Electric Bicycles - Iceland | Statista Market Forecast

Revenue in the Electric Bicycles market in Iceland is forecasted to reach US$16.40m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.56%, leading to a projected market volume of US$22.54m by 2029.
Unit sales in the Electric Bicycles market in Iceland are expected to hit 11.15k bicycles by 2029.
The volume-weighted average price of Electric Bicycles market in Iceland in 2024 is projected to be US$2.09k.
It is evident on a global scale that China will generate the most revenue in the Electric Bicycles market, with US$12bn in 2024.
In Iceland, the Electric Bicycles market is experiencing a surge in demand due to the country's focus on sustainability and outdoor activities.

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 Iceland has seen minimal growth due to factors such as limited consumer awareness and high costs. However, the convenience and eco-friendliness of electric bikes are gradually driving market growth.

Customer preferences: In Iceland, there has been a growing interest in electric bicycles as a sustainable and convenient mode of transportation. This trend is driven by a cultural emphasis on environmentalism and a desire for efficient and cost-effective transportation options. Additionally, as the population ages and becomes more health-conscious, electric bicycles offer a low-impact form of exercise that appeals to older demographics. This shift towards electric bicycles reflects a broader trend of prioritizing sustainability and health in consumer preferences.

Trends in the market: In Iceland, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand as consumers seek more eco-friendly and cost-effective transportation options. This trend is expected to continue as the government promotes sustainable initiatives and the tourism industry embraces electric bike rentals. Additionally, advancements in battery technology and increasing availability of charging stations are making electric bicycles a more viable option for daily commuters. This trend not only benefits the environment, but also presents opportunities for industry stakeholders to tap into a growing market and offer innovative solutions to meet consumer demand.

Local special circumstances: In Iceland, the Electric Bicycles Market within the Bicycles Market is influenced by the country's unique geography and culture. With its rugged terrain and cold climate, electric bicycles provide an attractive alternative to traditional bicycles for transportation. Additionally, Iceland's strong environmental consciousness and government incentives for sustainable transportation have contributed to the growth of the electric bicycle market. The country's small population and high disposable income also make it a promising market for premium electric bicycles.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Iceland is heavily influenced by macroeconomic factors such as the country's economic stability and fiscal policies. As a small, island nation, Iceland's economy is highly dependent on global economic trends and trade agreements. This can have a significant impact on the demand for electric bicycles, as consumers may be more or less likely to make large purchases depending on their financial situation. Additionally, government policies and incentives related to sustainable transportation and environmental initiatives can also play a role in driving market growth for electric bicycles in Iceland.

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.