Electric Bicycles - Guatemala | Statista Market Forecast

The revenue in the Electric Bicycles market in Guatemala is forecasted to reach US$1.11m by 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of 5.33%, leading to a projected market volume of US$1.44m by 2029.
The unit sales of Electric Bicycles market in Guatemala are expected to reach 952.00bicycles by 2029.
The volume weighted average price of the Electric Bicycles market in Guatemala in 2024 is expected to amount to US$1.25k.
Looking at in Guatemala specifically, it is evident that the majority of the revenue in the Electric Bicycles market will come from China (US$12bn in 2024).
In Guatemala, the Electric Bicycles market is experiencing a surge in demand driven by eco-conscious consumers and urban mobility initiatives.

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 Guatemala has seen minor growth, influenced by factors like limited consumer awareness and lack of infrastructure. Despite this, the market is expected to grow due to the rising trend of eco-friendly transportation options.

Customer preferences: The growing concern for environmental sustainability and the desire for eco-friendly transportation options has led to a rising demand for electric bicycles in Guatemala. Additionally, the rise of urbanization and traffic congestion has also contributed to the popularity of electric bicycles as a convenient and cost-effective mode of transportation. This trend is expected to continue as more consumers prioritize environmentally-friendly and efficient modes of transportation in their daily lives.

Trends in the market: In Guatemala, the Electric Bicycles Market is experiencing a surge in demand due to the growing awareness of environmental sustainability and the need for alternative modes of transportation. This trend is expected to continue as the government and private sector invest in infrastructure and promote the use of electric bicycles for daily commutes. This shift towards eco-friendly transportation not only benefits the environment but also presents opportunities for industry stakeholders to tap into a new market and diversify their offerings. Additionally, with the rise of e-commerce, there is a growing trend of online sales and rental services for electric bicycles, making it easier for consumers to access them.

Local special circumstances: In Guatemala, the Electric Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and warm climate, making electric bicycles a popular mode of transportation for both urban and rural areas. Additionally, the government's initiatives to reduce carbon emissions and promote sustainable transportation have led to a growing demand for electric bicycles. Furthermore, the country's large tourism industry has also contributed to the market's growth, with visitors seeking eco-friendly and cost-effective ways to explore Guatemala's scenic landscapes.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Guatemala is influenced by macroeconomic factors such as the country's economic stability, government policies promoting sustainable transportation, and the global trend towards eco-friendly modes of transportation. Countries with stable economies and supportive policies for electric bicycles are experiencing a higher demand for these products, leading to market growth. Moreover, the rising awareness of environmental concerns and the need for reducing carbon emissions are driving the demand for electric bicycles in Guatemala and globally. As the world shifts towards a greener future, the demand for electric bicycles is expected to continue growing.

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.