Scooters - Costa Rica

Costa Rica

In 2024, the revenue in the Scooters market in Costa Rica is projected to reach US$1.79m.
It is expected that the revenue will show an annual growth rate (CAGR 2024-2029) of 1.83%, resulting in a projected market volume of US$1.96m by 2029.
By that year, the unit sales in the Scooters market are also expected to reach 1.05k motorcyles.
The volume weighted average price of the Scooters market in 2024 is projected to amount to US$1.77k.
Looking at the international perspective, it is evident that India is expected to generate the most revenue (US$10,620.00m) in the Scooters market in 2024.
Costa Rica's scooter market is booming, driven by the country's eco-friendly mindset and the need for efficient transportation in urban areas.

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

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Analyst Opinion

The Scooters market in Costa Rica is experiencing significant growth due to changing customer preferences and local special circumstances.

Customer preferences: Costa Rican customers are increasingly opting for scooters as a convenient and cost-effective mode of transportation. Scooters offer several advantages over traditional vehicles, such as lower fuel consumption, easier maneuverability in traffic, and reduced parking space requirements. Additionally, scooters are seen as a trendy and stylish choice among younger consumers.

Trends in the market: One of the key trends in the Costa Rican Scooters market is the increasing demand for electric scooters. With growing concerns about environmental sustainability, customers are gravitating towards eco-friendly transportation options. Electric scooters not only reduce carbon emissions but also offer lower operating costs compared to traditional gasoline-powered scooters. This trend is further supported by government initiatives to promote electric vehicles through tax incentives and infrastructure development. Another trend in the market is the rise of scooter-sharing services. Similar to bike-sharing programs, scooter-sharing services allow customers to rent scooters for short periods of time, providing a flexible and affordable transportation option. These services have gained popularity in urban areas, where traffic congestion and limited parking spaces make scooters an attractive alternative to cars.

Local special circumstances: Costa Rica's geography and infrastructure also contribute to the growth of the Scooters market. The country has a tropical climate and a relatively small land area, making it conducive for scooter usage. Scooters are well-suited for navigating the narrow and congested streets of Costa Rican cities, as well as for exploring the country's scenic rural areas. Moreover, the government has been investing in improving road conditions and expanding the network of bike lanes, which benefits scooter riders as well.

Underlying macroeconomic factors: Costa Rica's improving economic conditions have also played a role in the development of the Scooters market. As disposable incomes rise, more individuals are able to afford personal transportation. Scooters offer an affordable and practical option for those who cannot afford a car or prefer not to own one. Furthermore, the tourism industry in Costa Rica is flourishing, attracting a growing number of international visitors. Scooters are often rented by tourists as a convenient way to explore the country, contributing to the overall demand for scooters. In conclusion, the Scooters market in Costa Rica is witnessing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for electric scooters, the rise of scooter-sharing services, Costa Rica's geography and infrastructure, and the improving economic conditions in the country all contribute to the development of the 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.