Scooters - Singapore

Singapore

The projected revenue in the Scooters market in Singapore is expected to reach €4.32m in 2024.
This market is anticipated to experience an annual growth rate of 10.32% from 2024 to 2029, resulting in a projected market volume of €7.06m by 2029.
In terms of unit sales, it is expected that the Scooters market will reach 2.95k motorcyles in 2029.
The volume weighted average price of the Scooters market in Singapore is projected to be €2.30k in 2024.
When considering the international market, it is noteworthy that the highest revenue is expected to be generated India, with an estimated amount of €9,846.00m in 2024.
With the increasing demand for eco-friendly transportation options in Singapore, the scooter market is witnessing a surge in popularity among commuters.

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

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Comparación de regiones

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Analyst Opinion

The Scooters market in Singapore is experiencing significant growth and development due to various factors. Customer preferences for eco-friendly and cost-effective modes of transportation have contributed to the increasing demand for scooters in the country. Additionally, local special circumstances and underlying macroeconomic factors have further fueled the growth of the market.

Customer preferences: Customers in Singapore are increasingly opting for scooters as their preferred mode of transportation. One of the main reasons for this preference is the rising awareness and concern for the environment. Scooters are considered to be more eco-friendly compared to traditional vehicles, as they emit lower levels of carbon dioxide and other harmful pollutants. Additionally, scooters are cost-effective, offering a more affordable alternative to owning a car or using public transportation.

Trends in the market: The Scooters market in Singapore is witnessing several trends that are driving its growth. Firstly, there is a growing demand for electric scooters, as they are seen as a more sustainable and energy-efficient option. Electric scooters are also quieter and require less maintenance compared to their gasoline-powered counterparts. This trend is in line with the global shift towards electric vehicles. Another trend in the market is the increasing popularity of shared scooters. With the rise of ride-sharing and bike-sharing services, scooter-sharing platforms have emerged as a convenient and flexible transportation option for short distances. These services allow users to rent scooters on-demand, providing a convenient alternative to traditional transportation options.

Local special circumstances: Singapore's compact size and well-developed infrastructure make it an ideal market for scooters. The city-state has a well-connected network of roads and bike lanes, making it easy for scooters to navigate through traffic. Additionally, Singapore's warm climate and relatively flat terrain make it conducive for scooter riding. Furthermore, the Singaporean government has been supportive of sustainable transportation options, including scooters. The Land Transport Authority (LTA) has implemented regulations and guidelines to ensure the safe and responsible use of scooters on public roads and pathways. These regulations have helped to boost consumer confidence and encourage the adoption of scooters as a viable mode of transportation.

Underlying macroeconomic factors: The growth of the Scooters market in Singapore is also influenced by underlying macroeconomic factors. The country's strong economy and high disposable income levels have contributed to increased consumer spending on transportation options. Furthermore, the government's efforts to promote sustainable and green initiatives have created a favorable environment for the adoption of eco-friendly modes of transportation, such as scooters. In conclusion, the Scooters market in Singapore is experiencing growth and development due to customer preferences for eco-friendly and cost-effective transportation options. The increasing demand for electric scooters and the popularity of shared scooter services are driving the market's growth. Singapore's well-developed infrastructure, supportive government regulations, and strong economy are further contributing to the expansion of the 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.