Scooters - Mexico

Mexico

In Mexico, the revenue in the Scooters market is projected to reach US$0.70bn in 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 5.39%, resulting in a projected market volume of US$0.91bn by 2029.
Furthermore, the unit sales in the Scooters market are expected to reach 403.80k motorcyles in 2029.
Additionally, it is anticipated that the volume weighted average price of the Scooters market in 2024 will amount to US$2.10k.
From an international perspective, it is worth noting that the most revenue will be generated India, with a projected revenue of US$10,620.00m in 2024.
The demand for electric scooters in Mexico is rapidly increasing as consumers seek eco-friendly transportation options in urban areas.

Key regions: United States, Brazil, Spain, Indonesia, Portugal

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Analyst Opinion

The Scooters market in Mexico has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Scooters market in Mexico is the increasing preference for eco-friendly and cost-effective transportation options. Scooters are seen as a more sustainable alternative to cars and motorcycles, as they produce lower emissions and require less fuel. Additionally, scooters are more affordable than cars and motorcycles, making them an attractive option for cost-conscious consumers.

Trends in the market: One trend in the Scooters market in Mexico is the rise of electric scooters. Electric scooters offer even greater environmental benefits compared to traditional scooters, as they produce zero emissions. They are also quieter and require less maintenance. The increasing availability of electric scooters in the market, along with the development of charging infrastructure, has contributed to their growing popularity among consumers. Another trend in the Scooters market in Mexico is the emergence of scooter-sharing services. These services allow consumers to rent scooters for short periods of time, providing a convenient and flexible transportation option. The rise of scooter-sharing services has been driven by the growing demand for shared mobility solutions and the increasing use of smartphone apps for transportation services. This trend has not only expanded the customer base for scooters, but also created new business opportunities in the market.

Local special circumstances: One of the factors that has contributed to the growth of the Scooters market in Mexico is the country's urbanization. Mexico has a large and rapidly growing urban population, with many cities facing issues such as traffic congestion and air pollution. Scooters offer a practical solution to these challenges, as they are compact and maneuverable, making them well-suited for urban environments. The ease of parking and navigating through congested city streets has made scooters a popular choice among urban dwellers in Mexico.

Underlying macroeconomic factors: The economic development and rising disposable income in Mexico have also played a role in the growth of the Scooters market. As the middle class expands and more people have the means to afford personal transportation, the demand for scooters has increased. Additionally, the availability of financing options and favorable government policies, such as tax incentives for eco-friendly vehicles, have further incentivized the purchase of scooters. In conclusion, the Scooters market in Mexico is experiencing growth due to customer preferences for eco-friendly and cost-effective transportation options, the rise of electric scooters and scooter-sharing services, the country's urbanization, and underlying macroeconomic factors such as economic development and rising disposable income. These factors have created a favorable market environment for scooters in Mexico, driving their increasing popularity among consumers.

Methodology

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.