Scooters - Jamaica

Jamaica

Highlights

In 2024, the revenue in the Scooters market is projected to reach US$1.21m.
It is expected that this revenue will experience an annual growth rate (CAGR 2024-2029) of 2.45%.
As a result, the projected market volume in Jamaica is estimated to reach US$1.36m by 2029.
Furthermore, it is anticipated that the unit sales in the Scooters market will reach 611.00motorcyles by 2029.
Additionally, the volume weighted average price of the Scooters market in 2024 is expected to be US$2.14k.
It is worth noting that, from an international perspective, India is projected to generate the highest revenue in the Scooters market, amounting to US$10.62bn in 2024.
Jamaican scooter market experiences a surge in demand due to its efficient and cost-effective transportation solution for urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Jamaica is experiencing a significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Jamaica, there is a growing preference for scooters due to their affordability and fuel efficiency. Scooters are seen as a cost-effective alternative to cars, especially in urban areas where traffic congestion is a major issue. Additionally, scooters are popular among younger consumers who are looking for a convenient and stylish mode of transportation.

Trends in the market: One of the key trends in the Scooters market in Jamaica is the increasing demand for electric scooters. As the country strives to reduce its carbon footprint and promote sustainable transportation, the adoption of electric scooters has gained momentum. Electric scooters offer a cleaner and quieter alternative to traditional gasoline-powered scooters, making them more environmentally friendly. Furthermore, the government has implemented policies and incentives to encourage the use of electric vehicles, including scooters, which has further fueled the demand. Another trend in the Scooters market in Jamaica is the rise of scooter-sharing services. Similar to bike-sharing programs, scooter-sharing services have gained popularity in urban areas, offering an affordable and convenient transportation option for short distances. These services cater to the needs of commuters and tourists alike, providing a flexible and efficient way to navigate the city streets.

Local special circumstances: Jamaica's geographical characteristics, such as its small size and warm climate, make scooters an ideal mode of transportation. The compact size of scooters allows for easy maneuverability in crowded city streets, while the warm climate makes riding a scooter a pleasant experience throughout the year. Additionally, the cost of owning and maintaining a scooter is relatively low compared to other vehicles, making it an attractive option for many Jamaicans.

Underlying macroeconomic factors: The growing Scooters market in Jamaica can also be attributed to favorable macroeconomic factors. The country's stable economic growth and increasing disposable income have contributed to the rising demand for scooters. As more Jamaicans have the financial means to purchase vehicles, scooters have become a popular choice due to their affordability and practicality. In conclusion, the Scooters market in Jamaica is experiencing growth due to changing customer preferences, such as the preference for affordable and fuel-efficient transportation options. The rise of electric scooters and scooter-sharing services further contributes to this growth. Additionally, local special circumstances, such as Jamaica's geographical characteristics and the cost advantages of owning a scooter, play a significant role. Overall, the Scooters market in Jamaica is expected to continue expanding in the coming years, driven by these factors and the country's favorable macroeconomic conditions.

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.