Electric Bicycles - Uruguay | Statista Market Forecast

Revenue in the Electric Bicycles market of Uruguay is projected to reach US$4.12m in 2024.
This represents an annual growth rate (CAGR 2024-2029) of 9.99%, leading to a projected market volume of US$6.63m by 2029.
Unit sales in the Electric Bicycles market of Uruguay are expected to reach 2.99k bicycles in 2029.
The volume weighted average price of Electric Bicycles market in the market of Uruguay in 2024 is expected to amount to US$1.85k.
It is evident from an international perspective that the most revenue will be generated China (US$12bn in 2024).
In Uruguay, the Electric Bicycles market is gaining traction among urban commuters seeking eco-friendly 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 Uruguay has seen moderate growth due to factors like rising environmental awareness and convenience of e-bikes. However, subdued growth is impacted by factors such as limited infrastructure and high cost of electric bicycles.

Customer preferences: As Uruguay's urban population grows, there is a rising demand for sustainable and efficient transportation options. This has led to a surge in interest for electric bicycles, as they offer a convenient and eco-friendly mode of transportation. Additionally, with the increasing popularity of outdoor activities and a focus on health and wellness, electric bicycles are becoming a preferred choice for leisure and fitness purposes. This trend is particularly prominent among younger generations, who prioritize sustainability and active lifestyles.

Trends in the market: In Uruguay, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing awareness of environmental sustainability and the need for alternative modes of transportation. This trend is expected to continue as the government encourages the use of electric vehicles through incentives and infrastructure development. This presents significant opportunities for industry stakeholders, such as manufacturers and retailers, to tap into a growing market and expand their product offerings. Additionally, the rise of e-commerce platforms and online sales channels is also contributing to the growth of the Electric Bicycles Market in Uruguay, making it easier for consumers to purchase these eco-friendly vehicles.

Local special circumstances: In Uruguay, the Electric Bicycles Market within the Bicycles Market is influenced by the country's small size and flat topography, making it ideal for short distance travel. Additionally, the government has implemented policies to promote sustainable transportation, leading to a growing demand for electric bicycles. The country's strong cycling culture and increasing awareness of environmental issues also contribute to the market's growth. Furthermore, Uruguay's low vehicle ownership and high import duties on cars make electric bicycles a more affordable and practical option for transportation.

Underlying macroeconomic factors: The growth of the Electric Bicycles Market within the Bicycles Market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The increasing focus on sustainability and environmental protection has led to a surge in demand for electric bicycles, particularly in developing countries. Additionally, government initiatives promoting the adoption of electric vehicles and incentives for green transportation have also contributed to the growth of the market. However, fluctuations in commodity prices and currency exchange rates can impact the cost of production and ultimately affect 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.