Scooters - Panama | Statista Market Forecast

Scooters - Panama

Panama

Highlights

In 2024, the projected revenue in the Scooters market in Panama is expected to reach US$1.38m.
Looking ahead, there is an anticipated annual growth rate (CAGR 2024-2029) of 1.41%, which will result in a projected market volume of US$1.48m by 2029.
By that time, the unit sales in the Scooters market are expected to reach 699.00motorcyles.
Additionally, the volume weighted average price of the Scooters market in 2024 is projected to amount to US$2.08k.
From an international perspective, it is noteworthy that India is expected to generate the highest revenue in the Scooters market in 2024, amounting to US$10.62bn.
Panama's scooter market is rapidly growing due to the country's dense urban areas and increasing demand for sustainable transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Panama is experiencing significant growth due to several key factors. Customer preferences for convenient and eco-friendly transportation options, along with local special circumstances and underlying macroeconomic factors, are driving this trend. Customer preferences in Panama are shifting towards more sustainable and cost-effective transportation options. Scooters offer a convenient and efficient way to navigate through traffic and crowded urban areas. They are also more affordable than cars and motorcycles, making them an attractive option for budget-conscious consumers. Additionally, scooters are seen as a more eco-friendly mode of transportation, as they produce fewer emissions compared to traditional vehicles. The market trend in Panama is also influenced by global and regional developments. Worldwide, there is a growing focus on reducing carbon emissions and promoting sustainable transportation. This has led to increased investment in electric scooters, which are gaining popularity in many countries. In Panama, this trend is mirrored as consumers are becoming more aware of the environmental impact of their transportation choices and are seeking greener alternatives. Local special circumstances in Panama further contribute to the growth of the Scooters market. The country's urban areas are characterized by heavy traffic congestion, making scooters a practical solution for commuting. Scooters are agile and can easily maneuver through traffic, allowing riders to reach their destinations faster. Additionally, Panama's warm climate and relatively flat terrain make it conducive for scooter usage throughout the year. Underlying macroeconomic factors also play a role in the development of the Scooters market in Panama. The country has experienced steady economic growth in recent years, resulting in an expanding middle class with increased disposable income. This enables more consumers to afford scooters as a mode of transportation. Furthermore, the government has implemented policies to promote the use of electric vehicles, including scooters, by providing incentives such as tax breaks and subsidies. These measures encourage consumers to adopt greener transportation options and contribute to the growth of the Scooters market. In conclusion, the Scooters market in Panama is growing due to customer preferences for convenient and eco-friendly transportation options, global and regional trends towards sustainable transportation, local special circumstances such as traffic congestion, and underlying macroeconomic factors including economic growth and government incentives. As these factors continue to drive the market, we can expect further expansion in the Scooters market in Panama 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.