Electric Bicycles - Azerbaijan | Statista Market Forecast

Revenue in the Electric Bicycles market in Azerbaijan is forecasted to reach US$41.60m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 13.22%, leading to a projected market volume of US$77.39m by 2029.
Unit sales in the Electric Bicycles market in Azerbaijan are projected to reach 32.45k bicycles by 2029.
The volume weighted average price of Electric Bicycles market in Azerbaijan in 2024 is expected to be US$2.25k.
Looking at the international perspective, it is evident that the highest revenue will be generated China (US$12bn in 2024).
In Azerbaijan, the Electric Bicycles market is experiencing a surge in demand due to increased focus on eco-friendly transportation options.

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 Azerbaijan is rapidly growing, driven by factors like rising demand for eco-friendly transportation, increasing health consciousness, and the convenience of online shopping. This considerable growth rate is influenced by the government's efforts to promote sustainable transportation and the growing popularity of e-bikes among commuters and leisure riders.

Customer preferences: As more individuals in Azerbaijan seek sustainable and eco-friendly transportation options, there has been a noticeable increase in demand for electric bicycles. This trend is also fueled by the growing concern for air pollution and traffic congestion in urban areas. Additionally, the rise in popularity of e-commerce has made it easier for consumers to purchase electric bicycles online, further driving market growth.

Trends in the market: In Azerbaijan, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing focus on eco-friendly transportation options. This trend is also driven by the government's initiatives to promote sustainable transportation and reduce carbon emissions. As a result, electric bicycle sales are expected to continue to grow in the coming years. This presents opportunities for industry stakeholders to invest in research and development to improve the technology and design of electric bicycles, as well as expand their distribution networks to reach a wider customer base. Additionally, the rise of e-commerce in the country is also expected to contribute to the growth of the electric bicycles market, as online sales platforms offer convenience and competitive pricing. Overall, the current trend towards eco-friendly transportation and the increasing use of e-commerce in Azerbaijan are significant factors that will shape the trajectory of the Electric Bicycles Market within the Bicycles Market and have potential implications for industry stakeholders.

Local special circumstances: In Azerbaijan, the Electric Bicycles Market is experiencing growth due to the country's favorable geography for cycling and the government's efforts to promote sustainable transportation. The market is also influenced by cultural preferences, as many Azerbaijanis prefer cycling for leisure and exercise. Additionally, the country's regulations on emissions and traffic congestion have led to an increased demand for electric bicycles as a practical mode of transportation.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Azerbaijan is affected by various macroeconomic factors. The global economic trends, such as increasing environmental consciousness and rising fuel prices, have led to a growing demand for electric bicycles. Additionally, the national economic health of Azerbaijan, with its stable GDP growth and increasing disposable income, has created a favorable environment for the market. The government's fiscal policies, including tax incentives for electric vehicles, have also contributed to the market's growth. Furthermore, the country's investment in sustainable transportation infrastructure has provided a strong foundation for the electric bicycles market. These factors, along with the growing popularity of electric bicycles as a cost-effective and eco-friendly mode of transportation, are expected to continue driving the market's growth in Azerbaijan.

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.