Scooters - Armenia

Armenia

Highlights

The projected revenue in the Scooters market in Armenia is expected to reach US$2.27m in 2024.
This indicates a positive growth trend as the revenue is projected to show an annual growth rate (CAGR 2024-2029) of 4.39%.
As a result, the projected market volume is estimated to reach US$2.81m by 2029.
In terms of unit sales, the Scooters market is expected to reach 885.00motorcyles in 2029.
The volume weighted average price of the Scooters market in Armenia is expected to be US$2.92k in 2024.
It is interesting to note that when looking at the international perspective, India is projected to generate the highest revenue in the Scooters market, amounting to US$10.62bn in 2024.
The market for electric scooters in Armenia is booming, with an increasing number of city dwellers opting for eco-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Armenia has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: Armenian customers are increasingly turning to scooters as a convenient and cost-effective mode of transportation. Scooters are particularly popular among urban dwellers who need to navigate through congested city streets. The compact size and maneuverability of scooters make them an attractive option for commuting, especially in areas where parking space is limited. Additionally, the affordability of scooters compared to cars or motorcycles is a significant factor driving customer preference.

Trends in the market: One of the main trends in the Scooters market in Armenia is the rising demand for electric scooters. As global concerns about environmental sustainability grow, more consumers are seeking eco-friendly alternatives to traditional gasoline-powered vehicles. Electric scooters offer a clean and efficient mode of transportation, with zero emissions and lower operating costs. This trend is expected to continue as the government and local authorities in Armenia promote sustainable transportation options. Another trend in the market is the increasing availability of scooters from various international brands. As Armenia's economy continues to grow and integrate with the global market, the demand for international products and brands is also increasing. This trend is particularly evident in the Scooters market, with consumers showing a preference for well-known brands that offer reliability and quality.

Local special circumstances: Armenia's geography and infrastructure also contribute to the growth of the Scooters market. The country has a mountainous terrain, which makes scooters an ideal choice for navigating through narrow and winding roads. Additionally, the relatively small size of the country and its cities makes scooters a practical option for short-distance travel.

Underlying macroeconomic factors: The Scooters market in Armenia is influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income among the population. As a result, more consumers have the financial means to purchase scooters for personal use. Furthermore, the government's efforts to improve transportation infrastructure and promote sustainable mobility options have also contributed to the growth of the Scooters market. Investments in road construction and the development of dedicated scooter lanes have made scooters a more viable and attractive mode of transportation. In conclusion, the Scooters market in Armenia is experiencing growth due to customer preferences for convenient and cost-effective transportation options. The rising demand for electric scooters and the availability of international brands are key trends in the market. Additionally, Armenia's geography, infrastructure, and macroeconomic factors such as economic growth and government initiatives have also contributed to the market's development.

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.