Electric Bicycles - Slovakia | Statista Market Forecast

Revenue in the Electric Bicycles market in Slovakia is forecasted to reach US$79.04m by 2024.
This indicates an annual growth rate (CAGR 2024-2029) of 4.05%, leading to a projected market volume of US$96.38m by 2029.
The unit sales of Electric Bicycles market in Slovakia are expected to hit 53.31k bicycles by 2029.
The volume weighted average price of Electric Bicycles market in Slovakia is anticipated to be US$1.82k in 2024.
When looking at it from a global perspective, it is evident that China will generate the highest revenue, amounting to US$12bn in 2024.
In Slovakia, 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 Slovakia is experiencing minimal growth due to factors such as low consumer awareness and limited availability of infrastructure. However, with increasing environmental concerns and government initiatives, the market is expected to grow in the coming years.

Customer preferences: As the demand for eco-friendly transportation options continues to grow, consumers in Slovakia are increasingly turning to electric bicycles as a sustainable mode of transportation. This trend is driven by a growing awareness of environmental concerns and a desire for more efficient and convenient means of travel. Additionally, with the rise of remote work and flexible schedules, electric bicycles offer a cost-effective and healthy alternative to traditional modes of transportation, making them a popular choice among the younger generation.

Trends in the market: In Slovakia, 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. The rise of e-bike sharing services and the integration of electric bicycles into public transportation systems also indicate a growing market for electric bicycles in Slovakia. This presents opportunities for industry stakeholders to tap into a growing market and cater to the evolving needs of consumers. Additionally, with advancements in technology and battery life, electric bicycles are becoming more efficient and affordable, making them more appealing to a wider audience. As a result, we can expect to see continued growth and innovation in the Electric Bicycles Market within the Bicycles Market in Slovakia in the coming years.

Local special circumstances: In Slovakia, the Electric Bicycles Market is influenced by the country's strong focus on sustainability and green transportation. The government has implemented policies and incentives to promote the use of electric bicycles, leading to a growing demand for these eco-friendly modes of transportation. Additionally, the country's mountainous terrain and scenic landscapes make it an ideal market for electric bicycles, catering to both recreational and commuter needs. The market is also driven by the increasing popularity of electric bicycles among younger generations, who prioritize convenience and environmental consciousness.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Slovakia is heavily influenced by macroeconomic factors such as the country's economic stability and government policies. The growing trend towards environmental sustainability and increasing concerns about air pollution are driving the demand for electric bicycles. Furthermore, government initiatives promoting the adoption of electric vehicles and the availability of subsidies for electric bicycles are also contributing to market growth. Additionally, the rising disposable income of the population and the growing popularity of recreational activities are further boosting the demand for electric bicycles in Slovakia.

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.