Electric Bicycles - Georgia | Statista Market Forecast

The revenue in the Electric Bicycles market in Georgia is forecasted to reach US$14.71m in 2024.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 11.63%, leading to a projected market volume of US$25.51m by 2029.
The unit sales in the Electric Bicycles market are expected to reach 14.56k bicycles in 2029.
The volume weighted average price of the Electric Bicycles market in Georgia in 2024 is anticipated to be US$1.79k.
Looking at the global perspective, it is evident that the highest revenue will be generated China (US$12bn in 2024).
In Georgia, Electric Bicycles are gaining traction in the cycling market, reflecting a shift towards 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 Georgia is witnessing steady growth, driven by factors such as increasing consumer awareness about eco-friendly transportation options, rising demand for alternative modes of transportation, and advancements in battery technology. This market is expected to continue to grow at an average rate, with government initiatives promoting the use of electric bicycles also contributing to its growth.

Customer preferences: As more consumers prioritize sustainability and eco-friendliness, the demand for electric bicycles has significantly increased. This trend is particularly evident in urban areas in Georgia, where individuals are seeking alternative modes of transportation to reduce their carbon footprint. Additionally, the rise of e-bike sharing services and the availability of government subsidies for electric bicycles have also contributed to the market's growth. This shift towards electric bicycles reflects a larger cultural shift towards environmentally conscious choices and a desire for convenient and cost-effective transportation options.

Trends in the market: In Georgia, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing popularity of e-bikes as a sustainable and cost-effective mode of transportation. This trend is expected to continue as the government encourages the use of electric vehicles and invests in infrastructure to support their growth. Additionally, there is a growing trend of using e-bikes for recreational purposes, leading to a rise in sales and revenue for industry stakeholders. As more consumers become environmentally conscious and seek alternative modes of transportation, the electric bicycles market is poised for significant growth in the coming years.

Local special circumstances: In Georgia, the Electric Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and outdoor culture. The demand for electric bicycles is driven by the desire for eco-friendly transportation options and the popularity of outdoor activities. Additionally, the government's initiatives to promote sustainable transportation and reduce air pollution have further boosted the market. Moreover, the unique cultural trend of cycling as a social activity has also contributed to the growth of the market in Georgia.

Underlying macroeconomic factors: The electric bicycles market in Georgia is influenced by macroeconomic factors such as government policies, consumer purchasing power, and economic stability. With the increasing focus on sustainable transportation and the rising popularity of electric vehicles, the demand for electric bicycles is expected to grow in the country. Moreover, favorable government initiatives, such as tax incentives and subsidies, are further driving the market growth. However, economic challenges and fluctuations in the country's economy may hinder the market growth to some extent. Additionally, the increasing awareness about environmental sustainability and the shift towards eco-friendly modes of transportation are also contributing to the growth of the electric bicycles market in Georgia.

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.