Electric Bicycles - Peru | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Peru is forecasted to reach US$4.59m.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 10.01%, leading to a projected market volume of US$7.39m by 2029.
By 2029, unit sales in the Electric Bicycles market of Peru are expected to reach 5.19k bicycles.
The volume-weighted average price of Electric Bicycles market in the Peruvian market in 2024 is expected to be US$1.34k.
From an international standpoint, it is evident that China will generate the most revenue in the Electric Bicycles market with US$12bn in 2024.
In Peru, the Electric Bicycles market is experiencing a surge in demand among urban commuters seeking eco-friendly transportation alternatives.

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 Peru has seen a steady growth rate, impacted by factors such as increasing environmental awareness, government incentives, and the convenience of electric bikes for commuting. This has contributed to the overall growth of the Bicycles Market in Peru.

Customer preferences: As more Peruvians become environmentally conscious and seek alternative modes of transportation, the demand for electric bicycles is on the rise. This trend is further fueled by the country's growing urban population and the need for efficient and sustainable transportation solutions. Additionally, with the increasing popularity of e-commerce and delivery services, electric bicycles are becoming a preferred mode of transportation for last-mile delivery, especially in congested urban areas.

Trends in the market: In Peru, the Electric Bicycles Market is experiencing a surge in popularity as consumers seek eco-friendly and cost-effective transportation options. This trend is expected to continue as the government implements policies to promote sustainable mobility and reduce air pollution. Additionally, the market is witnessing a shift towards e-bike sharing services, providing access to electric bikes for short-term use. These developments have significant implications for industry stakeholders, such as manufacturers and retailers, who must adapt to meet the changing demands of consumers.

Local special circumstances: In Peru, the Electric Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and high altitude cities. This has led to a demand for electric bicycles with specialized features, such as stronger motors and longer battery life. Additionally, the country's eco-tourism industry and increasing focus on sustainability have also contributed to the growth of the electric bicycles market. Moreover, Peru's government has implemented policies to promote the use of electric vehicles, including bicycles, further driving the market.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Peru is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending habits. The country's stable economic growth, along with favorable government initiatives to promote sustainable transportation, has led to an increased demand for electric bicycles. Additionally, the rise in disposable income and a growing awareness of the environmental benefits of electric bicycles have further contributed to the market's growth. However, fluctuations in global economic conditions and changes in fiscal policies can impact consumer purchasing power and ultimately affect the performance of the Electric Bicycles Market in Peru.

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.