Bicycles - Bolivia | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$11.65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a projected market volume of US$11.81m by 2029.
Bicycles market unit sales are expected to reach 45.56k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$218.10.
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 Bolivia has been experiencing a slight decline in growth rate, impacted by factors such as the slow adoption of electric bicycles and a lack of awareness among consumers. However, the market is still driven by the convenience and health benefits offered by regular bicycles, with potential for growth as the country continues to develop and embrace digital technologies.

Customer preferences: With an increasing focus on sustainability and a growing awareness of the environmental impact of transportation, consumers in Bolivia are showing a preference for eco-friendly modes of transportation, such as bicycles. Additionally, the rise of urbanization and traffic congestion has led to a demand for alternative methods of transportation, making bicycles a popular choice. Furthermore, the younger generation is embracing the bicycle culture as a statement of their active and healthy lifestyle, further driving the growth of the Bicycles Market in Bolivia.

Trends in the market: In Bolivia, the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by the increasing need for eco-friendly transportation options and the government's push for sustainable mobility. This trend is expected to continue as the country invests in developing cycling infrastructure and promoting cycling as a mode of transportation. Additionally, there is a growing trend of online sales and rentals of bicycles, providing convenience and accessibility for consumers. These developments have significant implications for industry stakeholders, as they must adapt to the changing market and invest in innovative technologies and business models to stay competitive.

Local special circumstances: In Bolivia, the Bicycles Market is heavily influenced by the country's diverse geography, which ranges from mountainous regions to flat plains. This has led to a demand for different types of bicycles, such as mountain bikes and road bikes, depending on the terrain. Additionally, the country's cultural preference for eco-friendly transportation has also driven the growth of the market. Moreover, the government's investment in infrastructure for cycling and promotion of cycling as a means of transportation has further boosted the market.

Underlying macroeconomic factors: The Bicycles Market in Bolivia is affected by several macroeconomic factors, including the country's economic health, global economic trends, and fiscal policies. As the economy of Bolivia continues to grow, there is an increasing demand for bicycles as a mode of transportation. Additionally, government initiatives to promote sustainable transportation and reduce carbon emissions have also contributed to the growth of the Bicycles Market. However, economic challenges such as inflation and income inequality may hinder market growth. Furthermore, global economic trends, such as fluctuations in commodity prices, can also impact the purchasing power of consumers and their ability to invest in bicycles. Overall, a stable and growing economy, along with favorable fiscal policies, can create a conducive environment for the Bicycles Market in Bolivia to thrive.

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.