Scooters - Guatemala

Guatemala

Highlights

In 2024, the projected revenue in the Scooters market in Guatemala is estimated to reach US$9.33m.
It is expected that this revenue will experience an annual growth rate (CAGR 2024-2029) of 2.15%, resulting in a projected market volume of US$10.37m by 2029.
Moreover, the unit sales in the Scooters market are expected to reach 6.01k motorcyles by 2029.
The volume weighted average price of the Scooters market in Guatemala in 2024 is anticipated to be US$1.62k.
From an international standpoint, it is evident that the highest revenue in the Scooters market will be generated India, amounting to US$10.62bn in 2024.
In Guatemala, the demand for electric scooters is on the rise, as consumers seek eco-friendly transportation options in urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Guatemala has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development.

Customer preferences: One of the key factors driving the growth of the Scooters market in Guatemala is the increasing preference for eco-friendly transportation options. As concerns about environmental sustainability continue to rise, more and more consumers are opting for scooters as a greener alternative to traditional vehicles. Scooters are known for their fuel efficiency and low emissions, making them an attractive choice for environmentally conscious individuals.

Trends in the market: In addition to the growing demand for eco-friendly transportation, there are several other trends shaping the Scooters market in Guatemala. One of these trends is the rise of urbanization. As more people move to cities, the need for efficient and compact modes of transportation becomes crucial. Scooters offer a convenient solution for navigating through crowded urban areas, as they are compact, easy to park, and agile in traffic. Another trend driving the Scooters market is the increasing popularity of electric scooters. With advancements in battery technology, electric scooters have become more reliable and affordable. They offer the benefits of reduced noise pollution and lower maintenance costs compared to traditional gasoline-powered scooters. This trend aligns with the overall shift towards electric mobility worldwide.

Local special circumstances: Guatemala's geography and infrastructure also play a role in the development of the Scooters market. The country has a diverse landscape, including mountains, forests, and coastal areas. Scooters provide a practical means of transportation for navigating through these varied terrains. Additionally, the relatively small size of the country makes scooters an ideal choice for commuting shorter distances.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the Scooters market in Guatemala. One of these factors is the increasing disposable income of the population. As the economy grows and incomes rise, more people have the financial means to purchase scooters. Additionally, the government's efforts to improve road infrastructure and promote sustainable transportation options have created a favorable environment for the Scooters market to thrive. Overall, the Scooters market in Guatemala is experiencing growth due to customer preferences for eco-friendly transportation, trends such as urbanization and the popularity of electric scooters, local special circumstances including the diverse geography, and underlying macroeconomic factors such as increasing disposable income and government initiatives. As these factors continue to shape the market, the Scooters industry in Guatemala is expected to continue its upward trajectory.

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.