Bicycles - Cuba | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$27.19m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.73%, resulting in a projected market volume of US$28.20m by 2029.
Bicycles market unit sales are expected to reach 90.67k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$255.60.
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 Cuba is experiencing a slight decline in growth rate, influenced by factors such as limited access to digital technologies, low health awareness among consumers, and a lack of convenience in online services. However, there is still potential for growth due to the increasing popularity of both Regular and Electric Bicycles among the population.

Customer preferences: There has been a noticeable increase in demand for electric bicycles in Cuba, as consumers prioritize sustainability and eco-friendliness in their transportation choices. This trend is also driven by the government's efforts to promote green initiatives and reduce air pollution. Additionally, there has been a shift towards more affordable and lightweight bicycles, catering to the needs of the younger population who prioritize convenience and budget-friendly options. This has led to the emergence of innovative designs and materials in the bicycles market.

Trends in the market: In Cuba, the Bicycles Market is experiencing a surge in demand as the government promotes cycling as a sustainable and eco-friendly mode of transportation. This trend is expected to continue as the country invests in infrastructure and implements policies to support bike-friendly cities. This presents opportunities for industry stakeholders to tap into the growing market and offer innovative products and services. Additionally, the rise of e-bikes and bike-sharing programs in neighboring countries could also influence the market in Cuba, making it important for stakeholders to stay updated on regional trends.

Local special circumstances: In Cuba, the Bicycles Market is heavily influenced by the country's unique economic and political environment. With limited access to cars and fuel, bicycles have become a popular mode of transportation for many Cubans. Additionally, the government has implemented regulations that restrict the import of new bicycles, creating a thriving market for used and refurbished bicycles. This, coupled with the country's strong cycling culture and emphasis on sustainability, has contributed to the growth of the Bicycles Market in Cuba.

Underlying macroeconomic factors: The Bicycles Market in Cuba is heavily influenced by macroeconomic factors such as the country's economic growth rate, government policies, and investment in infrastructure. The Cuban government has implemented various policies to promote the use of bicycles as a sustainable mode of transportation, which has led to a significant increase in demand for bicycles. Additionally, Cuba's growing tourism industry and increasing disposable income have also contributed to the growth of the Bicycles Market. However, the market is limited by the country's economic challenges, such as limited access to credit and foreign investment. The ongoing economic reforms and improving relations with the US may present opportunities for further growth in the Bicycles Market in Cuba.

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.