Electric Bicycles - Cyprus | Statista Market Forecast

Revenue in the Electric Bicycles market in Cyprus is forecasted to reach US$5.96m in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.82%, leading to a projected market volume of US$7.20m by 2029.
The unit sales in the Electric Bicycles market in Cyprus are expected to reach 5.57k bicycles by 2029.
The volume weighted average price of Electric Bicycles market in the Cyprus market in 2024 is projected to be US$1.41k.
It is evident from an international standpoint that the highest revenue will be generated China (US$12bn in 2024).
In Cyprus, the Electric Bicycles market is experiencing a surge in demand due to the country's focus on sustainable 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 Cyprus has seen minimal growth, influenced by factors such as low consumer awareness and limited infrastructure for electric bikes. Despite this, the market is expected to gradually expand as more people recognize the benefits of eco-friendly transportation options.

Customer preferences: As sustainability continues to gain traction in Cyprus, electric bicycles have become a popular choice for eco-conscious consumers. This trend is further amplified by the island's hilly terrain and increasing traffic congestion, making electric bicycles a convenient and environmentally-friendly mode of transportation. Additionally, with an aging population, there is a growing demand for electric bicycles among older adults who are looking for alternative ways to stay active and mobile.

Trends in the market: In Cyprus, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand, as consumers seek more environmentally friendly and cost-effective transportation options. This trend is expected to continue as the government implements initiatives to promote sustainable modes of transportation. Additionally, the rise of e-commerce and online shopping has led to an increase in demand for electric bicycles as a convenient and efficient mode of delivery. This presents opportunities for industry stakeholders to expand their product offerings and tap into new markets. However, it also poses challenges such as the need for infrastructure development and regulations to ensure the safe use of electric bicycles on roads.

Local special circumstances: In Cyprus, the Electric Bicycles Market is thriving due to the country's compact size and hilly terrain, making it an ideal mode of transportation for both urban and rural areas. Additionally, the government's efforts to promote sustainable and eco-friendly transportation options have led to the popularity of electric bicycles. The country's strong tourism industry also contributes to the demand for electric bicycles, with many tourists opting for eco-friendly and convenient means of transportation. Furthermore, Cyprus' warm climate allows for year-round usage of electric bicycles, making it a lucrative market for manufacturers.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Cyprus is heavily impacted by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. The rise in consumer disposable income, coupled with the increasing concern for environmental sustainability, has led to a growing demand for electric bicycles. Additionally, the government's efforts to promote eco-friendly transportation and invest in infrastructure for electric vehicles have further boosted the market growth. However, the market may face challenges due to fluctuating oil prices and the impact of the COVID-19 pandemic on the global economy. Despite these challenges, the increasing focus on green transportation and the growing popularity of electric bicycles as a cost-effective and efficient mode of transportation are expected to drive the market growth in Cyprus.

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.