Bicycles - Greece | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$113.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.15%, resulting in a projected market volume of US$114.40m by 2029.
Bicycles market unit sales are expected to reach 154.30k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$675.70.
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 Greece has been experiencing a decline in growth rate, influenced by factors such as the increasing popularity of electric bicycles and the convenience of online retail. However, the overall market is still driven by rising health awareness among consumers and the high demand for regular bicycles in the country.

Customer preferences: As more people in Greece seek ways to maintain a healthy and active lifestyle, there has been a growing interest in electric bicycles. This can be attributed to the country's hilly terrain and the desire for a more eco-friendly mode of transportation. Additionally, there has been a rise in the popularity of cycling as a leisure activity, with cycling tours and events gaining traction. This trend is also influenced by the increasing focus on sustainable tourism and the desire to explore Greece's picturesque landscapes.

Trends in the market: In Greece, the Bicycles Market is experiencing a surge in demand for electric bikes, with sales expected to reach record highs in the coming years. This trend is driven by a growing interest in sustainable transportation and the government's initiatives to promote eco-friendly modes of travel. As a result, there has been an increase in the production and availability of e-bikes in the market. Additionally, there is a rising trend of bike-sharing programs in major cities, providing convenient and affordable options for commuters. These developments have significant implications for industry stakeholders, as they need to adapt to the changing landscape and invest in innovative technologies to stay competitive.

Local special circumstances: In Greece, the Bicycles Market is heavily influenced by the country's rich history and cultural traditions. The popularity of cycling as a mode of transportation can be traced back to ancient Greece, where it was a common means of travel. Additionally, the country's mountainous terrain and beautiful landscapes make it an ideal destination for recreational cycling. However, strict regulations and limited infrastructure for cycling in urban areas have hindered the growth of the market. This unique combination of cultural and regulatory factors has shaped the market dynamics in Greece, making it different from other markets.

Underlying macroeconomic factors: The Bicycles Market in Greece is influenced by macroeconomic factors such as the country's economic stability, government policies, and consumer spending. The current economic climate in Greece has been challenging, with high unemployment rates and limited disposable income for consumers. This has resulted in a decrease in demand for bicycles, as they are seen as a non-essential purchase. However, with the growing trend towards sustainable transportation and the government's efforts to promote cycling infrastructure, there is potential for growth in the market. Additionally, the country's membership in the European Union allows for easier access to imports and exports, which can impact market performance.

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.