Bicycles - Argentina | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$300.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.18%, resulting in a projected market volume of US$425.00m by 2029.
Bicycles market unit sales are expected to reach 1.03m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$337.80.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

Bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by mere human strength or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Road and racing bicycles such as cruiser, standard, gravel road-, touring-, and fixed gear bikes
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Bicycles Market in Argentina has been experiencing steady growth, influenced by factors such as increasing demand for eco-friendly transportation, growing health consciousness among consumers. However, the market's growth rate remains subdued due to economic challenges and limited infrastructure for cycling.

Customer preferences: In recent years, there has been a noticeable increase in demand for electric bicycles in Argentina. This can be attributed to the growing awareness of environmental sustainability and the desire for a more efficient mode of transportation. Additionally, with the rise of urbanization and traffic congestion, consumers are turning to bicycles as a convenient and cost-effective alternative. This trend is expected to continue as the government promotes the use of bicycles through infrastructure improvements and initiatives such as bike-sharing programs.

Trends in the market: In Argentina, the Bicycles Market is experiencing a surge in demand for electric bicycles, with sales increasing by 25% in 2020. This trend is driven by the growing awareness of environmental sustainability and the desire for alternative modes of transportation. Additionally, the government's initiatives to promote cycling as a healthier and more affordable means of transportation have also contributed to this trend. This trajectory is significant for industry stakeholders as it presents opportunities for growth and innovation in the market. However, it also poses challenges in terms of infrastructure and regulations. With the potential for continued growth in this trend, it is crucial for stakeholders to adapt and cater to the changing needs of consumers.

Local special circumstances: In Argentina, the Bicycles Market is influenced by the country's vast and diverse landscape, with varying terrain and climates. This has led to the development of different types of bicycles, such as mountain bikes for rugged terrain and city bikes for urban commuting. Additionally, the cultural preference for outdoor activities and increasing awareness of environmental sustainability have contributed to the growing demand for bicycles in the market. Furthermore, the government's initiatives promoting cycling as a mode of transportation and the implementation of bike-sharing programs have also played a significant role in the market's growth. These unique local factors have created a dynamic and thriving Bicycles Market in Argentina, setting it apart from other markets.

Underlying macroeconomic factors: The Bicycles Market in Argentina is heavily impacted by macroeconomic factors such as economic stability, consumer spending power, and government policies. The country's economic health and purchasing power of its citizens greatly influence the demand for bicycles. Additionally, fiscal policies, such as taxes and tariffs on imported bicycles, can significantly affect the market's performance. Furthermore, global economic trends, such as the rise of eco-friendly transportation and the growing popularity of cycling as a recreational activity, also play a role in shaping the market's growth. Overall, a stable and supportive economic environment is crucial for the growth of the Bicycles Market in Argentina.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us 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 relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.