Scooters - South Korea

South Korea

Highlights

In 2024, the projected revenue in the Scooters market in South Korea is expected to reach US$73.52m.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 2.20%, resulting in a projected market volume of US$81.96m by 2029.
The unit sales in the Scooters market are expected to reach 27.82k motorcyles in 2029.
In 2024, the volume weighted average price of the Scooters market in South Korea is projected to amount to US$2.89k.
From an international perspective, it is evident that the most revenue will be generated India, with US$10.62bn in 2024.
South Korea's scooter market is booming, with a strong demand for electric scooters driven by the country's focus on clean energy and sustainable transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: One of the main reasons for the growth of the Scooters market in South Korea is the changing preferences of customers. Scooters are becoming increasingly popular among urban dwellers due to their compact size, fuel efficiency, and ease of maneuverability. They are seen as a convenient and cost-effective mode of transportation, especially for short commutes in congested city streets. Additionally, the younger generation in South Korea is showing a growing interest in scooters as a trendy and stylish means of getting around.

Trends in the market: The Scooters market in South Korea is witnessing several trends that are driving its growth. Firstly, there is a growing demand for electric scooters. With increasing concerns about air pollution and the environment, many consumers are opting for electric scooters as a greener alternative to traditional gasoline-powered ones. Electric scooters are also seen as more economical in the long run, as they require less maintenance and have lower operating costs. Another trend in the Scooters market is the rise of shared scooter services. Similar to bike-sharing programs, companies are offering scooter-sharing services in major cities in South Korea. This trend is fueled by the convenience and flexibility that shared scooters provide, allowing users to easily rent and return scooters at designated locations. Shared scooters are particularly popular among tourists and short-term visitors, who can use them to explore the city without the need for public transportation or taxis.

Local special circumstances: South Korea's urban landscape and transportation infrastructure also contribute to the growth of the Scooters market. The country has a high population density, especially in major cities like Seoul, Busan, and Incheon. This density, coupled with traffic congestion, makes scooters an attractive alternative to cars for many people. Additionally, South Korea has a well-developed network of bike lanes and dedicated scooter parking spaces, making it easier for scooter riders to navigate the city and find parking.

Underlying macroeconomic factors: Several macroeconomic factors have also played a role in the growth of the Scooters market in South Korea. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed more people to afford scooters as a means of transportation. Furthermore, government policies and incentives have also contributed to the growth of the Scooters market. The South Korean government has implemented measures to promote the use of electric vehicles, including scooters, by providing subsidies and tax incentives. These policies have encouraged consumers to choose electric scooters over traditional gasoline-powered ones. In conclusion, the Scooters market in South Korea is experiencing significant growth due to changing customer preferences, the rise of electric scooters and shared scooter services, the country's urban landscape and transportation infrastructure, as well as underlying macroeconomic factors such as economic growth and government policies.

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.