Scooters - Nigeria

Nigeria

In 2024, the Scooters market in Nigeria is projected to generate a revenue of €229.40m.
This revenue is expected to grow at an annual rate of 4.66% (CAGR 2024-2028), resulting in a projected market volume of €275.20m by 2028.
Furthermore, it is estimated that the unit sales of Scooters market in Nigeria will reach 228.00k motorcyles by 2028.
In terms of pricing, the volume weighted average price of Scooters market in Nigeria is projected to be €1.07k in 2024.
Taking an international perspective, it is worth noting that in India is expected to generate the highest revenue in the Scooters market, amounting to €9,071.00m in 2024.
This highlights the significant market potential for Scooters market in Nigeria, given its growing revenue and market volume projections.
Nigeria's scooter market is experiencing a surge in demand due to the country's congested roads and increasing urbanization.

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

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Analyst Opinion

The Scooters market in Nigeria has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Nigeria have been shifting towards more efficient and cost-effective modes of transportation, leading to an increased demand for scooters. Scooters are seen as a convenient and affordable option for commuting short distances in congested urban areas. Additionally, the rising awareness about environmental issues and the need for sustainable transportation solutions have further fueled the demand for scooters in the country. Trends in the market indicate a growing preference for electric scooters in Nigeria. Electric scooters offer several advantages over traditional gasoline-powered scooters, including lower operating costs, reduced emissions, and quieter operation. The government of Nigeria has also been promoting the use of electric vehicles, including scooters, through various incentives and policies, which has further boosted the demand for electric scooters in the market. Local special circumstances in Nigeria have played a significant role in the development of the scooters market. The country's rapid urbanization and population growth have led to increased traffic congestion in major cities, making scooters a practical and efficient mode of transportation. Furthermore, the relatively high cost of fuel and the limited availability of public transportation options have made scooters an attractive alternative for many Nigerians. Underlying macroeconomic factors have also contributed to the growth of the scooters market in Nigeria. The country's improving economy and rising disposable incomes have increased the purchasing power of consumers, enabling them to afford scooters. Additionally, the government's efforts to improve infrastructure and road networks have made it easier for scooters to navigate through the cities, further driving the demand for these vehicles. In conclusion, the Scooters market in Nigeria is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards more efficient and cost-effective transportation options, such as scooters, along with the increasing demand for electric vehicles, has fueled the growth of the market. With the government's support and the improving economic conditions in the country, the scooters market in Nigeria is expected to continue its upward trajectory in the coming years.

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.