Scooters - Philippines

Philippines

In 2024, the projected revenue in the Scooters market in the Philippines is expected to reach US$0.91bn.
Looking ahead, it is anticipated that the revenue will experience an annual growth rate of 3.68% from 2024 to 2029, resulting in a projected market volume of US$1.09bn by 2029.
Furthermore, it is estimated that the unit sales in the Scooters market will reach 0.65m motorcyles by 2029.
The volume weighted average price of the Scooters market in the Philippines is expected to amount to US$1.59k in 2024.
When considering the international perspective, it is noteworthy that India is projected to generate the highest revenue in the Scooters market, with US$10,620.00m in 2024.
The popularity of electric scooters in the Philippines is skyrocketing as consumers embrace eco-friendly transportation options.

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

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Analyst Opinion

The Scooters market in Philippines has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market.

Customer preferences: Customers in the Philippines have shown a strong preference for scooters due to their affordability, fuel efficiency, and ease of maneuverability in congested urban areas. Scooters are seen as a practical mode of transportation for daily commuting, especially in cities where traffic congestion is a major issue. Additionally, scooters are popular among younger riders who value their sleek design and sporty features.

Trends in the market: One of the key trends in the Scooters market in Philippines is the increasing demand for electric scooters. With growing concerns about environmental sustainability and rising fuel prices, more customers are opting for electric scooters as a greener and more cost-effective alternative. Electric scooters offer zero emissions and lower operating costs, making them an attractive choice for eco-conscious consumers. Another trend in the market is the introduction of technologically advanced scooters with smart features. Manufacturers are incorporating features such as smartphone connectivity, GPS navigation, and anti-theft systems to enhance the riding experience and improve safety. These advanced features have been well-received by customers and have contributed to the overall growth of the market.

Local special circumstances: The unique geography of the Philippines, with its numerous islands and diverse terrain, has also played a role in the development of the Scooters market. Scooters are well-suited for navigating through narrow streets and uneven roads, making them a popular choice in both urban and rural areas. Additionally, the warm climate of the country makes scooters a comfortable mode of transportation, especially for short trips.

Underlying macroeconomic factors: The growing middle class in the Philippines has been a key driver of the Scooters market. As disposable incomes rise, more individuals are able to afford scooters as a means of transportation. The increasing urbanization and population growth in major cities have also contributed to the demand for scooters as a convenient mode of commuting. Furthermore, government initiatives and policies promoting the use of electric vehicles have provided a favorable environment for the growth of the electric scooter market. Incentives such as tax breaks and subsidies for electric vehicles have encouraged consumers to choose electric scooters over traditional gasoline-powered ones. In conclusion, the Scooters market in Philippines has experienced significant growth due to customer preferences for affordable and fuel-efficient transportation options, the increasing demand for electric scooters, the introduction of technologically advanced scooters, the unique geography of the country, and underlying macroeconomic factors such as the growing middle class and government initiatives.

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.