Scooters - India

India

In 2024, the projected revenue in the Scooters market is expected to reach a staggering €9.85bn.
This market is expected to witness a steady annual growth rate (CAGR 2024-2029) of 5.54%, resulting in a projected market volume of €12.90bn by 2029.
By that time, the unit sales of Scooters market India are expected to reach 6.25m motorcyles.
Additionally, it is worth noting that in 2024, the volume weighted average price of Scooters market in this segment is projected to amount to €1.84k.
It is interesting to observe that India is poised to generate the most revenue in this market segment, with a projected revenue of €9.85bn in 2024.
India's scooter market is currently experiencing a surge in demand due to the rising popularity of electric scooters as a sustainable and cost-effective mode of transportation.

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

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Analyst Opinion

The Scooters market in India has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in India have shifted towards more fuel-efficient and cost-effective modes of transportation, leading to an increased demand for scooters. Scooters offer a convenient and affordable option for daily commuting, especially in congested urban areas. Additionally, scooters are popular among the younger generation due to their stylish designs and ease of use. Trends in the market also contribute to the growth of the Scooters market in India. The government's focus on promoting electric vehicles has led to the introduction of electric scooters in the market. These eco-friendly scooters are gaining popularity among environmentally conscious consumers. Furthermore, technological advancements have resulted in the development of scooters with improved performance, safety features, and connectivity options. These innovations have attracted a wider customer base and increased the overall demand for scooters in the country. Local special circumstances in India have further propelled the growth of the Scooters market. The country's rapid urbanization and increasing disposable income have led to a rise in the number of middle-class consumers. This expanding middle-class segment, coupled with the growing number of women riders, has created a significant market for scooters. Moreover, the lack of robust public transportation infrastructure in many cities has made scooters a preferred mode of transport for daily commuting. Underlying macroeconomic factors also play a role in the development of the Scooters market in India. The country's strong economic growth and rising per capita income have increased consumer spending power, making scooters more affordable for a larger section of the population. Additionally, government initiatives such as "Make in India" have encouraged domestic manufacturing and reduced import costs, making scooters more accessible to consumers. In conclusion, the Scooters market in India is witnessing growth due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and cost-effective transportation options, the introduction of electric scooters, technological advancements, rapid urbanization, increasing disposable income, and government initiatives have all contributed to the expansion of the Scooters market in India.

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.