Scooters - Cuba | Statista Market Forecast

Scooters - Cuba

Cuba

Highlights

In 2024, the projected revenue in the Scooters market in Cuba is expected to reach US$9.02m.
The market is anticipated to experience a compound annual growth rate (CAGR 2024-2029) of 5.41%, resulting in a projected market volume of US$11.74m by 2029.
By 2029, the unit sales of Scooters market in Cuba are expected to reach 4.94k motorcyles.
The volume weighted average price of the Scooters market in Cuba in 2024 is projected to be US$2.09k.
Taking an international perspective, it is evident that India will generate the highest revenue in the Scooters market, with US$10.62bn in 2024.
Cuba's scooter market is experiencing a surge in demand as the country embraces eco-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Cuba has been experiencing significant growth in recent years. Customer preferences in the Scooters market in Cuba have been shifting towards more eco-friendly and cost-effective modes of transportation. Scooters provide an affordable and efficient way to navigate through the country's congested cities and towns. Additionally, scooters are easy to maneuver and require less maintenance compared to traditional cars. These factors have contributed to the increasing popularity of scooters among Cuban consumers. Trends in the Scooters market in Cuba indicate a growing demand for electric scooters. As the government of Cuba continues to prioritize sustainable development, there has been a push towards reducing carbon emissions and promoting clean energy solutions. Electric scooters align with these goals, as they produce zero emissions and are powered by renewable energy sources. The availability of charging infrastructure and the affordability of electric scooters have further fueled their adoption in the market. Local special circumstances play a significant role in the development of the Scooters market in Cuba. The country's limited access to fuel and the high cost of gasoline have made alternative modes of transportation more appealing to consumers. Scooters, particularly electric ones, offer a cost-effective solution to the transportation needs of Cuban citizens. Additionally, the compact size of scooters makes them ideal for navigating through narrow streets and congested urban areas, which are common in many parts of Cuba. Underlying macroeconomic factors have also contributed to the growth of the Scooters market in Cuba. The country has experienced significant economic reforms in recent years, leading to increased personal income and improved living standards for many Cubans. As a result, there has been a rise in disposable income, enabling more consumers to afford scooters as a mode of transportation. The government's efforts to promote tourism have also played a role in the growth of the Scooters market, as tourists often opt for scooters to explore the country's attractions. In conclusion, the Scooters market in Cuba is developing rapidly due to changing customer preferences, the growing demand for eco-friendly transportation options, local special circumstances, and underlying macroeconomic factors. The shift towards electric scooters, the limited access to fuel, the compact size of scooters, and the country's economic reforms and tourism promotion efforts have all contributed to the market's growth. As Cuba continues to prioritize sustainable development and improve its infrastructure, the Scooters market is expected to further expand in the coming years.

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.