Scooters - Zambia | Statista Market Forecast

Scooters - Zambia

Zambia

Highlights

The projected revenue in the Scooters market in Zambia is expected to reach US$9.95m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.30%, resulting in a projected market volume of US$12.28m by 2029.
In terms of unit sales, it is expected that the Scooters market will reach 10.01k motorcyles by 2029.
Furthermore, the volume weighted average price of the Scooters market in Zambia is projected to be US$1.17k in 2024.
Taking an international perspective, it is evident that the highest revenue will be generated India, amounting to US$10.62bn in 2024.
Scooters are increasingly gaining popularity in Zambia as an affordable and convenient mode of transportation in congested urban areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Scooters market in Zambia is experiencing significant growth and development in recent years.

Customer preferences: Zambian customers are increasingly opting for scooters as a convenient and affordable mode of transportation. Scooters offer a cost-effective solution for daily commuting, especially in urban areas where traffic congestion is a major issue. The ease of maneuverability and fuel efficiency of scooters make them a popular choice among young professionals and students. Additionally, the compact size of scooters makes them ideal for navigating through narrow and crowded streets.

Trends in the market: One of the key trends in the Zambian Scooters market is the increasing demand for electric scooters. With growing concerns about environmental sustainability and the rising cost of fuel, consumers are actively seeking greener alternatives for transportation. Electric scooters provide a clean and energy-efficient mode of travel, making them an attractive option for environmentally conscious individuals. The government of Zambia has also introduced various incentives and subsidies to promote the adoption of electric vehicles, further driving the demand for electric scooters in the market. Another trend observed in the market is the availability of a wide range of scooter models and brands. Both domestic and international scooter manufacturers have recognized the growing demand in Zambia and have introduced a diverse range of products to cater to different customer preferences. From entry-level scooters for budget-conscious buyers to premium models with advanced features, customers have a plethora of options to choose from. This increased competition in the market has led to competitive pricing and improved product quality, benefitting the consumers.

Local special circumstances: Zambia's rapid urbanization and the increasing number of young professionals entering the workforce have contributed to the growth of the Scooters market. As more people migrate to urban areas in search of better employment opportunities, the demand for affordable and efficient transportation solutions has risen. Scooters provide a convenient and economical mode of travel, particularly for short distances, making them an ideal choice for urban dwellers.

Underlying macroeconomic factors: The Zambian economy has been experiencing steady economic growth in recent years, which has had a positive impact on the Scooters market. With a growing middle class and increasing disposable income, more individuals are able to afford personal vehicles like scooters. Additionally, the government's focus on improving infrastructure and transportation networks has also contributed to the growth of the market. The expansion of road networks and the establishment of dedicated scooter lanes have made commuting on scooters safer and more convenient. In conclusion, the Scooters market in Zambia is witnessing significant growth driven by customer preferences for affordable and convenient transportation options, the availability of a wide range of scooter models, and the government's focus on promoting electric vehicles. The market is expected to continue its upward trajectory as the Zambian economy grows and urbanization continues.

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.