Scooters - Sri Lanka

Sri Lanka

In 2024, the revenue in the Scooters market in Sri Lanka is projected to reach US$37.49m.
It is expected that the revenue will have an annual growth rate of 1.92% from 2024 to 2029, resulting in a projected market volume of US$41.24m by 2029.
The unit sales of Scooters market in Sri Lanka are expected to reach 13.41k motorcyles by 2029.
The volume weighted average price of Scooters market in Sri Lanka in 2024 is expected to be US$2.92k.
From an international perspective, it is shown that the most revenue in the Scooters market will be generated India, amounting to US$10,620.00m in 2024.
The scooter market in Sri Lanka is experiencing a surge in demand due to increasing urbanization and traffic congestion in major cities.

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

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Analyst Opinion

The Scooters market in Sri Lanka is experiencing significant growth and development. Customer preferences are shifting towards more affordable and convenient transportation options, leading to an increased demand for scooters. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in Sri Lanka are playing a crucial role in the growth of the Scooters market. With the rising costs of owning and maintaining a car, many consumers are turning to scooters as a more affordable alternative. Scooters are not only cheaper to purchase, but they also have lower fuel and maintenance costs. Moreover, scooters are compact and maneuverable, making them ideal for navigating the crowded streets of Sri Lanka's cities. Trends in the Scooters market in Sri Lanka are also influenced by global and regional market dynamics. As urbanization continues to increase worldwide, the demand for efficient and environmentally friendly transportation options is on the rise. Scooters, with their smaller carbon footprint and lower fuel consumption, align with these trends. Additionally, advancements in scooter technology, such as electric scooters, are gaining popularity due to their eco-friendly nature and reduced noise pollution. Local special circumstances further contribute to the development of the Scooters market in Sri Lanka. The country's infrastructure, particularly in urban areas, is often congested and lacks efficient public transportation systems. This creates a need for personal mobility solutions, such as scooters, to navigate through traffic and reach destinations quickly. Furthermore, the compact size of scooters allows for easy parking and maneuvering in narrow streets, which is a significant advantage in densely populated areas. Underlying macroeconomic factors also play a role in the growth of the Scooters market in Sri Lanka. The country's GDP has been steadily increasing, leading to a rise in disposable income among the population. As a result, more individuals can afford to purchase scooters as a means of transportation. Additionally, the government has implemented policies to promote the use of electric vehicles, including scooters, to reduce carbon emissions and dependence on fossil fuels. These policies provide incentives and subsidies for electric scooter purchases, further driving the market's growth. In conclusion, the Scooters market in Sri Lanka is experiencing growth due to shifting customer preferences towards affordable and convenient transportation options. Global and regional trends, such as the demand for environmentally friendly vehicles, also contribute to this development. Local special circumstances, including congested infrastructure and the need for personal mobility solutions, further drive the market's expansion. Lastly, underlying macroeconomic factors, such as increasing disposable income and government policies, play a significant role in the growth of the Scooters market in Sri Lanka.

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.