Electric Bicycles - Turkey | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Turkey is forecasted to reach US$302.20m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 11.01%, leading to a projected market volume of US$509.40m by 2029.
By 2029, unit sales in the Electric Bicycles market in Turkey are expected to reach 298.30k bicycles.
The volume weighted average price of Electric Bicycles market in the Turkish market in 2024 is projected to be US$1.65k.
Internationally, it is evident that China will generate the highest revenue in the Electric Bicycles market, with US$12bn in 2024.
In Turkey, the Electric Bicycles market is experiencing a surge in demand due to increased 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 Turkey is witnessing mild growth, attributed to factors like the rising popularity of eco-friendly transportation options, increasing health consciousness among consumers, and the convenience of online purchasing.

Customer preferences: As urbanization continues to increase in Turkey, there has been a noticeable rise in the demand for electric bicycles. This trend can be attributed to the growing concern for environmental sustainability and the desire for a more convenient and efficient mode of transportation. Additionally, the rise of e-commerce and delivery services has also contributed to the popularity of electric bicycles as a means of transportation for goods and services. With the increasing adoption of a more sustainable and tech-savvy lifestyle, the electric bicycles market is expected to experience significant growth in the coming years.

Trends in the market: In Turkey, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand, driven by the increasing awareness of environmental sustainability and the need for alternative modes of transportation. This trend is expected to continue as the government promotes the use of electric bikes as a means of reducing carbon emissions. Additionally, there is a rising trend of incorporating advanced technology in electric bikes, such as GPS tracking and smartphone connectivity, to enhance the user experience. These developments not only cater to the growing demand for eco-friendly transportation but also present opportunities for industry players to expand their market share and revenue.

Local special circumstances: In Turkey, the Electric Bicycles Market within the Bicycles Market is experiencing growth due to the country's efforts to reduce carbon emissions and promote eco-friendly transportation options. Additionally, the government's subsidies and tax incentives for electric bicycles have boosted their popularity among consumers. Cultural factors, such as the country's love for cycling and its scenic landscapes, have also contributed to the market's growth. However, strict regulations on the maximum speed and power of electric bicycles, as well as restrictions on where they can be used, may hinder market growth in the future.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Turkey is influenced by several macroeconomic factors. The country's strong economic growth, favorable regulatory environment, and government initiatives to promote sustainable transportation are driving the demand for electric bicycles. Additionally, the increasing awareness about environmental sustainability and the rising cost of fuel are also contributing to the market growth. However, the market is also impacted by global economic trends, such as fluctuations in currency exchange rates and trade policies, which can affect the cost of raw materials and the pricing of electric bicycles. Furthermore, the country's fiscal policies, particularly tax incentives and subsidies for electric vehicles, are also playing a significant role in the market performance.

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.