Scooters - Togo

Togo

In 2024, the projected revenue in the Scooters market in Togo is expected to reach US$3.68m.
It is anticipated that this revenue will experience an annual growth rate of -0.83% (CAGR 2024-2029), resulting in a projected market volume of US$3.53m by 2029.
By 2029, the unit sales in the Scooters market are expected to reach 3.24k motorcyles.
The volume weighted average price of the Scooters market in Togo is expected to be US$1.09k in 2024.
When considering the international perspective, it is worth noting that India is projected to generate the highest revenue, amounting to US$10,620.00m in 2024.
The demand for electric scooters in Togo is rapidly increasing as a sustainable and convenient mode of transportation in urban areas.

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

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Analyst Opinion

The Scooters market in Togo is experiencing significant growth and development.

Customer preferences: Togolese customers are increasingly favoring scooters as their preferred mode of transportation. This is primarily due to the compact size and maneuverability of scooters, which are well-suited for navigating the crowded and congested streets of Togo's urban areas. Additionally, scooters are more affordable compared to cars and motorcycles, making them a popular choice among the middle-class population.

Trends in the market: One of the key trends in the Scooters market in Togo is the rising demand for electric scooters. As environmental concerns become more prominent globally, Togolese consumers are also becoming more conscious of their carbon footprint. Electric scooters offer a cleaner and more sustainable alternative to traditional gasoline-powered scooters, which is driving their popularity in the market. Moreover, the government of Togo has implemented policies and incentives to promote the adoption of electric vehicles, including scooters, further boosting their demand. Another trend in the market is the increasing availability of scooters for rental services. This has gained traction in Togo, especially in tourist destinations and major cities. Rental services provide a convenient and cost-effective option for both locals and tourists who need temporary transportation. This trend is fueled by the growing popularity of ride-sharing platforms and the increasing number of scooter rental companies entering the market.

Local special circumstances: Togo has a young and growing population, with a significant portion of the population being young adults and students. This demographic group is particularly attracted to scooters as they offer a convenient and affordable means of transportation for daily commuting and navigating the city. Furthermore, Togo's urban areas are characterized by narrow and congested roads, which make scooters a practical choice for maneuvering through traffic.

Underlying macroeconomic factors: Togo has experienced steady economic growth in recent years, which has resulted in an increase in disposable income among the population. This has contributed to the affordability of scooters and the growing demand for personal transportation. Additionally, the government's efforts to improve infrastructure and road networks have made it easier for individuals to own and use scooters. In conclusion, the Scooters market in Togo is witnessing significant growth and development due to customer preferences for compact and affordable transportation options, such as scooters. The rising demand for electric scooters, the availability of rental services, and the country's young population are key factors driving this growth. Furthermore, Togo's improving economy and infrastructure have created a favorable environment for the expansion of the scooter market.

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.