Bicycles - Costa Rica

Costa Rica

Revenue in the Bicycles market is projected to reach US$28.29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.25%, resulting in a projected market volume of US$27.94m by 2029.
Bicycles market unit sales are expected to reach 69.76k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$0.35k.
From an international perspective it is shown that the most revenue will be generated in China (US$12,370m in 2024).

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Analyst Opinion

The Bicycles market in Costa Rica is experiencing significant growth and development in recent years.

Customer preferences: Costa Rican consumers are increasingly turning to bicycles as a mode of transportation due to several factors. Firstly, there is a growing awareness of the environmental impact of cars and a desire to reduce carbon emissions. Bicycles offer a sustainable and eco-friendly alternative for short-distance travel. Additionally, the rising cost of fuel and the desire for a healthier lifestyle have also contributed to the popularity of bicycles. Many consumers are opting for bicycles as a means of exercise and to improve their overall well-being.

Trends in the market: One of the key trends in the Costa Rican bicycle market is the increasing demand for electric bicycles. Electric bicycles provide an added convenience and ease of use, particularly in hilly areas or for longer commutes. The availability of electric bicycles with improved battery life and performance has made them a popular choice among consumers. Another trend is the growing popularity of folding bicycles. These compact and portable bicycles are ideal for urban dwellers who have limited storage space or need to combine their bicycle commute with public transportation.

Local special circumstances: Costa Rica is known for its beautiful landscapes and eco-tourism industry. This has led to a rise in bicycle tourism, with many visitors opting to explore the country on two wheels. The government has also invested in developing cycling infrastructure, such as dedicated bike lanes and bike-sharing programs, to promote cycling as a sustainable mode of transportation. These initiatives have further fueled the demand for bicycles in the country.

Underlying macroeconomic factors: Costa Rica has experienced steady economic growth in recent years, which has contributed to an increase in disposable income among consumers. This has allowed more individuals to afford bicycles and invest in alternative modes of transportation. Additionally, the government's focus on sustainable development and reducing carbon emissions has also played a role in promoting the use of bicycles. In conclusion, the Bicycles market in Costa Rica is witnessing significant growth and development due to changing customer preferences, including a desire for eco-friendly transportation and a healthier lifestyle. The market is also influenced by local special circumstances, such as the rise of bicycle tourism and government initiatives to promote cycling infrastructure. The underlying macroeconomic factors, including steady economic growth and government focus on sustainability, have further contributed to the expansion of the market.

Methodology

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).