Scooters - Cyprus | Statista Market Forecast

Scooters - Cyprus

Cyprus

Highlights

The projected revenue in the Scooters market for Cyprus is estimated to reach US$264.90k in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 2.33%, leading to a projected market volume of US$297.30k by 2029.
The unit sales in the Scooters market for Cyprus are anticipated to reach 103.00motorcyles by 2029.
In 2024, the volume weighted average price of Scooters market in Cyprus is expected to be US$2.79k.
From an international standpoint, it is evident that India will generate the highest revenue, amounting to US$10.62bn in 2024.
The demand for electric scooters in Cyprus has surged in recent years, driven by the country's commitment to sustainable transportation solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Cyprus is experiencing significant growth due to various factors. Customer preferences have shifted towards more environmentally friendly and cost-effective modes of transportation, leading to an increased demand for scooters. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the Scooters market in Cyprus.

Customer preferences: Customers in Cyprus are increasingly choosing scooters as their preferred mode of transportation due to several reasons. Firstly, scooters are more fuel-efficient compared to traditional cars, making them a cost-effective option for daily commuting. With rising fuel prices, customers are looking for alternatives that can help them save money on transportation expenses. Scooters provide a solution to this problem as they require less fuel to operate. Furthermore, there is a growing awareness of environmental issues among customers in Cyprus. Scooters produce fewer emissions compared to cars, making them a more environmentally friendly choice. As sustainability becomes a key consideration for many consumers, the demand for scooters has increased significantly.

Trends in the market: One of the key trends in the Scooters market in Cyprus is the rise of electric scooters. Electric scooters offer several advantages over traditional scooters, including lower operating costs and reduced environmental impact. The availability of charging infrastructure and government incentives for electric vehicles have further contributed to the popularity of electric scooters in Cyprus. Another trend in the market is the increasing popularity of scooter sharing services. These services allow customers to rent scooters for short periods, providing a convenient and affordable transportation option. The rise of scooter sharing services has been facilitated by advancements in technology, such as mobile applications that enable easy booking and payment.

Local special circumstances: Cyprus is a small island nation with a relatively compact geography. This makes scooters an ideal mode of transportation for navigating the narrow streets and congested urban areas. Scooters are more maneuverable compared to cars, allowing customers to easily navigate through traffic and find parking spaces. Furthermore, the warm climate in Cyprus makes scooters a comfortable option for commuting. Customers can enjoy the open-air experience of riding a scooter, especially during the summer months when the weather is pleasant. This unique combination of factors makes Cyprus a favorable market for scooters.

Underlying macroeconomic factors: The Scooters market in Cyprus is also influenced by underlying macroeconomic factors. The country has experienced economic growth in recent years, leading to an increase in disposable income among consumers. As a result, customers have more purchasing power and are able to afford scooters as an alternative mode of transportation. Additionally, the government of Cyprus has implemented policies to promote the use of electric vehicles, including scooters. These policies include tax incentives and subsidies for electric vehicle purchases, making electric scooters more affordable for customers. The government's support for sustainable transportation options has further fueled the growth of the Scooters market in Cyprus. In conclusion, the Scooters market in Cyprus is developing due to customer preferences for cost-effective and environmentally friendly transportation options. The rise of electric scooters and scooter sharing services are key trends in the market. The local special circumstances of Cyprus, such as its compact geography and warm climate, make scooters a favorable mode of transportation. Underlying macroeconomic factors, including economic growth and government support for electric vehicles, have also contributed to the development of the Scooters market in Cyprus.

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.