Scooters - Dominican Republic

Dominican Republic

Highlights

The Scooters market in the Dominican Republic is anticipated to achieve a revenue of US$6.13m in the year 2024.
This is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.04%, resulting in a market volume of US$7.12m by 2029.
It is expected that the unit sales of Scooters market in the country will reach 3.06k motorcyles by 2029.
Additionally, the volume weighted average price of Scooters market in 2024 is estimated to be US$2.13k.
From a global perspective, it is evident that the highest revenue will be generated India, amounting to US$10.62bn in 2024.
The Dominican Republic is experiencing a surge in scooter sales due to its congested urban areas and the need for efficient and affordable transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Dominican Republic is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Dominican Republic are increasingly opting for scooters as a mode of transportation due to their convenience, cost-effectiveness, and environmental friendliness. Scooters offer a practical solution for navigating through congested city streets and are particularly popular among young urban dwellers. Additionally, the rising fuel prices and the need for more sustainable transportation options have further fueled the demand for scooters in the country.

Trends in the market: One of the key trends in the Scooters market in Dominican Republic is the increasing popularity of electric scooters. As consumers become more environmentally conscious, there is a growing demand for electric vehicles, including scooters. Electric scooters offer the advantage of being emission-free and require less maintenance compared to traditional gasoline-powered scooters. This trend is expected to continue as the government promotes sustainable transportation options and implements policies to reduce carbon emissions. Another trend in the market is the growing popularity of scooter-sharing services. Similar to bike-sharing programs, scooter-sharing services allow users to rent scooters for short periods of time, providing a convenient and affordable transportation option. This trend is particularly prevalent in urban areas where the demand for flexible and on-demand transportation is high. The scooter-sharing market is expected to grow as more companies enter the market and expand their services to different cities in the country.

Local special circumstances: The geography and infrastructure of Dominican Republic play a significant role in the development of the Scooters market. The country has a large urban population, and many cities face traffic congestion and limited parking spaces. Scooters offer a practical solution to navigate through these challenges as they are compact and easy to maneuver in congested areas. Additionally, the warm climate of the country makes scooters a popular choice for commuting short distances.

Underlying macroeconomic factors: The growing economy of Dominican Republic is also contributing to the development of the Scooters market. As disposable incomes rise, more people are able to afford personal transportation options, including scooters. Furthermore, the government's focus on improving infrastructure and transportation systems is creating a favorable environment for the growth of the Scooters market. Investments in road networks and public transportation systems are expected to enhance the accessibility and safety of scooters in the country. In conclusion, the Scooters market in Dominican Republic is witnessing significant growth due to changing customer preferences, emerging trends such as electric scooters and scooter-sharing services, local special circumstances including urban congestion and limited parking, and underlying macroeconomic factors such as the growing economy and government investments in infrastructure. As these factors continue to drive the market, the Scooters industry is expected to flourish 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.