Electric Bicycles - Lithuania | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Lithuania is forecasted to reach US$71.58m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.92%, leading to a projected market volume of US$86.75m by 2029.
The unit sales in the Electric Bicycles market are expected to reach 48.92k bicycles in 2029.
The volume weighted average price of the Electric Bicycles market in Lithuania in 2024 is projected to be US$1.68k.
When considering the international landscape, it is evident that China is poised to generate the highest revenue in the Electric Bicycles market worldwide, amounting to US$12bn in 2024.
In Lithuania, the Electric Bicycles market is experiencing a surge in demand driven by eco-conscious consumers and government incentives.

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 Lithuania is facing a negligible growth rate, impacted by factors such as limited infrastructure and low consumer awareness. However, with increasing focus on sustainability and government initiatives, the market is expected to experience significant growth in the near future.

Customer preferences: With the rise of environmental awareness and the push for sustainable transportation options, there has been a growing demand for electric bicycles in Lithuania. This trend is also fueled by the increasing popularity of cycling as a form of exercise and leisure activity. Additionally, the country's aging population has shown a preference for electric bicycles as they provide a more accessible and low-impact mode of transportation. This has led to a shift in consumer preferences towards eco-friendly and technologically advanced bicycles, driving the growth of the electric bicycles market.

Trends in the market: In Lithuania, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing popularity of eco-friendly transportation options. This trend is expected to continue as the government promotes sustainable mobility and implements policies to reduce carbon emissions. As a result, industry stakeholders can expect a growing market for electric bicycles and related products such as charging stations and batteries. Additionally, there is potential for partnerships and collaborations between bicycle manufacturers and electric vehicle companies, further driving the growth of the market.

Local special circumstances: In Lithuania, the Electric Bicycles Market is thriving due to the country's strong commitment to sustainability and eco-friendly transportation. With a growing emphasis on reducing carbon emissions and promoting clean energy, electric bicycles have become a popular choice for commuters and leisure riders alike. Additionally, the country's well-developed cycling infrastructure and cultural preference for cycling as a mode of transportation have further fueled the demand for electric bicycles. Furthermore, favorable government regulations and subsidies for electric vehicles have also played a significant role in the market's growth.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Lithuania is influenced by macroeconomic factors such as the country's economic stability, consumer spending power, and government policies. With a growing focus on sustainable transportation and increasing environmental concerns, the demand for electric bicycles is expected to rise. Additionally, favorable government initiatives and investments in green transportation infrastructure are further driving the market growth. However, economic fluctuations and changes in consumer preferences could affect the market in the long run.

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.