Electric Bicycles - Iraq | Statista Market Forecast

The revenue in the Electric Bicycles market of Iraq is projected to reach US$26.21m in 2024.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 6.93%, leading to a projected market volume of US$36.64m by 2029.
The unit sales of Electric Bicycles market in the Iraqi market are anticipated to reach 41.72k bicycles by 2029.
The volume weighted average price of Electric Bicycles market in Iraq in 2024 is expected to be US$873.10.
Looking at in Iraq, it is evident that the most revenue in the Electric Bicycles market will be generated China (US$12bn in 2024) from an international perspective.
In Iraq, the Electric Bicycles market is witnessing a surge in demand due to increasing urbanization and a 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 Iraq is slowly growing due to factors such as limited infrastructure and low consumer awareness. With minimal growth rate, the market is impacted by government regulations and lack of technological advancements.

Customer preferences: As environmental concerns continue to gain traction, consumers in Iraq are increasingly turning to electric bicycles as a sustainable mode of transportation. This trend is also driven by the rising cost of fuel and the desire for a more affordable and efficient means of travel. Additionally, with the growing popularity of e-commerce, there is a growing demand for electric bicycles as a convenient mode of delivery for goods and services.

Trends in the market: In Iraq, the Bicycles Market is experiencing a surge in demand for electric bicycles. This trend is driven by the country's efforts to reduce carbon emissions and promote sustainable transportation. As a result, the market is witnessing a shift towards eco-friendly modes of transport, with electric bicycles being a popular choice. This trend is expected to continue as the government invests in infrastructure for electric vehicles and consumers become more environmentally conscious. This presents opportunities for industry stakeholders to tap into this growing market and cater to the demand for electric bicycles. Additionally, this trend has the potential to positively impact the overall economy by reducing dependence on fossil fuels and promoting a healthier lifestyle.

Local special circumstances: In Iraq, the Electric Bicycles Market is influenced by the country's unstable political and economic climate, as well as its traditional reliance on oil and gas industries. This has led to a slow adoption of electric bicycles, despite their potential to reduce carbon emissions and provide cost-effective transportation options. Additionally, cultural norms and limited infrastructure for charging stations also hinder the growth of this market. However, with government initiatives promoting sustainable transportation and increasing awareness about the benefits of electric bicycles, the market is expected to grow in the coming years.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Iraq is impacted by macroeconomic factors such as government policies, economic stability, and consumer spending. The country's ongoing reconstruction efforts and focus on renewable energy have created a favorable environment for the adoption of electric bicycles. However, the market growth is hindered by the country's limited infrastructure and low disposable income. The global trend towards sustainable transportation and the rising awareness of environmental issues are also driving the demand for electric bicycles in Iraq. Moreover, the government's initiatives to promote electric vehicles and reduce carbon emissions are expected to further boost the market growth.

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.