Electric Bicycles - Colombia | Statista Market Forecast

The revenue in the Electric Bicycles market in Colombia is forecasted to reach US$7.56m in 2024.
This represents a significant economic opportunity within the country.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 8.20%, leading to a projected market volume of US$11.21m by 2029.
This growth indicates a positive trend for the Electric Bicycles market in Colombia over the coming years.
The unit sales of Electric Bicycles market in Colombia are expected to reach 7.65k bicycles by 2029, highlighting an increasing demand for this environmentally friendly mode of transportation.
The volume weighted average price of Electric Bicycles market in Colombia is projected to be US$1.28k in 2024, reflecting the pricing dynamics within the market.
It is noteworthy that, from a global perspective, China is poised to generate the highest revenue in the Electric Bicycles market worldwide, with an estimated revenue of US$12bn in 2024.
In Colombia, the Electric Bicycles market is experiencing a surge in demand driven by eco-conscious consumers and urban mobility trends.

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 Colombia has seen a modest increase in growth due to factors such as government initiatives promoting eco-friendly transportation and rising health consciousness among consumers. However, challenges such as limited infrastructure and high upfront costs are impacting its growth rate.

Customer preferences: As e-bikes become more popular in Colombia, there has been a noticeable increase in demand for electric bicycles with larger battery capacities and longer range capabilities. This trend is driven by a growing interest in sustainable transportation options and a desire for greater convenience and efficiency in daily commute. Additionally, the increasing availability of charging stations and government incentives for electric vehicles are also contributing to the rising adoption of electric bicycles in the country.

Trends in the market: In Colombia, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand as consumers seek alternative modes of transportation. This trend is expected to continue as the government supports the use of electric bikes as a sustainable solution to reduce carbon emissions. Moreover, the rise of e-commerce and delivery services has also contributed to the growth of the market. These developments are significant for industry stakeholders as they open up new opportunities for partnerships and investments. However, there may also be challenges in terms of infrastructure and regulations that need to be addressed to fully capitalize on the potential of the Electric Bicycles Market in Colombia.

Local special circumstances: In Colombia, the Electric Bicycles Market is thriving due to the country's mountainous terrain and congested urban areas, making electric bicycles a popular mode of transportation. Additionally, the government has implemented policies to promote sustainable transportation, further driving the demand for electric bicycles. Furthermore, the country's warm climate and increasing interest in outdoor activities have also contributed to the growth of the Electric Bicycles Market. These unique factors make Colombia a prime market for electric bicycles, with a growing number of local companies emerging to meet the demand.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Colombia is greatly impacted by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. Favorable economic conditions and government support for sustainable transportation solutions have led to an increase in demand for electric bicycles. Additionally, the growing awareness about environmental sustainability and the need to reduce carbon emissions has also contributed to the market growth. Furthermore, the rising disposable income and changing consumer preferences towards eco-friendly modes of transportation are expected to drive the market further in the coming years.

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.