Electric Bicycles - Montenegro | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Montenegro is forecasted to reach US$3.90m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.84%, leading to a projected market volume of US$4.94m by 2029.
The unit sales of Electric Bicycles market in Montenegro are expected to reach 2.83k bicycles by 2029.
The volume weighted average price of Electric Bicycles market in the Montenegro market in 2024 is projected to be US$1.87k.
Looking at the international perspective, it is evident that the highest revenue will be generated China, amounting to US$12bn in 2024.
In Montenegro, the Electric Bicycles market is experiencing a surge in demand, reflecting a shift towards sustainable 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 Montenegro is experiencing minimal growth, influenced by factors like consumer preference for traditional bikes and limited infrastructure for e-bikes. Despite this, the market is expected to see steady growth due to increasing environmental concerns and government initiatives promoting sustainable transportation.

Customer preferences: The growing popularity of sustainable transportation and eco-friendly options has led to a rise in demand for electric bicycles in Montenegro. This trend is also driven by increasing concerns about pollution and promoting a healthier lifestyle. Additionally, the rise in urbanization and traffic congestion has made electric bicycles a convenient and efficient mode of transportation for daily commutes. This shift towards sustainable and efficient transportation options is expected to continue to drive the growth of the electric bicycle market in Montenegro.

Trends in the market: In Montenegro, the Electric 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 implements policies to promote sustainable transportation. Additionally, there is a growing trend of incorporating advanced technology into electric bicycles, such as smart features and GPS tracking. This presents opportunities for industry stakeholders to innovate and differentiate their products. However, it also poses challenges in terms of regulations and safety concerns. Overall, the trajectory of these trends is towards a more environmentally conscious and technologically advanced Electric Bicycles Market in Montenegro.

Local special circumstances: In Montenegro, the Electric Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and growing eco-tourism sector. The government's initiatives to promote sustainable transportation have also contributed to the market's growth. Additionally, the cultural preference for outdoor activities and the increasing popularity of electric vehicles in the country have further boosted the demand for electric bicycles. Moreover, the favorable regulatory environment for electric vehicles, including tax incentives and subsidies, has also played a significant role in the market's development.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Montenegro is heavily influenced by macroeconomic factors such as government policies, consumer spending habits, and economic stability. As the global economy continues to recover from the impacts of the COVID-19 pandemic, consumer demand for sustainable and cost-effective transportation options is increasing, driving the growth of the electric bicycles market. Moreover, the government of Montenegro has implemented policies to promote the use of electric vehicles, including electric bicycles, to reduce carbon emissions and improve air quality. These factors, along with the country's stable economic growth and increasing disposable income, are expected to drive the growth of the electric bicycles market in Montenegro.

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.