Electric Bicycles - Kuwait | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Kuwait is projected to reach US$31.14m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.34%, leading to a projected market volume of US$42.34m by 2029.
By 2029, unit sales in the Electric Bicycles market in Kuwait are expected to reach 42.84k bicycles.
The volume weighted average price of Electric Bicycles market in Kuwait's market in 2024 is expected to amount to US$1.01k.
It is observed from an international perspective that China will generate the most revenue in the Electric Bicycles market worldwide, with US$12bn anticipated in 2024.
In Kuwait, the Electric Bicycles market is gaining traction among urban commuters seeking 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 Kuwait is seeing minimal growth due to factors such as low consumer awareness and limited availability of electric bicycles. However, with the increasing focus on sustainable transportation, the market is expected to experience steady growth in the near future.

Customer preferences: The rise in environmental awareness and the push towards sustainable modes of transportation have led to a growing demand for electric bicycles in Kuwait. With the country's hot and humid climate, consumers are opting for electric bicycles as a convenient and eco-friendly way to navigate through the city. This trend is also fueled by the increasing number of bike lanes and cycling-friendly infrastructure in Kuwait. Additionally, the health benefits of cycling have also contributed to the popularity of electric bicycles, especially among the younger population.

Trends in the market: In Kuwait, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing focus on sustainable transportation options. This trend is expected to continue in the coming years, with the government's initiatives to promote eco-friendly modes of transportation. Additionally, the rising popularity of e-bikes for leisure and recreational activities is also contributing to the growth of the market. This presents opportunities for industry stakeholders to tap into the potential of this market and cater to the changing consumer preferences towards electric bicycles.

Local special circumstances: In Kuwait, the Electric Bicycles Market within the Bicycles Market is influenced by the country's strong focus on sustainability and environmental conservation. This has led to government initiatives promoting the use of electric vehicles, including bicycles. Additionally, Kuwait's hot and dry climate makes electric bicycles a popular choice for transportation, as they require less physical exertion. Furthermore, the country's strict regulations on motorized vehicles have also contributed to the growth of the electric bicycles market.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Kuwait is heavily influenced by macroeconomic factors such as national economic health and fiscal policies. The country's strong economic growth and stable political environment have created a favorable market for electric bicycles. Additionally, Kuwait's increasing focus on sustainability and reducing carbon emissions has led to government initiatives that promote the use of electric vehicles, including bicycles. Furthermore, the global trend towards eco-friendly transportation options has also contributed to the growth of the electric bicycles market in Kuwait.

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.