Bicycles - Ghana | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$9.22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.16%, resulting in a projected market volume of US$10.77m by 2029.
Bicycles market unit sales are expected to reach 53.78k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$146.20.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

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 mere human strength or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

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 bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. 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.

Road and racing bicycles such as cruiser, standard, gravel road-, touring-, and fixed gear bikes
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Bicycles Market in Ghana has seen a steady decline in growth rate due to factors such as limited infrastructure, low consumer awareness, and high cost of electric bicycles. However, the market is expected to experience growth in the near future driven by increasing government initiatives, rising health consciousness, and the convenience offered by online sales.

Customer preferences: As Ghana continues to experience rapid urbanization, there has been a noticeable increase in demand for electric bicycles in the Bicycles Market. This shift can be attributed to the rising awareness of environmental sustainability and the desire for more efficient and cost-effective transportation options. Additionally, the growing popularity of e-bikes among the younger generation can be linked to their desire for convenience and technological advancements. This trend is expected to continue as the country's infrastructure and cycling culture continue to evolve.

Trends in the market: In Ghana, the bicycles market is experiencing a surge in demand for electric bicycles, as consumers look for eco-friendly and cost-effective transportation options. This trend is expected to continue as the government implements policies to promote sustainable transportation and reduce carbon emissions. Additionally, there is a growing trend of using mobile apps to rent and share bicycles, making it easier for individuals to access and use bicycles as a mode of transportation. These trends have significant implications for industry stakeholders, as they will need to adapt to the changing market demands and invest in technology to stay competitive. Furthermore, this shift towards electric and shared bicycles could also have a positive impact on the environment and public health, making it a promising opportunity for the industry.

Local special circumstances: In Ghana, the Bicycles Market is heavily influenced by the country's geography and cultural norms. With much of the population living in rural areas, bicycles are a popular mode of transportation due to their affordability and ability to navigate unpaved roads. Additionally, the strong emphasis on community and communal living in Ghana has led to the rise of bicycle-sharing programs, where individuals can rent bicycles for short periods of time. The lack of strict regulations also allows for a thriving market of locally-made bicycles, catering to the unique needs and preferences of Ghanaians.

Underlying macroeconomic factors: The Bicycles Market in Ghana is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. With a growing economy and increasing disposable income, there has been a rise in demand for bicycles as a mode of transportation and for recreational purposes. Additionally, government initiatives promoting eco-friendly transportation and increasing investments in infrastructure development have also contributed to the growth of the market. However, fluctuations in global economic trends and currency exchange rates can affect the cost of importing bicycles, impacting market performance. Furthermore, changes in fiscal policies and regulations can also have a significant impact on the market, especially in terms of import tariffs and taxes. Overall, the Bicycles Market in Ghana is closely tied to the country's economic health and government policies, making it essential to monitor and adapt to these macroeconomic factors for sustainable growth in the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of 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.