Scooters - Hong Kong

Hong Kong

In 2024, the Scooters market in Hong Kong is anticipated to generate revenue of HK US$2.35m.
It is projected that this revenue will experience a compound annual growth rate (CAGR) of 3.72% from 2024 to 2028, resulting in a market volume of HK US$2.72m by 2028.
By 2028, it is expected that the Scooters market will reach unit sales of 0.96k motorcyles.
Furthermore, the volume weighted average price of the Scooters market in 2024 is estimated to be HK US$2.73k.
When examining the international market, it is evident that in India will generate the highest revenue, amounting to INR US$9,782.00m in 2024.
In Hong Kong, the market for scooters is booming as the city's crowded streets and limited parking options make them a convenient and practical mode of transportation.

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

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Analyst Opinion

The Scooters market in Hong Kong is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in the growth of the Scooters market in Hong Kong. With the increasing population density and traffic congestion in the city, many residents are turning to scooters as a convenient and efficient mode of transportation. Scooters offer the flexibility to navigate through crowded streets and easily find parking spaces, making them an attractive option for daily commuting. Additionally, the rising awareness of environmental issues has led to a growing demand for eco-friendly transportation alternatives, further driving the popularity of scooters. Trends in the market also contribute to the growth of the Scooters market in Hong Kong. The introduction of electric scooters has revolutionized the industry, offering a cleaner and more sustainable option for consumers. The advancements in battery technology have significantly improved the performance and range of electric scooters, making them a viable alternative to traditional gasoline-powered scooters. Furthermore, the integration of smart features such as GPS tracking and smartphone connectivity has enhanced the overall user experience, attracting tech-savvy consumers. Local special circumstances in Hong Kong further support the development of the Scooters market. The city's well-developed infrastructure, including a comprehensive network of roads and parking facilities, makes it highly conducive for scooter usage. The compact size of Hong Kong also makes scooters a practical choice for navigating through narrow streets and alleys. Additionally, the government has implemented various policies and incentives to promote the use of electric scooters, such as subsidies and tax benefits, further driving the demand for these vehicles. Underlying macroeconomic factors also contribute to the growth of the Scooters market in Hong Kong. The city's strong economic growth and rising disposable income levels have increased consumer purchasing power, making scooters more affordable and accessible to a larger segment of the population. Additionally, the government's focus on sustainable transportation and reducing air pollution has created a favorable environment for the growth of the electric scooter market. In conclusion, the Scooters market in Hong Kong is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenient and eco-friendly transportation options, coupled with the advancements in electric scooter technology, has propelled the market forward. With the continued support of government policies and the city's favorable infrastructure, the Scooters market 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.