Bicycles - Dominican Republic | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$41.87m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.65%, resulting in a projected market volume of US$45.44m by 2029.
Bicycles market unit sales are expected to reach 121.60k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$307.20.
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 Dominican Republic has been experiencing a negligible decline in growth rate, influenced by factors such as the increasing popularity of electric bicycles, rising health consciousness among consumers, and the convenience of online purchasing options. These trends have contributed to the overall growth of the market, despite the decline in the regular bicycles sub-market.

Customer preferences: As the Dominican Republic's economy continues to grow, there has been a noticeable shift towards environmentally-friendly and sustainable modes of transportation. This has led to a rise in demand for bicycles as an alternative to cars or motorcycles. Additionally, with an increasing focus on health and wellness, there has been a surge in popularity for cycling as a form of exercise and leisure activity. This trend is also reflected in the rise of bike-sharing programs and the incorporation of cycling lanes in urban areas.

Trends in the market: In the Dominican Republic, the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers seek eco-friendly transportation options. This trend is expected to continue as the government implements policies to reduce carbon emissions and promote sustainable modes of transportation. This presents opportunities for industry stakeholders to expand their product offerings and tap into the growing market for electric bicycles. Additionally, there is a growing trend towards using bicycles for leisure and tourism purposes, with the development of bike-friendly routes and tours. This presents potential implications for the tourism industry and local businesses, as well as for the overall economy of the country.

Local special circumstances: In the Dominican Republic, the Bicycles Market is heavily influenced by the country's tropical climate and rugged terrain. This creates a strong demand for mountain bikes and other off-road bicycles. Additionally, the country's strong cycling culture and government initiatives promoting eco-friendly transportation have contributed to the growth of the market. However, the lack of proper infrastructure and safety regulations pose challenges for the market's expansion. This unique blend of factors sets the Dominican Republic's Bicycles Market apart from other markets, shaping its growth and dynamics.

Underlying macroeconomic factors: The Bicycles Market in Dominican Republic is heavily influenced by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. A stable economy and supportive government policies can boost consumer spending and drive demand for bicycles. On the other hand, economic downturns and unfavorable policies can hinder market growth. Additionally, the rise of eco-friendly and sustainable transportation options is also impacting the market, as consumers are increasingly shifting towards environmentally friendly modes of transportation. This trend is expected to continue as the government and global organizations push for more sustainable practices.

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.