Electric Bicycles - Panama | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Panama is forecasted to reach US$3.37m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 11.72%, leading to a projected market volume of US$5.86m by 2029.
The unit sales in the Electric Bicycles market are expected to hit 3.67k bicycles by 2029.
The volume-weighted average price of the Electric Bicycles market in 2024 is projected to be US$1.58k.
Looking at it from an international perspective, it is evident that China will generate the most revenue, with US$12bn in 2024.
Panama is located Central_America and is known for its famous canal, which connects the Atlantic Ocean with the Pacific Ocean.
The country's economy is driven by sectors such as banking, commerce, and tourism.
The official currency of Panama is the US Dollar, and Spanish is the official language spoken by the majority of the population.
In Panama, the Electric Bicycles market is experiencing a surge in demand due to the country's 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 Panama is experiencing mild growth, driven by factors such as increasing eco-consciousness, government incentives, and convenience. This trend reflects a global shift towards sustainable transportation options, as well as the country's efforts to promote green initiatives.

Customer preferences: As the demand for sustainable transportation options continues to rise, there has been a notable shift towards electric bicycles in the Bicycles Market in Panama. This trend can be attributed to the country's growing awareness of environmental issues and the need for eco-friendly modes of transportation. Additionally, the increasing availability of bike lanes and cycling infrastructure has made electric bicycles a more convenient and viable option for commuters. This shift towards electric bicycles also aligns with the country's younger demographic, who prioritize environmentally-conscious and technologically advanced products.

Trends in the market: In Panama, the Electric Bicycles Market is experiencing a surge in demand, driven by the increasing focus on sustainable transportation options. This trend is expected to continue as the country implements policies to reduce carbon emissions and promote eco-friendly transportation. As a result, industry stakeholders are investing in innovative technologies and partnerships to improve the accessibility and affordability of electric bicycles, which could lead to a shift towards a more environmentally friendly and cost-effective mode of transportation in the country.

Local special circumstances: In Panama, the Electric Bicycles Market within the Bicycles Market is influenced by the country's unique geographical features, such as its tropical climate and diverse terrain. This has led to the development of specialized electric bicycles designed for off-road and urban commuting. Additionally, the government has implemented initiatives to promote sustainable transportation, including tax incentives for electric bikes. These factors have contributed to the growth of the electric bicycles market in Panama, making it a promising market for manufacturers and retailers.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Panama is strongly influenced by macroeconomic factors such as national economic health and fiscal policies. With stable economic growth and government initiatives to promote sustainable transportation, the demand for electric bicycles is expected to increase. Additionally, the global trend towards eco-friendly transportation and advancements in battery technology are also driving the market growth. However, challenges such as high import tariffs and limited consumer awareness may hinder market growth in the country.

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.