Scooters - BRICS

BRICS

In 2024, revenue in the Scooters market is projected to reach a staggering US$17.53bn.
Looking ahead, it is expected that the revenue will continue to grow at an annual rate of 4.40% from 2024 to 2029, resulting in a projected market volume of US$21.74bn by 2029.
Furthermore, the Scooters market unit sales are anticipated to reach 11.49m motorcyles by 2029.
When considering the volume weighted average price of the Scooters market in 2024, it is estimated to amount to US$1.69k per unit.
In terms of generating revenue, it is interesting to note that India is projected to lead the pack.
In 2024, India is expected to generate US$10,620.00m in revenue for the Scooters market.
These projections provide valuable insights into the growth potential of the Scooters market segment, particularly within the BRICS countries.
In India, the scooter market is booming as urbanization and rising disposable incomes drive demand for affordable and convenient transportation options.

Key regions: United States, Brazil, Spain, Indonesia, Portugal

Market

Region

Region comparison

Currency

Analyst Opinion

The Scooters market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in the Scooters market in BRICS are shifting towards more eco-friendly and cost-effective transportation options. Scooters offer a convenient and affordable mode of transportation, especially in densely populated urban areas. As consumers become more conscious of their carbon footprint and seek ways to reduce their expenses, scooters are becoming an attractive choice. Additionally, the compact size and maneuverability of scooters make them ideal for navigating through traffic and finding parking in crowded cities. Trends in the Scooters market vary across the BRICS countries. In Brazil, for example, there is a growing demand for electric scooters due to their environmental benefits. The government has also implemented incentives and subsidies to promote the use of electric vehicles, including scooters. In Russia, scooters are becoming popular among young adults as a trendy and stylish mode of transportation. India, on the other hand, has a large market for scooters due to their affordability and fuel efficiency. China, being the largest market in the BRICS region, has a diverse range of scooters available, including electric scooters, gas-powered scooters, and high-performance scooters. Local special circumstances in each BRICS country also contribute to the development of the Scooters market. For example, Brazil has a well-developed infrastructure for electric vehicle charging stations, which supports the growth of electric scooters. In India, the government has implemented policies to promote the manufacturing and use of scooters, such as the "Make in India" initiative and subsidies for electric vehicles. Russia has a growing middle class that is increasingly adopting scooters as a convenient and cost-effective mode of transportation. China, with its large population and congested cities, has a high demand for scooters as a practical solution for daily commuting. Underlying macroeconomic factors also play a role in the development of the Scooters market in BRICS. Economic growth and rising disposable incomes in these countries have led to an increase in consumer spending power. As a result, more individuals are able to afford scooters as an alternative mode of transportation. Additionally, urbanization and the increasing need for efficient mobility solutions have contributed to the demand for scooters in the BRICS countries. In conclusion, the Scooters market in BRICS is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards eco-friendly and cost-effective transportation options, along with the unique circumstances in each BRICS country, has created a favorable environment for the growth of the Scooters market.

Methodology

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.