The Bicycles market in BRICS is experiencing minimal growth due to factors such as low consumer awareness, limited access to digital technologies, and lack of government support. The sub-markets of Regular Bicycles and Electric Bicycles face similar challenges, hindering overall market growth. However, as the region continues to develop and modernize, there is potential for an increase in demand for bicycles, especially for transportation and leisure purposes. This could lead to a gradual growth in the market in the coming years.
Customer preferences: As the popularity of eco-friendly and sustainable transportation continues to grow, consumers in the Bicycles Market are increasingly turning towards electric bicycles as a convenient and environmentally-friendly mode of transportation. This trend is driven by a combination of factors, including a desire for reducing carbon emissions, increasing health consciousness, and the growing availability of affordable and high-quality electric bicycles. Additionally, the rise of e-commerce has made it easier for consumers to purchase electric bicycles online, further contributing to the growth of this market segment.
Trends in the market: In the BRICS countries, the Bicycles Market is experiencing a shift towards electric and smart bicycles, driven by a growing focus on sustainability and technological advancements. In Brazil, for example, the government has implemented incentives for the production and use of electric bicycles, leading to a surge in demand. In India, the rise of bike-sharing services and the adoption of electric vehicles are also driving the growth of the Bicycles Market. This trend is significant as it not only promotes eco-friendly transportation but also opens up new opportunities for industry players to expand their product offerings and tap into a growing market segment. However, it also poses challenges for traditional bicycle manufacturers, who may need to adapt their production processes and business models to stay competitive in this evolving market.
Local special circumstances: In China, the Bicycles Market is thriving due to the country's large population and government initiatives promoting eco-friendly transportation. The market is also heavily influenced by the culture of biking as a mode of transportation and exercise. In South Africa, the market faces challenges due to the country's high crime rates, leading to a demand for more secure bike options. Additionally, the country's diverse terrain and weather conditions impact the types of bikes in demand, with a higher demand for mountain bikes and electric bikes in certain regions.
Underlying macroeconomic factors: The Bicycles Market is greatly impacted by macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with strong economic growth and stable fiscal policies are experiencing higher demand for bicycles due to increased consumer spending power. In contrast, countries with economic downturns and unstable fiscal policies may see a decline in demand for bicycles. Additionally, the growing focus on sustainability and environmental concerns has led to government initiatives and investments in promoting bicycles as a mode of transportation, further driving the market growth.
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).
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