also
declares that there is increasing divergence in economic growth, as
a slowdown in growth appears to be more pronounced in advanced
economies than it does in emerging markets and developing
countries. With the IMF’s forecast for global economic growth broadly
unchanged, a major global economic downturn is not expected,
although all forecasts in relation to the trend in the global economy
remain subject to significant uncertainties.
In the past 2023 financial year, the global
1
motorcycle market
displayed a positive trend (+2.7 %, equating to an increase of
90,000 motorcycles). In Europe
2
the market, as measured by new
registrations, increased again to more than 800,000 motorcycles
(+11 %) following a small decline in 2022. The core markets of
Germany (+12 %), France (+14 %), Italy (+15 %) and Spain (+13 %) in
particular are benefiting from increased demand. This meant the
market share rose from 10.0 % to 10.5 % (measured by the three
core brands KTM, Husqvarna and GASGAS).
In North America, sales (in contrast to Europe including motocross
models) also rose and culminated in around 490,000 units sold (+4 %).
The growth achieved by the three core brands saw the market share
increase from 11 % to 12.6 % (previous year: 11.8 %).
The trend in the Australian and New Zealand markets showed
a slight decline of 3.2 %. However, as the registrations of KTM,
Husqvarna and GASGAS rose by 3.4 %, the market share increased to
21.0 % (previous year: 19.7 %). The total volume is almost
67,000 motorcycles.