Electric Bicycles - Mexico | Statista Market Forecast

In Mexico, the revenue of the Electric Bicycles market is forecasted to reach US$68.21m by 2024.
The market is anticipated to experience an annual growth rate (CAGR 2024-2029) of 9.67%, leading to a projected market volume of US$108.20m by 2029.
The unit sales in the Electric Bicycles market are expected to hit 60.15k bicycles by 2029.
The volume-weighted average price of Electric Bicycles market in Mexico is expected to be US$1.61k in 2024.
When considering the global scenario, it is evident that China will generate the highest revenue in the Electric Bicycles market, reaching US$12bn in 2024.
In Mexico, the Electric Bicycles market is experiencing a surge in demand due to increasing awareness of 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 Mexico is facing subdued growth due to factors such as limited infrastructure and lack of government support. Despite this, the market is still experiencing significant growth, driven by increasing consumer awareness and the convenience of eco-friendly transportation options.

Customer preferences: The Electric Bicycles Market has seen a rise in demand as consumers in Mexico prioritize eco-friendly transportation options. This trend is driven by the growing awareness of climate change and the need to reduce carbon emissions. Additionally, with the rise of urbanization and traffic congestion, there is a growing preference for compact and efficient modes of transportation. This has led to an increase in the adoption of electric bicycles as a convenient and sustainable alternative to traditional bicycles and cars.

Trends in the market: In Mexico, the Electric Bicycles Market is experiencing a surge in demand, driven by the growing awareness of the benefits of eco-friendly transportation and the increasing availability of government subsidies for electric vehicles. This trend is expected to continue in the coming years, with the market projected to grow at a CAGR of over 15%. This presents significant opportunities for industry stakeholders, including manufacturers and retailers, to expand their presence and tap into this growing market. Additionally, the rise of e-commerce and online sales channels is expected to further drive the growth of the Electric Bicycles Market in Mexico.

Local special circumstances: In Mexico, the Electric Bicycles Market within the Bicycles Market is experiencing significant growth due to the country's unique geographical and cultural factors. With its large cities and dense urban areas, there is a high demand for alternative modes of transportation. Additionally, Mexico has a strong cycling culture, making it a natural fit for the adoption of electric bicycles. Furthermore, the government has implemented policies to promote sustainable transportation, further driving the growth of the electric bicycles market. These factors combine to create a favorable market landscape for electric bicycles in Mexico.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Mexico is greatly influenced by macroeconomic factors such as the country's economic growth, government policies, and investment in transportation infrastructure. With a growing economy and increasing disposable income, the demand for electric bicycles is on the rise. Additionally, the Mexican government has implemented policies to promote the use of sustainable modes of transportation, including electric bicycles, to reduce carbon emissions and improve air quality. This has further boosted the market growth for electric bicycles in the country. Furthermore, the rising concern for health and fitness, along with the growing trend of eco-friendly transportation, are also contributing to the increasing demand for electric bicycles in Mexico.

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.