Electric Bicycles - Armenia | Statista Market Forecast

The revenue in the Electric Bicycles market in Armenia is forecasted to reach US$14.06m in 2024.
This reflects an annual growth rate (CAGR 2024-2029) of 12.83%, leading to a projected market volume of US$25.71m by 2029.
In 2029, unit sales in the Electric Bicycles market in Armenia are expected to reach 12.31k bicycles.
The volume weighted average price of Electric Bicycles market in Armenia in 2024 is projected to be US$2.03k.
Looking at it from an international standpoint, it is evident that China will generate the most revenue, amounting to US$12bn in 2024.
In Armenia, the Electric Bicycles market is experiencing a surge in demand among urban commuters seeking eco-friendly transportation solutions.

Definition:

Electric 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 combination of human strength and by electrically powered motors.

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 electric bicycles market covers all types of bicycles with electrical assistance, including road and racing bicycles, off-road bicycles, and special purpose bicycles. 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.

Electric Road and racing bicycles such as cruiser, e-standard, e-gravel road-,e-touring-, and e-fixed gear bikes

Motorcycles, scooters, mopeds, regular bicycles
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Electric Bicycles Market in Armenia is witnessing steady growth, fueled by factors like growing use of digital technologies, increasing health consciousness among consumers, and the ease of online services. The average growth rate of the market is influenced by various elements.

Customer preferences: As the demand for eco-friendly transportation options continues to rise, consumers in Armenia are increasingly turning to electric bicycles as a convenient and sustainable mode of transportation. This shift is driven by a growing awareness of environmental issues and a desire for more efficient and cost-effective means of travel. Additionally, the trend towards electric bicycles is also influenced by a desire for healthier and more active lifestyles, as well as a shift towards more urban living, where traditional bicycles may not be as practical.

Trends in the market: In Armenia, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing focus on sustainable transportation. This trend is expected to continue, with the government promoting the use of electric bicycles through subsidies and infrastructure development. This presents significant opportunities for industry stakeholders to tap into a growing market and expand their offerings. However, there are also potential challenges, such as the need for stricter regulations and safety standards, which may impact the trajectory of this trend. Overall, the rise of electric bicycles in Armenia has the potential to transform the transportation industry and create a more environmentally-friendly and efficient mode of transportation.

Local special circumstances: In Armenia, the Electric Bicycles Market within the Bicycles Market is experiencing growth due to the country's hilly terrain and limited public transportation options. The government has also implemented policies to promote sustainable transportation, leading to an increase in demand for electric bicycles. Additionally, the cultural preference for outdoor activities and the growing awareness of environmental issues have also contributed to the market's growth.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Armenia is influenced by macroeconomic factors such as the country's economic stability, government policies, and consumer spending habits. The global trend towards sustainable transportation options and the increasing awareness of the environmental benefits of electric bicycles are driving market growth. Additionally, favorable government initiatives promoting the adoption of electric vehicles and the country's investment in sustainable infrastructure are contributing to the expansion of the market. The growing popularity of e-commerce and the rise of the gig economy are also fueling the demand for electric bicycles in Armenia, as they provide a cost-effective and eco-friendly mode of transportation. However, challenges such as limited availability of charging infrastructure and high initial costs may hinder market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric 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.