Electric Bicycles - Cuba | Statista Market Forecast

Revenue in the Electric Bicycles market in Cuba is forecasted to reach US$3.02m by 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of 8.79%, leading to a projected market volume of US$4.60m by 2029.
In 2029, Electric Bicycles market unit sales are expected to reach 3.40k bicycles.
The volume weighted average price of Electric Bicycles market in Cuba in 2024 is expected to be US$1.17k.
When considering the international landscape, it is evident that the highest revenue will be generated China (US$12bn in 2024).
In Cuba, the Electric Bicycles market is steadily growing, reflecting a shift towards sustainable transportation solutions on the island.

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 Cuba is facing a negligible decline in growth rate due to factors such as limited infrastructure and lack of awareness among consumers. However, the convenience and eco-friendliness of electric bikes are expected to drive market growth in the near future.

Customer preferences: As the use of electric bicycles continues to rise in Cuba, there has been a noticeable shift towards eco-friendly and sustainable transportation options. This trend is driven by a growing awareness of the impact of traditional transportation methods on the environment, as well as a desire for cost-effective and convenient modes of transportation. Additionally, the younger generation in Cuba is increasingly embracing electric bicycles as a way to stay connected and active in the digital age.

Trends in the market: In Cuba, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the country's efforts to promote sustainable transportation. This trend is expected to continue as the government invests in infrastructure and offers subsidies for electric bicycles. The significance of this trend lies in its potential to reduce carbon emissions and improve air quality. Industry stakeholders can capitalize on this trend by expanding their product offerings and marketing strategies to target the Cuban market. However, challenges such as limited access to charging stations and high import tariffs may hinder the growth of the market.

Local special circumstances: In Cuba, the Electric Bicycles Market within the Bicycles Market is influenced by the country's unique regulatory circumstances. The government has implemented strict restrictions on the import of motorized vehicles, making electric bicycles a popular alternative for transportation. Additionally, Cuba's geographical landscape, with its flat terrain and warm climate, makes it an ideal market for electric bicycles. The cultural preference for eco-friendly and cost-efficient modes of transportation also contributes to the growth of the market.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Cuba is influenced by macroeconomic factors such as national economic health, fiscal policies, and global economic trends. Cuba's economy has been steadily growing in recent years, with a focus on sustainability and renewable energy. This has created a favorable environment for the development and adoption of electric bicycles, as they align with the country's goals for a greener future. Additionally, the government's policies and investments in infrastructure have also played a role in promoting the use of electric bicycles as a means of transportation. Furthermore, the increasing awareness of the environmental and health benefits of electric bicycles has also contributed to the market growth in Cuba.

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.