Bicycles - Azerbaijan | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$97.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.47%, resulting in a projected market volume of US$139.70m by 2029.
Bicycles market unit sales are expected to reach 137.00k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$827.50.
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 Azerbaijan is seeing steady growth, driven by factors such as increasing consumer interest in eco-friendly transportation, growing health consciousness, and the convenience of online sales. The market is experiencing mild growth, potentially influenced by factors such as limited infrastructure for biking and a preference for traditional modes of transportation.

Customer preferences: As more people in Azerbaijan adopt a more active and eco-friendly lifestyle, there has been a growing trend towards using bicycles as a mode of transportation. This is also in line with the country's efforts to promote sustainable development. Additionally, the rise of cycling as a popular recreational activity has led to an increase in demand for high-quality and specialized bicycles, catering to different age groups and preferences. This trend is also fueled by the growing awareness of the health benefits of cycling, such as reducing carbon footprint and promoting physical fitness.

Trends in the market: In Azerbaijan, the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers are increasingly prioritizing eco-friendly transportation options. This trend is expected to continue as the government implements initiatives to promote sustainable mobility. Additionally, the market has seen a rise in the popularity of bike-sharing programs, providing convenient and affordable access to bicycles for urban commuters. These trends signify a shift towards a more environmentally conscious and active lifestyle, which could have significant implications for industry stakeholders, including manufacturers and retailers, who may need to adapt their strategies to cater to this growing demand.

Local special circumstances: In Azerbaijan, the Bicycles Market is influenced by the country's geographical landscape, with its varied terrain ranging from flat plains to mountainous regions. This has led to a demand for different types of bicycles, such as mountain bikes and road bikes, catering to the diverse terrain. Additionally, the country's cultural affinity for outdoor activities and sports has also contributed to the growth of the market. Furthermore, the government's initiatives to promote eco-friendly transportation and reduce traffic congestion have also boosted the demand for bicycles in the market.

Underlying macroeconomic factors: The Bicycles Market in Azerbaijan is influenced by macroeconomic factors such as the country's economic stability, government policies on transportation and infrastructure, and global trends in the bicycle industry. With the government's focus on promoting sustainable transportation and improving the country's infrastructure, the demand for bicycles is expected to increase in the coming years. Additionally, the rising popularity of eco-friendly and healthy lifestyles globally is also driving the demand for bicycles in Azerbaijan, as more people are turning to cycling as a mode of transportation and exercise.

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.